Market Research Report
2018 Intelligent Virtual Agent Product and Market Report
|Published by||DMG Consulting LLC||Product code||530129|
Delivery time: 1-2 business days
|2018 Intelligent Virtual Agent Product and Market Report|
|Published: August 8, 2018||Content info:||
This is the second edition of DMG Consulting's Intelligent Virtual Agent Product and Market Report. This Report focuses on customer- and agent-facing service-related uses of intelligent virtual agents (IVAs), and it also covers back-office and other uses, as well. Customers have begun to show a preference for self-service, and now that artificial intelligence (AI) and speech recognition capabilities have become more accurate, the time is right for companies to adopt or update their IVAs. With its in-depth analysis of this thriving sector, this Report is intended to help companies select the right IVA to meet their current and future needs.
Recent advancements in AI technology, along with consumer preferences for self-service options in digital channels, are driving interest in and adoption of IVAs. Today's leading service environments combine the best of self-service automation with human-assisted elements. This results in reduced operating costs for the enterprise and personalized, differentiated service experiences for consumers.
IVAs assist agents by providing them with information drawn from knowledge bases, customer profiles and other online sources to optimize and personalize each customer interaction, allowing them to make the most of each service and sales opportunity. The benefits of IVAs transcend verticals: they can serve as personal shoppers, ensure compliance with healthcare protocols, book reservations or schedule appointments, assist with financial transactions, and much more.
Customers are willing, and even prefer, to use self-service automation to transact business, as long as the underlying solutions do their jobs well. IVAs utilize various technologies to handle each interaction: natural language processing (NLP)/ natural language understanding (NLU), voice biometrics, predictive analytics, visual interactive voice response (IVR), omni-channel surveying, speech and text analytics, customer journey analytics, computer telephony integration, and more. IVAs are getting “smarter,” thanks to increasing use of machine learning, which enables IVAs to “learn” from past interactions to improve their understanding of what customers want and need.
For businesses, the benefits of IVAs are compelling. If a company can use automation to save 10 seconds to minutes on activities that are repeated as much as hundreds of times a day by hundreds of employees, the potential savings can run into the thousands, if not hundreds of thousands of dollars per day. Even a small increase in automation utilization rates can both improve the customer experience and net millions in savings per year.
The digital transformation is driving companies to reimagine their servicing strategies and operations. Enterprises need solutions that make it easy for customers to conduct business and deliver an outstanding, personalized service experience. IVAs can help companies achieve these goals. It's time for businesses to make long-overdue investments to improve their self-service capabilities with IVAs.
The ‘2018 Intelligent Virtual Agent Product and Market Report’ provides a timely and thorough analysis of this sector and the featured 5 vendors who offer solutions to address service, contact centers and other enterprise functions. The Report analyzes vendors, products, functional capabilities, pricing structures, and more. It includes information about the uses of these solutions, their benefits, and best practices to help realize the greatest return on an investment in IVAs. The 5 vendors covered in detail in this Report are: 7.ai, Artificial Solutions, Interactions, Omilia and Verint. Inbenta is covered at a higher level.