It is difficult to believe that a decade ago, we did not have Siri, chatbots were an unusual sight, and computers that could hold intelligent conversations were only a part of science fiction. However, as we enter a new decade where we find artificial intelligence (AI) at the crux of technological innovation, no wonder we see companies looking to adopt conversational AI platforms to maximize business efficiency. The year 2021 is an exciting period for conversational AI trends as AI-powered chatbots join forces with other advanced technologies to improve user experiences like never before.
What is Artificial Intelligence?
In a nutshell, artificial intelligence (AI) is a technology that is meant to imitate human psychology and intelligence. It is a computer science field focused on creating machines that seem like they possess human intelligence. We call these machines’ intelligence “artificial” because humans create it, and it does not exist naturally.
Machine learning (ML) is a popular subset of AI. ML algorithms are computer-implementable instructions. They take data as input and perform computations to discover patterns within that data and use those patterns to predict the future.
An ML model improves its performance over time as it encounters more and more data and self-corrects on making mistakes to reduce the chance of repeating them in the future. ML is mostly used in systems that capture huge volumes of data.
Conversational AI: A Shift From Build to Buy
As AI makes waves across various industries, it is important to note the latest trends in conversational AI that would assist companies in taking 2021 by storm. One of the key trends that companies follow to increase their business efficiency is purchasing conversational AI solutions, rather than building them.
When formulating upsides and downsides of creating or buying conversational AI platforms, one of the first factors companies consider is the implementation cost. When taking into account monetary and manpower costs, creating a conversational AI platform from scratch is more expensive than purchasing a pre-built solution because of the resources required to develop and customize. In most cases…