How Chatbots, AI and IoT Development will revolutionize your Business Growth?

By | Date posted: | Last updated: August 27, 2020
ai iot development

Today every aspect of the company is supported by digital tools. Digitization has changed all industries. It has been proven not only to increase productivity and efficiency, but also revolutionized the way of communicate with customers and sell products. We show you the current and future trends such as IoT, AI & chatbots to stay up-to-date.

Chatbots – Communicative user interface

Chatbots enable a completely new type of interaction between humans and machines or software programs. Until now, programs for business administration still required some prior knowledge – that will gradually change.

As different as the objectives of today’s chatbots may be, they all have one thing in common: As a dialog-based user interface that is capable of natural-language command input, chatbots are changing the way people use computers. They make using applications on computers, tablets and smartphones as easy as communicating via WhatsApp or Facebook Messenger. Chatbots are already planning appointments, making ticket reservations, and helping with online shopping and travel bookings. Typical future tasks for chatbots include

  • Accept service requests and create tickets
  • Configure products
  • Record, process and archive accounting documents
  • Enter orders
  • Accompany maintenance tasks
  • Provide customer information
  • Manage inventory
  • Bookkeeping by announcement

Chatbots can also be used to capture, categorize, and save data on the go and initiate further work steps. The advantage is that the user does not have to know in advance how the process works. Rather, the bot guides the user through the respective process in a dialogue. In this way, users get to the information they want faster with less effort and can make transactions more easily.

There are additional advantages when chatbots communicate via audio. This means that the user has hands free and can receive help from a service bot.

What’s in the chatbot?

With artificial intelligence (AI) processes such as reinforcement learning and other forms of machine learning, a dialog-based user interface will in future be a largely independent. On the way there, the main aim is to improve the error tolerance in speech or text input. So far, humans are far superior to the computer in this regard. But even if human has learned a lot, a chatbot alone does not create a fully automated process. Rather, the first thing is to define clearly defined areas of responsibility and services that a bot can cope with at the required speed and quality.

In the case of a chatbot solution for accounting, for example, an account bot then downloads and archives the account statements. The cash flow, on the other hand, is monitored by another bot specializing in this. It registers irregularities, such as a missing payment, and, depending on the amount of the outstanding amount and the status of the customer, either triggers a dunning process or notifies an employee who clarifies the incident. Regardless of the area of application, every chatbot requires deep integration with the company’s databases and transaction systems as well as a target-oriented structure of the dialogue. And only the combination of the services of different chatbots leads to consistently automated processes.

Artificial intelligence makes ERP virtually invisible

Automation and structuring of “Big Data”, improved customer experiences, productivity increases and much more. Profound technological changes such as Artificial Intelligence (AI) mean that the ERP system in companies is changing into an intelligent, integrated business solution. The AI intervenes in processes and structures of the software – it automates, optimizes and plans independently.

Cloud technologies, open interfaces, intelligent technologies – such solutions are increasingly blurring the boundaries between transactional and analytical areas in companies. AI controls all operational systems and automates a number of activities along the value chain: order calculations, the optimization of delivery dates and use of materials or logistics planning. AI-based applications will bring added value for medium-sized companies, especially in the area of goods procurement, such as predictive requirements planning. But AI also does a great job in bookkeeping and accounting by automatically opening up relationships between data and thus providing a sound basis for decision-making.

As a result, ERP is increasingly becoming a hub for the management of business processes and, at the same time, acting more invisibly and automatically than ever – thanks to IoT and machine-to-machine communication. In addition, the usability of ERP itself is significantly improved because the new systems derive specific recommendations for action from the data.

The Internet of Things – Added value in customer service

The Internet of Things (IoT) can play an important role in providing proactive value-added services to customers. They offer manufacturers an interesting opportunity to directly monitor products from their production, completely without intermediaries such as consumers or dealers.

Connected smart devices can collect valuable data from which you can derive additional service offers in order to offer customers added value. Basically, the Internet of Things enables you to expand the services you already offer and to increase your overall effectiveness and productivity.

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