{"id":37151,"date":"2022-08-02T09:53:53","date_gmt":"2022-08-02T13:53:53","guid":{"rendered":"https:\/\/centricconsulting.com\/?p=37151"},"modified":"2023-04-04T14:05:15","modified_gmt":"2023-04-04T18:05:15","slug":"virtual-agents-the-why-and-how-behind-the-latest-trend","status":"publish","type":"post","link":"https:\/\/centricconsulting.com\/blog\/virtual-agents-the-why-and-how-behind-the-latest-trend\/","title":{"rendered":"Virtual Agents: The Why and How Behind the Latest Trend"},"content":{"rendered":"

Stay ahead of the game and expand your employee and customer experience with Power Virtual Agents. Here are a few reasons to implement virtual agents and a step-by-step tutorial to put it into practice.<\/h2>\n
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By now, you have likely heard the buzz words omnichannel, AI, machine learning, chatbots, and the latest trend within these themes, virtual agents.<\/p>\n

The concept of interacting with computers conversationally to solve problems might have seemed like sci-fi not too long ago. Recently, however, this area of technology has begun to explode \u2013 and for good reason. Virtual agents can drastically improve user experiences both as consumers and employees.<\/strong><\/p>\n

We will provide an overview of the current chatbot and virtual agent trends and the differences between these two tools. We will also cover, from a high level, the top five reasons why you should implement them in your business and how you can create a virtual agent using Microsoft Power Virtual Agents.<\/p>\n

Chatbots vs. Virtual Agents<\/h2>\n

Chatbots have been around for a long time \u2013 over 50 years! Back in 1966, developers at MIT created the first-ever chatbot known as ELIZA. Since then, we\u2019ve come to know Siri, Cortana and Alexa \u2013 some pretty smart gals.<\/p>\n

As chatbots have evolved, there have been various versions of the technology.<\/strong> We now loosely group chatbots into the following three categories:<\/p>\n

\"Dynamics<\/a><\/p>\n

 <\/p>\n

Note: In some instances, you may hear people say hybrid chatbots to refer to the combined effort of chatbots and live chats with humans to enable communication.<\/p>\n

As a general practice, the term chatbot typically refers to bots that fall within the decision-tree category. NLP-based or AI chatbots represent the category of virtual agents (customer-facing AI chatbots) since they\u2019re extremely intelligent and communicate with human-like dialogue.<\/p>\n

Typically, virtual agents (also referred to as virtual assistants) are extremely complex to create. With Microsoft Power Virtual Agents<\/a>, though, users have the flexibility to quickly create chatbots that can be as simple or as complex as needed spanning the three categories we\u2019ve mentioned above.<\/strong><\/p>\n

But what does this movement towards a smart world mean for your business? Several things! So, before we dive into how to create a virtual assistant using Microsoft Power Virtual Agents, we\u2019ll discuss why you want to in the first place.<\/p>\n

Five Reasons to Implement Microsoft Power Virtual Agents<\/h2>\n

Virtual agents can transform a customer\u2019s experience with your brand and solidify their loyalty through a seamless buying journey. They allow you to:<\/p>\n

1. Provide 24\/7 availability<\/h3>\n

Recent surveys identified availability as one of the top customer expectations, with customers expecting responses in as little as one hour<\/a>, chatbots are a low-cost and effective solution that can address this need. If you are thinking big \u2013 this also means a low barrier to entry into global markets. A true win-win for all.<\/p>\n

2. Reduce customer wait time<\/h3>\n

One of the top reasons, if not the top reason consumers use chatbots, is to get a quick answer. Studies show customers value fast response times<\/a> over accuracy in the response itself. With chatbot interactions, customers can immediately start a conversation and receive a variety of alternative solutions and responses until they resolve their requests.<\/p>\n

In addition, the nature of a chatbot requesting clarification and repeating the understood information to a customer enhances the experience. Customers feel heard, which contributes to a positive engagement.<\/strong><\/p>\n

3. Enable a self-service experience<\/h3>\n

Accomplishing something on your own is a rewarding experience. 88 percent of U.S. consumers<\/a> expect companies to have offer self-service options. Allowing customers to solve their own problems with tools and resources creates this same feeling, which means major brownie points for your brand.<\/p>\n

Through a self-service experience you can also build a stronger brand identity through the voice you give your chatbots and virtual agents.<\/strong> If you sprinkle a bit of personalization into the experience, the result is the perfect trifecta your business needs to have the competitive edge of a superior customer experience.<\/p>\n

4. Increase sales through upsell, cross-sell and abandoned cart follow-ups<\/h3>\n

With the ability to follow-up with customers who have abandoned their carts, provide personalized product recommendations, and collect customer information to qualify leads, chatbots are the secret sauce when it comes to closing deals. In fact, business leaders have reported that chatbots increase sales by an average of 67 percent.<\/p>\n

5. Improve employee productivity and efficiency<\/a><\/h3>\n

Chatbots and virtual agents have much to offer regarding the customer experience, but the same holds true for your employees. Tasks a chatbot can automate and handle allows employees to focus on more complex tasks. Virtual Agents can assist with:<\/strong><\/p>\n