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AI Chatbots: Navigating the Cost-Impact Conundrum   To invest or not to invest? If you are in the retail business, this question likely resonates with you more than anyone else.   Most of our Retail clients are leveraging both generative and analytical AI products. By using generative AI to gather in-depth customer insights and applying analytical models to deliver personalized offers, they are can significantly enhance customer engagement. This powerful combination not only drives higher sales conversions but also ensures that the investment in large language models (LLMs) yields substantial returns.   With all the hype surrounding AI-powered chatbots, we talked to many of our clients who are either considering or have made the decision to invest in an AI chatbot for customer service. Here are some things that they are monitoring to decide how much to invest.    1. Length of conversations: We must monitor the length of the conversation between customers and chatbots. Generally, the more personalized the chatbot, the shorter the conversation, as it efficiently addresses customer needs. 2. Purchase Conversions: A higher conversion rate is a direct indicator of a more effective chatbot. 3. LLM Costs: The cost of using large language model (LLM) APIs has significantly decreased over the past year. For instance, GPT-4o, released in May 2024, is half as expensive to operate as GPT-4 Turbo, released a year earlier. Experts predict that the cost of LLM APIs will continue to drop, potentially by as much as 80% in the next two to three years.   Ultimately, the lift in the cart will be the true measure of returns. When considering your investment dilemma, think about the value AI can add to your cart. If AI can achieve even a 1% increase to your sales, you must not hesitate to invest! Remember to think long-term and prioritize business value as you make your decisions. #AIChatbots #AIInRetail #BusinessValue

GUILD4AI AI ecosystem sharing news, usages, bringing together speakers, experts, market players. #guild4ai SyVoy #Syvoy Why Open Source AI ? Implement open-source AI toolsAI on text We take pride in offering a wide range of services dedicated to implementing open-source AI models and tools. With a team of experts at the forefront of AI technology, we empower businesses to harness the potential of these cutting-edge solutions to drive innovation and optimize their operation https://lnkd.in/dVbVdCyE Easy to integrate using our API access. Our API access is designed to be user-friendly and straightforward, making it effortless for you to integrate our services into your existing systems. Design your AI Journey You can work with SyVoy AI engine to Design your AI engine. The AI engine is trained on numerous parameters derived from Primary and Secondary research. These parameters, based on weight-age, match the needs of customer and respond accordingly with AI journey, products, use cases etc. Currently AI engine is getting refined and is available in Beta version through invitation only. Make every AI step user-centric Welcome to our SyVoy platform, where you can access a wide range of AI tools built by experts from around the world. Our platform offers a variety of tools to suit the unique needs of your business, whether it’s image recognition for your e-commerce store or natural language processing for customer service chatbots. With our easy-to-use interface, powered by AI engine and secure payment options, you can have the power of AI at your fingertips in no time. ✅ GUILD4AI GATHER, SHARE AND DEVELOP MORE KNOWLEDGE Access a dynamic ecosystem that drives your professional growth, expands your AI knowledge, and connects you with cutting-edge solutions and experts. We help you navigate the complex world of AI with ease and confidence and support you in implementing AI solutions in your organization. ☑️ https://guild4ai.ai

It seems like most of my conversations lately have been dominated by "conversational AI" and what multi-modal models like GPT-4o can do (and cannot do), what their impact will be on society and organisations, and how can we design better conversational interfaces. In the past six months, we've been working on multiple projects around conceptualising and building meaningful conversations. This post is the first one in a series of posts where we share some of our insights. There will also be a free guide. If you want to get it, comment below or DM me. #chatGPT #conversatioanalAI #AI

Are you ready for conversational AI? The narrative around conversational AI taking over the (digital) world has been gaining momentum, especially after the release of GPT-4o and Project Astra. Whether you believe this or not, one thing is certain - machine capabilities are finally catching up to the long-held human dream of the ever-capable AI assistant. And they’re about to change the way people (expect to) interact with your business. According to McKinsey and Deloitte, companies that embed conversational AI capabilities into their offerings are set to see significant benefits: 🚀 up to 30% increase in customer satisfaction 💰 up to 40% decrease in operational costs ⚡ up to 50% decrease in response time Three strong potential use cases are emerging: 🗣️ Conversational search: Amazon and Walmart are adding AI assistants to help clients find what they're looking for faster. 💫 Customer service: Klarna’s AI customer service assistant handles the workload of 700 full-time agents, resulting in a 25% drop in repeat inquiries. 🧩 Task automation: Tools like Microsoft's Copilot, GPT Teams, and Amazon Q are helping users automate their workflows. Of the three, conversational search is set to have the most immediate impact on user engagement and satisfaction. In our recent work with a major financial institution, we found six main patterns for conversational search: 🧭 Navigation: helping users find their way faster 💪 Action Execution: simplifying tasks like "add to cart" or "send money" 💡 Contextualisation: enriching search queries with relevant information ✨ Suggestions: expanding search possibilities 🎯 Personalised Filtering: tailoring results to individual preferences 🤝 Support Redirection: helping users get human assistance when needed So, conversational AI becomes a superpower layer above the traditional flows of a service. Curious to learn more about these design patterns and leverage conversational AI in your organisation? Comment “GUIDE” below and get a free copy of our Conversational AI Guide! #conversationalAI #conversational #conversationalsearch #ChatGPT4 #GPT4o #ProjectAstra #openAI

If you want marketing plans that get results instead of feeling like you're throwing spaghetti at the wall to see what sticks, you need data. Collecting, analyzing, and making sense of all that data can be extremely time consuming. Fortunately, AI is really good at collecting and analyzing data. Don't use it to create content, because that's not the best use of AI. Instead, let AI do what it does best while you do what you do best. #marketingstrategy #dataanalytics

The Shift from Search to Asking in the Age of Generative AI In recent years, we've witnessed a paradigm shift in how we access information online. The traditional 'search' approach is rapidly evolving into a more dynamic and interactive 'asking' model, significantly powered by the advancements in Generative Artificial Intelligence. This shift marks a new era in digital interaction, offering profound implications for businesses, professionals, and everyday users alike. The Traditional Search Paradigm: The internet, for the longest time, has been navigated through search engines. Keywords have been the cornerstone of finding information, requiring users to think like the machine – breaking down queries into searchable terms. This method, while effective, often lacks nuance and can be time-consuming. Enter Generative AI: Generative AI is revolutionizing this landscape. Tools like ChatGPT, DALL-E, and other AI models are changing how we interact with digital content. Rather than sifting through pages of search results, we're now 'asking' these AI tools to generate content, answer queries, and even solve complex problems, all in a conversational manner. Why 'Asking' is Gaining Ground: 1. Conversational Ease: Generative AI allows for natural language queries, making information retrieval more intuitive and less structured. 2. Efficiency and Precision: AI models can provide direct answers or create content, saving time and effort in information gathering. 3. Personalization: These tools can tailor responses based on user preferences and past interactions, offering a more personalized experience. 4. Creative Solutions: Generative AI can assist in creative processes, from drafting articles to creating images, based on user prompts. Challenges in the Transition: With these advancements come challenges. Generative AI's reliability and biases, data privacy concerns, and the need for digital literacy are key considerations. Navigating misinformation and ensuring the ethical use of AI are also vital. Implications for Professionals and Businesses: This shift has profound implications for digital marketing, content creation, customer service, and more. SEO strategies now need to account for conversational queries. Content creators can leverage AI for brainstorming and drafting initial content. Customer service can be enhanced through AI-powered chatbots that understand and respond to customer needs more effectively. Preparing for the Future: Professionals must stay abreast of these changes, understanding how Generative AI works and its potential applications in their field. Continuous learning and adaptation are crucial in leveraging these technologies effectively. #generatieveai #search #enterprise #enterpriseai

#ecommercegrowth : Finding the Perfect #AI Fix In the dynamic world of e-commerce, leveraging AI can be a game-changer. However, the key to success lies in pinpointing the exact problems where AI can bring the most value. Here are broad guidelines to help e-commerce companies find their focus: 1) Start with Customer Pain Points: Analyze customer feedback, reviews, and support queries to identify common challenges. For example, if customers frequently complain about search functionality, Generative AI can enhance search algorithms to understand natural language queries better. 2) Evaluate Operational Bottlenecks: Look internally for processes that are time-consuming or prone to errors. Vertical AI can streamline inventory management by predicting stock levels and automating reordering processes, reducing out-of-stock scenarios. 3) Analyze Data for Insights: Use data analytics to uncover areas for improvement. Generative AI can assist in personalizing customer experiences by generating targeted product recommendations based on browsing and purchase history. 4) Consider the Competitive Landscape: Identify areas where competitors are excelling or lacking. Implementing AI in unique customer service solutions, like chatbots for instant query resolution, can give you an edge. 5) Align with Business Goals: Ensure the problems you're looking to solve with AI are in line with your overall business strategy. If increasing customer retention is a goal, consider Vertical AI solutions for personalized marketing campaigns. By methodically assessing these areas, e-commerce companies can identify where AI can have the most significant impact, leading to informed decisions and strategic implementations. #EcommerceInnovation #AbaxysTech #GenerativeAI #VerticalAI #Daefodil

🚀 The Future of Business with Generative AI: A 2024 Outlook 🌟 In 2024, we're seeing a significant shift in how businesses approach Generative AI. It's not just about adopting new technologies; it's about transforming operational processes and enhancing customer experiences. 📈 According to Persado, enterprises are now focusing on creating personalized online experiences, recognizing customer behavior patterns, and leveraging AI for better marketing strategies. This evolution in AI is not just a trend; it's a strategic move towards sustained growth and efficiency. 🌐 Read more about these transformative predictions: https://bit.ly/3TRou1a #GenAI #predictions #marketing #AI #MarTech #technology

🚀 Unlock Your Potential with Merlin AI! 🧠💻 In today’s fast-paced digital world, staying ahead of the curve means embracing cutting-edge AI tools. Enter Merlin AI — your new AI assistant that transforms the way you work. From data analysis to creating meaningful content, Merlin AI is here to streamline your tasks, save time, and supercharge productivity. Here are just a few of the incredible use cases where Merlin AI shines: 🔍 Instant Research & Data Insights Merlin quickly summarizes complex reports and finds key insights, so you can make data-driven decisions in minutes. ✍️ Content Creation on the Fly Generate high-quality blog posts, emails, or even video scripts with just a few prompts. Perfect for content creators looking to save time and maintain quality. 💬 Customer Service Automation With Merlin AI, you can automate responses, personalize messages, and provide instant support to customers, 24/7. 📊 Data Analytics Simplified Need insights from a massive dataset? Merlin can break down the data, analyze trends, and create clear visualizations for easy understanding. Ready to let AI handle the repetitive tasks so you can focus on what really matters? 💡 Use below link to try it for free. https://lnkd.in/g2vppe4N #AI #MerlinAI #Productivity #Automation #AItools #DataAnalytics #ContentCreation

Introducing Gemini Advanced, the cutting-edge AI chatbot developed by Google! 🚀💬 Gemini Advanced is revolutionizing the way businesses interact with their customers. Leveraging its advanced natural language processing capabilities, it has the ability to understand and address customer queries with unrivaled precision and empathy. Why should businesses choose Gemini Advanced for their customer support needs? Here are some compelling reasons: ✅ Real-time solutions: Gemini Advanced delivers accurate and timely responses, ensuring a seamless customer support experience. No more waiting around for answers! ✅ Personalized interactions: This innovative chatbot understands the importance of individual preferences and needs. By tailoring its responses accordingly, Gemini Advanced builds meaningful connections with customers, fostering brand loyalty. ✅ Effortless integration: Whether it's on websites, social media platforms, or messaging apps, Gemini Advanced seamlessly integrates across multiple touchpoints. It adapts to the existing digital infrastructure, making implementation a breeze. ✅ Scalable and cost-effective: In today's fast-paced business landscape, handling high volumes of customer queries efficiently is crucial. Gemini Advanced excels in this aspect, reducing operational costs and improving productivity. ✅ 24/7 support: With round-the-clock availability, Gemini Advanced ensures uninterrupted customer assistance. No matter the time or day, your customers will receive the support they need, enhancing overall satisfaction. Embrace the future of customer support with Gemini Advanced! This game-changing AI chatbot empowers businesses to create exceptional experiences for their customers. Don't miss out on this opportunity to drive customer satisfaction and foster long-term success. ✨👥💼 #CustomerSupport #AI #Chatbot #Innovation #Google #NLP #Automation #Scalability #Experience #Growth #DigitalTransformation