How Much Does it Cost to Build an Enterprise Chatbots?
By Vasudev Arora | December 9, 2019 |
To stimulate intelligent human interactions with the machines, tons of tools & resources have entered the market, can name any? – one that tops the chart is Chatbot aka virtual assistant.
Custom Chatbot Development is believed to streamline the interactions of services with the people and eventually improve customer experiences. This development will usher great new opportunities in front of businesses by helping them improve their operational costs, customer-relationship & build a profitable chatbot business model.
Chatbots awareness has grown well right after the rise of AI, also ever since businesses have started looking out for ways to communicate their brands to their audience in a more effective & steadfast manner. Customers seek out for brand information that is fast, real-time, and is more focused on on-demand approach. Enterprise Chatbots clearly understand these expectations & also redeems the customer’s desires by working on all these stated.
Here, in the purview of a Custom Chatbot Development Company, we will reveal the exact cost that it takes to build a responsive, real-time, intelligent and customized chatbot for any enterprise or end-user application. Before that, we will continue to amaze readers with the benefits these virtual assistants host, the industry type they exponentially serve, basic type and how they are implemented.
What are AI Chatbots basically?
These are an advanced form of software that is devised to exchange a “question-response” kind of communication between humans & machines. They leverage great use of NLP (Natural language processing) & often can be molded in a format of messaging apps, mobile apps, websites, telephone & maybe more in the future.
How Do They Work?
- In short, these chatbots returns the response to the user, based on their entered or conveyed input.
- They perform a task called “user request analysis”, wherein they identify the user’s entered input or information and amplifies the intent or reasoning behind it.
- Later, on understanding the intent, they extract & return the output with a relevant response.
Why AI Chatbots rather than Traditional Brand Communication?
Do you know what’s tough for businesses? To be on toes 24*7 to highlight their business, find alternatives to cut down the cost spent on personnel or traditional resources to maintain the flow of communication with the audience – that too in real-time & at lighting speed.
Here chatbots come for the rescue, they are not only operational day-night but even are cost-efficient & are smartly designed to modify the outputs as per user’s need. Let’s explore how other businesses get benefited from this product offers
- A Great Tool to Enhance Revenue Model – They have become a direct staircase to turning leads into sales, as they keep in constant touch with users to inform them about the latest discounts, offers & deals. Even when aligned with social media platforms, they can act as a great catalyst to boost brand awareness.
- Increased Customer Engagement – Engaging with your audience is necessary, they say businesses that interacted with their audience via social handles were able to reap good turnout from users, by 20 to 40%. While social media can enhance the engagement game, don’t you think your automated bots can too?
Earlier bots were monotonous, on entering the input, they used to return with an encyclopedia of information – which was quite boring for the users. Today’s bots are smart & funny, smart as they revert with only a slice of information like in an interactive manner and funny as their responses are often supported with puns & satires – which audience could relate to. Don’t you feel these elements are real engagement maker?
- They Capture Customer Insight & Behavior – You may feel that bots are only there to convey a set of information or offerings, that is not the only truth. Deep inside they are a great source to gather the customers/visitors insights, they help in tracking the traffic rate, bounce rates & even the probable reasons why customers are quitting the session without making the purchases or at least some query, how? By conducting surveys.
- Easy Way to Enter the Global Markets – If your focus is to repurpose your brand as international or global, these bots are the real deal. They come with multilingual support and stands active 365 days, 24*7, which is a great thing when dealing with worldly prospects.
There are 6,500 languages spoken around the world, don’t you think bots can help you fill in those gaps and penetrate easily into desired global markets. Wait, before you take out your chatbot cost calculator to identify estimates – don’t worry we will reveal it, stick around & find what industries are going to be great beneficiaries of such, their types and how they are implemented.
Industries/Sectors that will be Great Beneficiaries of Automation-rise Chatbots or Virtual Assistants
- Travel & Tourism – Since chatbots are mostly about sharing customer service requests & responding them with the relevant one, this thing in the travel industry will sort the process of ticket booking, itinerary queries and more.
- Media & Publishing Houses – Users often demand content that is persuasive & most of all personalized, it’s tough to sit down & write personal copy for each, especially when we know how fast & consuming this media & publishing industry is. Here, chatbots are fundamental as they are designed with the ability to tweak the content in the favor or interest of each user. They can help enterprises achieve personalized content.
- Customer Support Services – A quarter of customer operations are likely to invest in chatbots by the year 2020, says a report by Gartner. And it is likely to cut down costs by 30%, increase efficiency, eliminate more waiting time and result in more prompt services.
- Advertising & Marketing – Many giants have started vouching for this software as they can sell their business directly at the customer forefront. The bots now can easily integrate with social media platforms like Facebook, Whatsapp and more to help businesses enhance their audience-engagement game & brand identity.
Implementation Journey of AI Chatbot
- Chatbot requires backend management for the flow of messages, coming all through different channels and then parse them with different NLP services.
- The backend supports the business logics, brings in place right integrations with the existing systems and sheerly work on making the bot more intelligent & communicative – so that it could get ready to bring effective communication with the user.
- The best part, these bots support the .NET and Node.js server-side software development kit (SDK), therefore, you get the freedom to choose the programming language of your choice.
- Once the backend part is finished, the next step is to prepare modules and integrate them well with the different channels that enterprises would like to target.
- Every channel’s integration is quite unique, followed by specific UI requirements.
- Make sure your bot is conversational & adheres to each platform’s UI specifications.
- NLP helps in making the conversation happen with the users in their understandable language. Don’t worry, you don’t have to write an NLP algorithm for each language kind.
- It’s immense to integrate your bot with the publically available NLPs so that it could easily extort the user’s query or intent & convert it into a machine-understandable language.
- Next is to work on replies & responses that are simplified, intelligent, and host to meaningful conversations.
- Each conversation should be customized to specialized algorithms and must host less navigation – so that users find it easy to start the conversation.
- Users expect the algorithms these days to be centred more around “Deep learning”.
Before you go into deep thinking about chatbot business model or how you can monetize your bots – learn about the types of bots.
3 Major types of AI Chatbots that your Business may Need
- Keywords Recognizing Chatbots – These chatbots are guided by the extreme use of customizable keywords & AI, they sense, act & respond based on the keywords inserted by the user in each input.
- Contextual Chatbots – They are the most advanced type as they use machine learning and AI to remember the conversations with a particular user. Based on that, they serve them with answers, types, suggestions that are best suited for them.
- Menu-Button Based AI Chatbots – These kinds of bots provide an app-like experience and are based on buttons. They send multiple & clickable buttons or elements inside a chat where users have to select a preferred one, out of many.
They are quite apt in situations where more conversations are not required and tasks are often short or crisp like in case of ticket bookings. You can opt from these three based on your business model & its offerings.
The Final Reveal – How much does it Cost to Build Enterprise Chatbots?
Now you had a comprehensive understanding of how chatbots are implemented and are advantageous to any enterprise setting, it’s time, finally to calculate the total amount that it takes to build such a prodigy product i.e. Chatbot.
It ranges from $25,000 to $30,000 to build one well-structured chatbot. The price range is dependent & varies according to the time it took to build, technologies or languages utilized & the most obvious – developer’s fee & working hours.
This is the basic range where most chatbot development services, design, develop, and implement the customized chatbots.
With the above, we are through with the understanding of how chatbots or virtual assistants/managers are essential to any business, their types, what markets are their great beneficiary and what budget range it requires to build a robust & interactive virtual assistant for any enterprise or application use.
The next step that stays pending is to consult a custom chatbot development company and start planning for these bots earlier than key competitors.
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