Exploring how AI-powered chatbots are changing the business world [Q&A]

Thanks to high-profile tools like ChatGPT, we've witnessed AI appearing in more and more areas and projects this year. Next week sees the launch of the latest Chatbot Summit, held at ExCel London on October 11-12, bringing together industry experts to share practical skills, knowledge, and insights.

We spoke with Chatbot Summit 2024 founder and executive chairman, Yoav Barel, to discuss the impact of AI technology and how businesses can prepare, as well as what summit attendees can expect from the event.

BN: 2023 has been the year that conversational AI has really taken off, but this is the 7th edition of Chatbot Summit, how have you seen the industry change since the first Summit?

YB: Since our first Chatbot Summit, the conversational AI landscape has undergone a radical transformation. In 2016 we understood that the next wave of how we interact with technology would be through natural language and that conversational bots would start taking over websites, apps, search and contact centers. With the recent advancements in Generative AI and Large Language Models, as well as the appearance of services such as ChatGPT, I feel it's clear to everyone that it's only a matter of time until this happens.

Over the last few years, the sophistication of AI has skyrocketed, evolving from basic bots to advanced models crafting personalized, engaging conversations. But it's not just tech; the industry mindset has matured, recognizing conversational AI as a tool that enhances human capabilities, not replaces them.

Increasingly, businesses are adopting both customer-facing and employee-facing chatbots to supercharge operational efficiency. As we stand at the forefront of this change, we're not just observing the revolution -- we're driving it.

BN: What strategies would you suggest to organisations that are hesitant to integrate AI into their operations?

YB: Businesses that fail to adapt to new innovations risk being left behind by their competition. AI, when implemented in the right way, will make the organisation more efficient and effective.

For brands hesitant to integrate natural language experiences, my advice is simple: Start small, but start now. Identify a specific area where AI can provide immediate value, such as customer service or product recommendations. Implement a pilot project, measure the results, learn from the experience, and then gradually expand the scope. Remember, the goal isn't just to adopt new technology in isolation -- it's to enhance your customer's experience and build a better service.

BN: Large Language Models (LLMs) seem to be an integral part of this conversation. Could you elaborate on the potential pitfalls of mastering LLMs and how they can be avoided?

YB: LLMs can revolutionize business chatbots by providing swift, intelligent responses and enhancing customer interactions. However, as you say, there are potential pitfalls. We know that they can inadvertently propagate bias or misinformation -- if an LLM hasn’t been trained to answer the type of question it is asked, then it is currently prone to hallucinations. The key to mitigating this is to fine-tune models on relevant data, so it has the right domain-specific answers and then add robust checks and balances on top.

BN: How can businesses establish trust between customers and their AI-driven solutions, particularly in light of recent data privacy concerns?

YB: Trust between customers and AI-driven solutions is built on transparency and respect for privacy. Businesses need to be clear about how they use AI, what data they collect, and why. They must also ensure robust data security measures and comply with all relevant privacy regulations. It’s also important to explain to customers why and how AI is improving the customer experience, if customers can see the improvements, they’ll be less suspicious of the technology.

BN: Can you tell us about some of the speakers who will be attending Chatbot Summit?

YB: It's difficult to know where to start with our speakers as we are so fortunate to have such a broad range of experts from a number of different fields. Personally, I’m very excited to hear Kevin Lee of BT Group’s keynote, The Amazing Story of AIMEE -- from Underdog to Superhero about BT's chatbot AIMEE. I think attendees will also be interested to hear Laura Simpson, Chief Intelligence Officer at McCann Worldgroup's talk; On the Verge of Seismic Change? How AI Reshapes Human Interactions with Brands. For those interested in the automotive industry, they won’t want to miss Alexander Schmitt, Head of Speech Technology at Mercedes' keynote #HeyMercedes: Driving Customer Experience in 900,000 Vehicles with Voice AI and ChatGPT.

BN: Summits are a melting pot of ideas and innovations. What can attendees expect from this year's Chatbot Summit in terms of learning experiences and networking opportunities?

YB: This year's Chatbot Summit promises to be a goldmine of learning and networking opportunities. Attendees can look forward to deep-dive sessions with industry experts, inspiring talks from leaders at top brands and tech companies, and hands-on experience with the latest products from some of the leading lights of AI implementation.

Leaders from all of the major industries with a stake in conversational and generative AI, including finance, big tech, and telco, will be speaking. This diverse lineup ensures there will be something for everyone in attendance to learn and grow their horizons. Every year, a new partnership is formed, new ideas are shared, and the AI ecosystem is better for it.

BN: 'Bots After Dark' has become a legendary part of the Chatbot Summit. Can you give us a sneak peek into what attendees can expect from this year's event?

YB: 'Bots After Dark' is our way of letting our hair down after a day of intense learning and networking. Expect good music, great company, and some surprise elements that we're keeping under wraps for now -- but I promise it will be worth the wait!

BN: Finally, with the rise of Generative AI and Large Language Models, how do you envision the future of our interaction with AI-powered bots in businesses?

YB: In the future, interaction with AI-powered bots within businesses will be seamless, intelligent, and a huge driver of business value. Because it’s as natural as talking to a human, the bots won't just be limited to frontline customer support -- although that will be part of it. It will also help employees do their job by streamlining business operations and reducing administrative tasks

These technologies will enable businesses to provide personalized, efficient, and engaging experiences at scale -- it's no longer a one-size-fits-all scenario, every conversation and interaction with AI is customized and bespoke. It really is revolutionary, and we're only just getting started.

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