Reducing human resources from businesses is one simple idea that shifts on the winning side. It saves plenty of manpower, which is a saving. One of the modern digital frontiers, NLP ChatBots can help achieve that.
NLP is suitable for businesses that accept online customers for queries, responses, and transactions. Or, simply when you want to grow customers online?
Handling a large number of customers isn’t easy, especially when dealing with different services for customers. This is where NLP comes in. It delivers suitable, correct, precise, and sometimes customized answers to multiple users.
What Is Natural Language Processing?
A chatbot is a conversational technique built to give an in-human-like experience, which delivers precise answers to multiple users’ responses at the same time.
NLP-based applications accept user’s queries and give in-human answers, with accuracy and adequacy.
ChatBots leverage natural language processing using AI to navigate simple and complex human inputs and generate precise answers to respond. It can replace to cost of many skilled professionals in any business, firm, or industry.
ChatBots suitability to a business is a prime question here, and multiple types of ChatBots can help sketch whether it matches your business.
Types Of ChatBots
Among several ChatBots available in the marketplace, we’ll discuss only those suitable for our businesses and industries. Thus, 5 ChatBots are commercially providing services to our industries. Let’s start a discussion in the details.
It is certainly most suitable for NGOs, Community halls, FriendsGroup, TeamMeet, and many small-scale enterprises where conversational transactions are the same.
Menu/Button ChatBots
A simple ChatBot that operates by a list of menus or by clicking a button completes all the basic needs of ChatBots is called basic ChatBots. It has all the readymade answers, which help people deliver preloaded answers in groups. It helps ease the communication process.
Rule-Based ChatBots
Rule-based chatbots are programmed based on the C language switch() statement, which displays an array of choices. It is an interactive machine that accepts the questions, matches them with predefined answers, and then delivers the perfect answer.
It is suitable for many online vendors, bookshops, libraries, hostels, campuses, and wherever a group of people requires a communicative machine. These ChatBots show the predefined answers stored in the memory, or in other words, make life easier, like an auto answering calling machine.
Voice ChatBots
Voices are the future. Unlike other ChatBots that deliver solutions solely based on textual conversation, voice ChatBots offer voice solutions with conversational data. Voice ChatBots is a tool, which allows customers to interact with voice bots.
Similarly, AI-powered voice ChatBots can interact with voice and text messages. It uses text-to-voice and voice-to-text both, once integrated with the platform, to perceive spoken language and after analyzing deliver solutions based on the user’s inquiry.
It delivers satisfying results with the given answers. Areas where it can give the best results are hospitals, hotels, shopping malls, DailyStore, colleges, universities, libraries, hospitals, and banks. Also, in all other institutions where text and voice interactions are necessary to deliver solutions to customers.
Generative AI ChatBots
Generative AI Chatbots are modern-age ChatBots that can perceive interactions and can read users’ interests, intentions, and requirements adequately. Generative AI ChatBots use empathy and offer in-human-like experiences while answering each response by the users.
Generative AI ChatBots take ChatBots to the next level, by delivering answers in digital formats like text, speech, and media. It uses large-level language (LLL) that helps to produce all the solutions.
A few areas It can best be utilized are mid and large-scale businesses, banks, hospitals, universities, clubs, pubs, theme play groups, gaming platforms, and everywhere else where a large number of customer satisfaction is required.
AI-Powered ChatBots
AI-powered ChatBots are modern tools that can read the user’s query discretely and with accuracy and respond the same. AI-powered ChatBots can read the user’s phrase precisely by using natural language understanding (NLU technology), no matter how badly they’re written.
It helps develop a natural flow to communication and user experiences by offering friendly in-human conversation. The conversation can go on for a long and ChatBots keep answering the questions, also by providing a list of choices.
It highly matches with small and mid-scale banks, hospitals, colleges, schools, hostels, public institutions, and social groups. Also, in many businesses where provision to better customer interaction incurs any profit.
Purpose Of Developing NLP ChatBots
Let’s dive into understanding the purpose of NLP ChatBots development, and how fruitfully it impacts our businesses, industries, lifestyle, and the sphere. Let’s go through one by one.
Reduce Operational Costs
AI-powered NLP ChatBots can respond to all customer requests, which lowers the cost of manpower yielding resulting profit.
NLP ChatBots can highly reduce the wait time for responses and help increase answering more client requests. It invites more room for potential clients, in general, plenty of clients leave the desk because of wait time. Thus, it brings customers with profit.
24×7 Multi-Language Support
Multi-language support works well with NLP-powered ChatBots and it works 24×7. Also, It allows people to interact in their comfortable languages.
It encourages opportunities to gain foreign clients if businesses seeking foreign-based projects. It encourages more customers resulting in profit!
Personalized Solutions
Personalized solutions show the utmost respect to customers, encouraging them to make more transactions. They also help customers manage their environment. They feel satisfied and are likely to add more services soon, resulting in a profit.
Points To Remember
- Elevating the AI agent role can help improve the production of research and nuanced responses. It also improves the efficiency and productivity of the AI agent role, which gives 80% better responses. Make sure to demand the development company for the same.
NLP ChatBots Development To Deliver Solution
NLP ChatBots development goes in several phases, yet, technically it starts with the development of conversational management, which is designed to cover all aspects of human nature, and all types of personality.
Further, it assigns rules for conversation, so data interacts with the set rules. Eventually, It is designed to enhance perceiving capabilities by customer writing patterns, interactions, and smileys.
Fast-paced responses create more space for other customers. This system goes through improvements and a data training period, which returns to human-like responses.
The final phase is to implement AI-powered NLP ChatBots into the existing system. It manages to fulfill the needs of both; Enterprises & customers.
The chart below explains the entire process of development with 7-phases. And now, we’ll be moving to our next section; Firms.
An Insights to 7-Phase NLP ChatBots Development
The development process goes into a full 7-phases. From conversational management to final implementation, NLP ChatBots have to pass through several steps. We’re going to discuss these steps with the help of the below chart.
| Conversational Management | Creates Sessions, Deliver Responses |
| Seamless Integration | Seamless communication helps deliver fast-paced replies |
| Rule Management | Rules are set and bots can easily perceive human behavioral approaches |
| Fast-paced Responses | Guarantee Fast Delivery Responses, Keep Steps Ahead |
| Training & Improvements | Easily recognized human intentions and delivered the responses accurately and properly |
| Designed to Meet Client Needs | Offer Business Needs |
Advanced Features | Seamless Integration, Personalized Solutions, & Spontaneous Responses |
Firms That Can Consider Adopting NLP ChatBots
AI-powered NLP ChatBots are the impetus for many industries and businesses. It has helped bring many pictures into a real frame. The real strength of ChatBots is still hidden from most industries, let’s discuss only 4 at the moment.
Financial Institutions
Financial institutions like banks, investment agencies, accounting corporations, and tax agencies can use the benefits of AI-powered NLP ChatBots. It excels in work and helps with lost cards or making payments.
NLP ChatBots can also be utilized in refund processing, check clearance, funds transfers, showcasing individual records, and maintaining customer data.
Hotels
A hotel runs by employing manpower. NLP can help replace ChatBots with more power to deliver in-human-like experiences with responses.
If the customer receives a great level of satisfaction, then he has more chances to be a potential client. Existing customers prefer to grab a few more services from their personalized list on their ChatBots.
If an industry often dwells on interacting with foreign tourists, the multi-language options can do wonders. Tourists from different countries can feel more at home while interacting with multiple languages and personalized solutions.
Hospitals
Hospitals can leverage the NLP ChatBots by reducing the number of manpower used. Hospitals continuously seek customer service, even for small details a call can last a few minutes. These unavoidable circumstances are a piece of cake for NLP ChatBots. It’s super quick.
Unlike humans, It provides more resolution to queries and requests in no time. It encourages more rooms to answer requests from multiple customers and give them a resolution in no time. The seamless delivery of better and quicker requests enhances the level of customer interactions.
Customer Service
NLP’s root cause for development is to offer better and more interactive customer service. These services are, nonetheless, upgraded from time to time. AI integration with ChatBots encourages open interaction with humans and gives them in-human experiences.
More Customer query resolutions mean the most satisfied customers. Also, customers can look up all their account details, saved information, personal data, deal records, services, and much more with personalized ChatBots.
It improves rooms to invite new services and persuades customers to buy new services, hence a profitable strategy integrating NLP ChatBots.
Lead Generating ChatBots
NLP ChatBots can enhance the lead generation process and have proven surprising results to many industries, especially startups.
Yes, it is true! AI-powered NLP ChatBots can help elevate responses and ask processes within a system by integrating responsive ChatBots possible for the industry.
It opens a vast area of finding insights from the marketing and sales team chat. These insights would be helpful find the right candidate to offer new services because it is already aware of their interests and likes.
A person investing in a bank fixed deposit term policy would also take a keen interest in several interesting investment plans like shares, term plans, recurring deposits, etc.
Lead generation can be a great weapon to enhance any business seeking new customers, or looking to launch new services.
Influencing Factors For Costing NLP ChatBots 2024
Several factors influence costing of developing NLP ChatBots. Human resources, time frame, technological investment, size of the project, complexity of the solution, and nature of the industries. So let’s discuss this in detail, especially with the help of charts in this section.
Development Cost Based On Nature Of The Industries
The nature of the project relies on the nature of the Industry because it needs to be analyzed, inspected, and thoroughly checked at different levels. Thus, It impacts greatly on the pricing because the less the technology is used, the less the cost is.
Industry-specific ChatBots cost differently because they evolve different types of technology. If compared, costing of the development of a simple-use ChatBots is budget-friendly.
Cost To Develop AI-Powered NLP ChatBots
| Industry | Development Cost (Approximately) |
| HealthCare Services | $30k to $70k |
| Manufacturing | $40 to $80k |
| Customer Care Services | $60k to $100k |
| Hotels | $10k to $40k |
| Education | $10k to $30k |
| Supply Chain Management | $30k to $80k |
| Retail Services | $40k to $90k |
| eCommerce Services | $35k to $65k |
| Social Media | $40k to $80k |
| Travel-based Industries | $20k to $30k |
| Saas-Based Industries | $30k to $70k |
Development Cost Based On Technology Used
To fulfill the industry’s purposes, different technologies are used to develop NLP ChatBots. A complex program takes a longer time to build.
At the same time, a simple program is much easier and shorter in a while. Let’s not go much into the technology used, instead, find the below chart for helpful details.
| Category | Used Technologies |
| Front-End Technology | HTML, CSS, & JavaScript |
| Back-End Technology | Node.js & Python |
| NLP Platforms | Dialogflow, Microsoft Bot Framework, Rasa & IBM Watson |
| Used Databases | PostgreSQL, MongoDB & MySQL |
| Used AI/ML Library functions | spaCy, TensorFlow, PyTorch |
| Integration Tools | Kubernetes, APIs, Docker |
| DevOps Tools | AWS/Azure/GCP, Git, Jenkins |
NLP ChatBots Development Cost For Entire Process
Adoption of a few technologies, and sometimes many is essential. It depends on several factors, requirements, and necessary use of technologies.
The total expenses based on the whole process vary depending upon the development process. Find the below table for an illustration of the entire development process costing.
| Entire Development Process | Costing Approximately |
| Research, Gain Insights, & Develop Purpose | $3k to $5k |
| Design UX/UI | $5k to $30k |
| Programming Cost | $5k to $30k |
| Database Used Cost | $5k to 10k |
| Integration | $5k to $20k |
| Testing | $5k to $10k |
| Deploying Technologies | $2k to $5k |
| Maintenance & Updates | $5k to $20k |
Return Of Purchasing AI-Powered NLP ChatBots
We’re going to discuss this section with real-life examples. It will help identify veritable requirements and so help move with the process. Imagine how customer service can find new horizons via NLP ChatBots.
BofA’s“Erica” NLP ChatBots From Bank Of America
BofA’s Erica Surpasses 1.5 Billion Client Interactions, Totaling More Than 10 Million Hours of Conversations ROI says Bank Of America.
Result: Customers love special treatments, rewards, and personalized solutions. A bank with more room for customer service opens higher chances for more business.
Insights To ROI: Since launching five years ago, Erica® has helped over 37 million Bank of America clients manage their finances.
BofA’s Erica is a ChatBots used by Bank of America that helps deliver personalized financial assistance to customers. Erica helps hundreds of customers at the same time and in fractions of a second.
Industries Ready To Adopt NLP
- Remember how the Coronavirus outbreak in China, the DAMO Academy has developed the StructBERT NLP model that powered Alibaba’s and healthcare data.
- Pentagon Advisory Board releases principles for ethical use of artificial intelligence in warfare.
Statista Reports Revealed
The gradual demand for AI-powered NLP ChatBots is growing in the market. Several recent reports from Statista predict a shocking wave of NLP ChatBots. It says:
- The market size is expected to show an annual growth rate (CAGR 2024-2030) of 27.54%, resulting in a market volume of US$41.79bn by 2030.
- Surveys have found that over 50% of US consumers would use a chatbot for customer service, and more than 95% of consumers believe customer service will gain from messaging technology, which chatbots use.
Future Enhancements,
NLP ChatBots is a modern-age customer service solution provider like once it was mobile. Mobile phones took a long road to establish itself as a communication channel provider. But surely, NLP ChatBots will find some shortcuts with proven statistics. AI-powered NLP ChatBots are immensely powerful.
Soon, it will revolutionize the world of customer service. After being Powered with AI and ML, more versions are to come. Expecting future robots to correspond to responses sitting on a chair, and you still are puzzling. If the wholly NLP is involved in a system, think of how businesses run on NLP ChatBots.
