You have probably come across the term: “Intelligent Virtual Agents or Assistants,” as it is a term extensively used at VAIOT. IVA’s are often confused with chatbots; however, they are considerably more advanced than chatbots as IVA’s are the next generation of intelligent automation and can engage with a customer in a manner that mimics human contact. Furthermore, IVA’s can help organizations scale, attract, acquire and grow customer bases
In this article, we’ll give you an in-depth look at Intelligent Virtual Assistants.
To put it simply, an IVA (Intelligent Virtual Assistant) is a conversational AI (Artificial Intelligence) system that can mimic human interaction to carry out and optimize tasks. A conversational AI can communicate like a human through recognizing speech and text, understanding intent, deciphering different languages, and responding in a way that mimics human conversation.
The IVA solution can be offered by text and voice modalities and various channels and devices such as SMS, web chat, telegram, or even phone calls and smart speakers. Interestingly, the demand for effective customer engagement by corporations and small businesses keeps increasing, leading to higher IVA solutions.
According to Allied Market Research, the Intelligent Virtual Assistant market size was valued at $ 3.442 billion in 2019 and is projected to reach $ 44.255 billion by 2027, growing at a Compound Annual Growth Rate of 37.7% from 2020 to 2027. This projection could increase given the current global landscape and increased demand for IVAs in the e-commerce, insurance, and legal sectors.
With that said, let’s have a look at some of the current use cases for IVA’s.
Intelligent Virtual Assistant Use Cases
We’re all getting accustomed to using voice search for information, exploring, and discovering, and conducting simple transactions thanks to famous intelligent voice assistants such as Amazon Echo, Google Home, and Apple Siri. However, for many, the uses of this voice AI have been restricted to basic tasks such as requesting playlists, asking for directions, checking the weather or the news, and activating home gadgets such as lights and security systems.
The implementation of Voice AI or Intelligent Assistants isn’t limited to those simple use cases. There are many compelling business use cases for intelligent virtual assistants, and we’ve listed four below.
Let’s start with one of the more straightforward use cases: Voice-based Search. By using voice to search for information in a report, for example, you’ll be able to access attractive benefits. Requesting specific information or guidelines and automatically being filtered and tailored to needs can eliminate lengthy web page searches and scouring through PFDs to find the desired information.
IT Helpdesk for customers and employees. An IT Helpdesk can be a costly operation to run but is vital for the productivity of organizations. By using intelligent virtual assistants, companies can automate repetitive tasks and reduce the need for human interaction. Requesting reset logins and passwords or responding to FAQs, for example, can become a 24/7 service while the need for human helpdesk staff can be reduced.
Furthermore, IVA’s can be used for Human Resources related tasks. The use of voice devices for routine HR services such as requesting PTO or holiday leave, payroll statements, benefits information, etc., are areas that can also bring cost savings and convenience, alleviating the need for HR staff to answer routine queries making HR information readily available to staff.
The current use cases for IVA’s tend to be focused on smaller tasks taking place in restricted areas such as meeting rooms, supply rooms, helpdesks, delivery vans, etc. Moreover, the use cases for IVA’s are often separated between business and consumer use cases without much integration. That is where VAIOT comes in.
VAIOT and Intelligent Virtual Assistants
VAIOT combines Artificial Intelligence and Blockchain to produce Intelligent Virtual Assistants that span three business lines over several sectors. These are:
- ✨ Business Line 1: The Merchant (AI Sales Assistant)
- ✨ Business Line 2: The Broker (AI Insurance Broker & Aggregator)
- ✨ Business Line 3: The Legal Assistant (AI Legal Assistant)
The Merchant or VAI Assistant is a multipurpose solution offering a novel, digital, intelligent sales channel for various businesses and various industries. The Merchant enables users to sell designated insurance products through an innovative sales channel, coupled with the benefits of reduced sales-processing costs and an advanced, easy-to-use digital platform.
It will be instrumental in insurance contracts that do not require human input, such as travel or car insurance. This technology can help reduce the time allotted to arrange insurance contracts while also lowering the chance of making any errors. Of course, the insurance implementation is just an example. VAIOT intends to make this service available for any market.
All VAIOT solutions make use of Intelligent Virtual Assistants for their user interfaces and AI communication capabilities.
The VAIOT Broker acts as an innovative aggregator and digital broker in a widely accessible application for the consumer. Initially, the focus of this business line will be on the insurance sector. In short, the application collects various offers from several service providers; this information is then screened by the AI, which then processes recommendations to the user.
The first use case for the Broker will be an insurance platform for Blockchain, focusing on DeFi (Decentralized Finance) platforms and crypto users. Voice interface and AI-backed ICs developed by VAIOT will be used throughout this Business Line.
- ✅ The Broker is expected to launch in Q3 of 2021.
The Legal Assistant
The Legal Assistant will be provided to businesses and consumers in the form of a well-designed application using multiple AI mechanisms such as Natural Language Processing (NLP), thus enabling exceptional user experience. Users of the application can use a voice user interface to request and obtain certain legal services, such as contract preparation, delivered by VAIOT’s Intelligent Contracts (ICs).
Additionally, the Virtual AI Legal Assistant users will be provided with the required contract in extraordinarily little time at a significantly lower cost than when opting for traditional contract services. This service would then act as a platform allowing users to conduct safe, Blockchain-based transactions legally secure.
- ✅ The VAIOT Legal Assistant is expected to launch in Q1 of 2022.