Why Good Conversations Matter and How AI Can Help?

September 19, 2022

Communication is the bedrock of society. Communication is how we establish trust and long-term connections, both professionally and politically. The discussion is more than simply a bonus for being in nice company. It is the heart of every encounter.

Conversational AI may greatly enhance your communications with your customers. Nowadays, 64% of individuals would rather message a company than call it. That figure also applies to you if you are active on social media and interact with clients through your social channels.

In this blog, we will discuss in brief what exactly conversations mean and how AI can help in establishing good conversations.

Table of Contents:
  1. What exactly do Good Conversation means?
  2. How can AI help in Good Conversations?
  3. What exactly is Conversational AI?
  4. Process of Conversational AI. 
  5. How to build Conversational AI?
  6. Why are firms putting money into Conversational AI? 

What exactly do Good Conversations mean?

What constitutes a good conversation? How can you measure something that is so vital yet has been totally qualitative for millennia, nearly wholly subjective to the people involved in the conversation? Let's take a deeper look at the worth of excellent conversation, how to quantify it, and what can be done to enhance it over time.

A good discussion is about striking a balance between two or more people. It is about determining the boundary between too much detail and oversimplification; the flow of information within a certain topic area; and who is asking and responding to questions.

When speaking with a friend, quality may be determined by time, the sense of intimacy gained, and the outcome of the conversation. A quality discussion in business is noticeably different, frequently focusing nearly exclusively on the call's outcomes.

Five Essential Elements of an Effective Conversation are:

  1. Make the other person the center of attention. 
  2. Active listening should be practiced. 
  3. Take the conversation to the next level. 
  4. Pose pertinent questions. 
  5. Think about time and space.

Did you pay attention to them? Did you feel like you were heard? Is the discussion progressing beyond high-level chitchat? Are all sides of the debate asking probing questions? Did you match the speed and complexity of the talk to the time and space available?

How can AI help in Good Conversations?

Smart responses have been an important aspect of the pandemic response, particularly throughout the crisis. According to recent research published in Computers in Human Behavior, participants trust AI systems more than the individuals with whom they communicate. 

We think that conversational issues are the responsibility of the person. The issue with these systems, however, is that the majority of the design effort involved in them concentrates on the user interface rather than the influence on the dialogue. This is true for almost all of the tools we have at our disposal to assist us to solve technology-related topics.

What exactly is conversational AI? 

Conversational AI (artificial intelligence) refers to systems that can "speak" to people, such as virtual assistants or chatbots (e.g., answer questions). Machine learning, automated answers, and natural language processing are all used in conversational AI solutions. The idea is for them to detect language and communication, copy it, and simulate human connection. Conversational AI apps are frequently utilized in customer support. They are available on websites, online retailers, and social media platforms. AI technology may significantly improve the speed and efficiency with which consumer questions are answered and routed.

Process of Conversational AI-

A typical conversational AI flow, powered by underlying machine learning and deep neural networks (DNN), includes:

  • An interface that allows the user to enter text into the system, as opposed to Automatic Voice Recognition (ASR), which turns speech into text. 
  • Natural language processing (NLP) extracts the user's intent from text or voice input and converts it to structured data. 
  • Natural Language Understanding (NLU) is used to analyze data based on grammar, meaning, and context; to understand intent and entity, and to function as a conversation management unit in order to construct suitable answers.

Based on the user's purpose and the AI model's training data, this AI model predicts the optimum answer for the user. Natural Language Generation (NLG) derives an appropriate response from the preceding procedures in order to engage with humans.

How to Build Conversational AI?

There is no one-size-fits-all response to this topic since the optimal technique to construct conversational AI relies on your organization's individual goals and use cases. However, here are some pointers on how to construct conversational AI: 

1. Begin by comprehending your use cases and needs. Understanding your organization's particular goals and use cases is the first step in developing conversational AI. What are you hoping to accomplish with your chatbot? What kinds of discussions do you want it to be able to have? What information do you need to gather and track? Defining these needs will assist you in determining the optimal method for developing your chatbot.

2. Select the appropriate platform and tools. There are several platforms and toolkits available for developing conversational AI. Each forum has its own set of advantages and disadvantages, so you must select the platform that best meets your requirements.

3. Create a working prototype. After you've specified your needs and selected a platform, you can begin constructing your prototype. Making a prototype allows you to test your chatbot and iron out any bugs before releasing it to your users. 

4. Install and test your chatbot. After you've completed your prototype, it's time to launch and test your chatbot. Make sure to test it initially with a small sample of people to get feedback and make any required changes. 

5. Fine-tune and develop your chatbot. The final stage is to keep optimizing and improving your chatbot. You may accomplish this by modifying the algorithms, introducing new features, and gathering user feedback.

Why are firms putting money into Conversational AI? 

Conversational AI — such as virtual assistants, chatbots, and conversational user interfaces — is a high-priority investment for enterprises. Conversational AI is becoming increasingly important to businesses of all sizes and forms. 

Let's take a look at the top advantages Conversational AI offers to businesses. 

  • Increase customer engagement 
  • Improve lead generation. 
  • Reduce the cost of customer service. 
  • Improve first-contact resolution. 
  • Reduced resolution times 
  • Self-service for up to 80% of enquiries 
  • Increase agent productivity. 
  • Scalable personalization of talks 
  • Give automation a human touch. 
  • Outperform your customers' expectations. 
  • Obtain support scalability

Conclusion

In this blog, we learned about what good conversation is, why it matters, and the role of AI in establishing a better conversation. Technologies like AI & ML have shown advancements in many industries, and with them, you may build and deliver service dialogues that accomplish new outcomes for your customers and your company by mixing people and technology in novel ways.

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Cloud GPUs are typically more powerful than on-premises GPU instances. The cost of renting a cloud GPU is generally lower than the cost of purchasing an on-premise GPU. 

Cloud platforms offer fast access to high performance compute and deep learning algorithms, which makes it simpler to start using machine learning models and get early insights into your data. 

Cloud GPUs are better for machine learning because they have lower latency, which is important because the time it takes a neural network to learn from data affects its accuracy. Furthermore, cloud GPUs allow users to take advantage of large-scale training datasets without having to build and maintain their own infrastructure.

On Premises GPUs are better for machine learning if you need high performance or require access to cutting-edge technologies not available in the public cloud. For example, on-premises hardware can be used for deep learning applications that require high memory bandwidth and low latency.

Cloud GPUs: Cloud GPUs are remote data centers where you can rent unused GPU resources. This allows you to run your models on a massive scale, without having to install and manage a local machine learning cluster.

Lower TCO: Cloud GPUs require no upfront investment, making them ideal for companies that are looking to reduce their overall capital expenses. Furthermore, the cost of maintenance and upgrades is also low since it takes place in the cloud rather than on-premises.

Scalability & Flexibility: With cloud-based GPU resources, businesses can scale up or down as needed without any penalty. This ensures that they have the resources they need when demand spikes but also saves them money when there is little or no demand for those resources at all times.

Enhanced Capacity Planning Capabilities: Cloud GPU platforms allow businesses to better plan for future demands by providing estimates of how much processing power will be required in the next 12 months and beyond based on past data points such as workloads run and successes achieved with similar models/algorithms etc... 

Security & Compliance : Since cloud GPUs reside in a remote datacenter separate from your business' core systems, you are ensured peace of mind when it comes to security and compliance matters (eigenvector scanning / firewalls / SELinux etc...) 

Reduced Total Cost Of Ownership (TCO) over time due to pay-as-you-go pricing model which allows you only spend what you actually use vs traditional software licensing models where significant upfront investments are made.

Cloud GPUs: Cloud GPUs offer significant performance benefits over on-premises GPUs. They are accessible from anywhere, and you don't need to own or manage the hardware. This makes them a great choice for data scientists who work with multiple data sets across different platforms.

Numerous Platforms Available for Use: The wide variety of available platforms (Windows, Linux) means that you can run your models using the most popular machine learning libraries and frameworks across different platforms without having to worry about compatibility issues between them.

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Impact of the Strong Dollar: Cloud Costs Increasing, Be Indian Buy Indian

Indian SMEs and startups are feeling the effects of the high dollar. These businesses use hyperscalers(MNC Cloud) who cannot modify their rates to account for the changing exchange rate. For certain companies, even a little shift in the currency rate may have a significant effect on their bottom line. Did you know, when the INR-USD exchange rate moved from 60 to 70 in December 2015, it had an impact of around 20% on Digital Innovation?

As the rupee is inching closer to 82 per dollar, the strong dollar has directly impacted the costs of cloud services for Indian businesses. The high cost of storage and computing power, along with bandwidth charges from overseas vendors, has led to a huge increase in the effective rate of these services. This is especially true for startups and SMEs that rely on cloud computing to store and process user data. With the strong dollar continuing to impact the cost of cloud services, it is essential for Indian companies to evaluate their options and adopt local alternatives wherever possible. This blog post will discuss how the strong dollar impacts cloud costs, as well as potential Indian alternatives you can explore in response to this global economic trend. 

What is a Strong Dollar?

A strong US dollar($) is a term used to describe a situation where a US’s currency has appreciated in value compared to other major currencies. This can be due to a variety of factors, including interest rate changes, a country’s current account deficit, and investor sentiment. When a currency appreciates, it means that it is worth more. A strong dollar makes imports more expensive, while making exports cheaper. Strong dollars have been a growing trend in the past couple of years. As the US Federal Reserve continues to hike interest rates, the dollar strengthens further. The rising value of the dollar means that the cost of cloud services, especially from hyperscalers based in the US, will rise as well. 

Increase in Cloud Costs Due to Strong Dollar

Cloud services are essential for modern businesses, as they provide easy access to software, storage, and computing resources. Cloud services are delivered over the internet and are typically charged on a per-use basis. This makes them incredibly convenient for businesses, as they can pay for only the resources they actually use. Cloud computing allows businesses to scale their resources up or down, depending on their current business needs. This makes it suitable for startups, where demand is uncertain, or large enterprises with global operations. Cloud computing is also inherently scalable and allows businesses to quickly react to changing business needs. Cloud computing is a very competitive industry and providers offer attractive prices to attract customers. However, these prices have been impacted by the strong dollar. The dollar has strengthened by 15-20% against the Indian rupee in the last few years. As a result, the costs of services such as storage and bandwidth have increased for Indian companies. Vendors charge their Indian customers in Indian rupees, taking into account the exchange rate. This has resulted in a significant rise in the costs of these services for Indian companies.

Why are Cloud Services Becoming More Expensive?

Cloud services are priced in US dollars. When the dollar is strong, the effective price of services will be higher in Indian rupees, as the cost is not re-adjusted. There are a couple of reasons for this price discrepancy. First, Indian customers will have to pay the same prices as American customers, despite a weaker Indian rupee. Second, vendors have to ensure that they make a profit.

Possible Indian Alternatives to Cloud Services

If you're looking for a cost-effective substitute for services provided by the U.S.-based suppliers, consider E2E Cloud, an Indian cloud service provider. When it comes to cloud services, E2E Cloud provides everything that startups and SMEs could possibly need.

The table below lists some of these services and compares their cost against their US equivalents. 

According to the data in the table above, Indian E2E Cloud Services are much cheaper than their American equivalents. The difference in price between some of these options is substantial. When compared to the prices charged by suppliers in the United States, E2E Cloud's bandwidth costs are surprisingly low. Although not all E2E Cloud services will be noticeably less expensive. Using Indian services, however, has an additional, crucial perk: data sovereignty.

Conclusion

The price of cloud services will rise as the US Dollar appreciates. Indian businesses will need to find ways to counteract the strong dollar's impact on their bottom lines. To do this, one must use E2E Cloud. The availability of E2E Cloud services in INR currency is a bonus on top of the already substantial cost savings. An effective protection against the negative effects of a strong dollar.

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Actions CEOs can take to get the value in Cloud Computing

It is not a new thing to say that a major transition is on the way. The transition in which businesses will rely heavily on cloud infrastructure rather than having their own physical IT structure. All of this is due to the cost savings and increased productivity that cloud technology brings to these businesses. Each technological advancement comes with a certain level of risk. Which must be handled carefully in order to ensure the long-term viability of the technology and the benefits it provides.

And CEOs are the primary motivators and decision-makers in any major shift or technological migration in the organization. In the twenty-first century, which is a data-driven century, it is up to the company's leader to decide what and how his/her organization will perform, overcome the risk and succeed in the coming days.

In this blog, we are going to address a few of the actions that CEOs can take to get value in cloud Computing.

  1. A Coordinated Effort

As the saying goes, the more you avoid the risk, the closer it gets. So, if CEOs and their management teams have yet to take an active part or give the necessary attention that their migration journey to the cloud requires, now is the best time to start top-team support for the cloud enablement required to expedite digital strategy, digitalization of the organization, 

The CEO's position is critical because no one else can mediate between the many stakeholders involved, including the CIO, CTO, CFO, chief human-resources officer (CHRO), chief information security officer (CISO), and business-unit leaders.

The move to cloud computing is a collective-action challenge, requiring a coordinated effort throughout an organization's leadership staff. In other words, it's a question of orchestration, and only CEOs can wield the baton. To accelerate the transition to the cloud, CEOs should ask their CIO and CTO what assistance they require to guide the business on the path.

     2. Enhancing business interactions 

To achieve the speed and agility that cloud platforms offer, regular engagement is required between IT managers and their counterparts in business units and functions, particularly those who control products and competence areas. CEOs must encourage company executives to choose qualified decision-makers to serve as product owners for each business capability.

  1. Be Agile

If your organization wants to benefit from the cloud, your IT department, if it isn't already, must become more agile. This entails more than simply transitioning development teams to agile product models. Agile IT also entails bringing agility to your IT infrastructure and operations by transitioning infrastructure and security teams from reactive, "ticket-driven" operations to proactive models in which scrum teams create application programme interfaces (APIs) that service businesses and developers can consume.

  1. Recruiting new employees 

CIOs and CTOs are currently in the lead due to their outstanding efforts in the aftermath of the epidemic. The CEOs must ensure that these executives maintain their momentum while they conduct the cloud transformation. 

Also, Cloud technology necessitates the hire of a highly skilled team of engineers, who are few in number but extremely expensive. As a result, it is envisaged that the CHRO's normal hiring procedures will need to be adjusted in order to attract the proper expertise. Company CEOs may facilitate this by appropriate involvement since this will be critical in deciding the success of the cloud transition.

  1. Model of Business Sustainability 

Funding is a critical component of shifting to the cloud. You will be creating various changes in your sector, from changing the way you now do business to utilizing new infrastructure. As a result, you'll have to spend on infrastructure, tools, and technologies. As CEO, you must develop a business strategy that ensures that every investment provides a satisfactory return on investment for your company. Then, evaluate your investments in order to optimise business development and value.

  1. Taking risks into consideration 

Risk is inherent in all aspects of corporate technology. Companies must be aware of the risks associated with cloud adoption in order to reduce security, resilience, and compliance problems. This includes, among other things, engaging in comprehensive talks about the appropriate procedures for matching risk appetite with technological environment decisions. Getting the business to take the correct risk tone will necessitate special attention from the CEO.

It's easy to allow concerns about security, resilience, and compliance to stall a cloud operation. Instead of allowing risks to derail progress, CEOs should insist on a realistic risk appetite that represents the company plan, while situating cloud computing risks within the context of current on-premises computing risks and demanding choices for risk mitigation in the cloud.

Conclusion

In conclusion, the benefits of cloud computing may be obtained through a high-level approach. A smooth collaboration between the CEO, CIO, and CTO may transform a digital transformation journey into a profitable avenue for the company.

CEOs must consider long-term cloud computing strategy and ensure that the organization is provided with the funding and resources for cloud adoption. The right communication is critical in cloud migration: employees should get these communications from C-suite executives in order to build confidence and guarantee adherence to governance requirements. Simply installing the cloud will not provide value for a company. Higher-level executives (particularly the CEO) must take the lead in the digital transformation path.

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