A Comprehensive Review of Economic and Managerial Factors
Chadi Khneyzer, Karim S. Rebeiz, Jacques Touma · Advances in business strategy and competitive advantage book series · 2024
AI-powered chatbots are innovative solutions for enhancing customer service and automating routine operations, ultimately improving the overall customer experience. These tools offer numerous economic benefits, including cost savings by replacing humans for repetitive tasks. Furthermore, the vast amount of data generated and analyzed through chatbot interactions offers valuable insights for companies, enabling them to make intelligent data-driven decisions in their customer relationship management (CRM) strategies. In this chapter, the authors examine how AI algorithms might improve chatbot interactions by understanding user needs, making personalized recommendations, and delivering valuable and distinctive support to customers and other stakeholders. However, there are ethical considerations that need to be addressed. This research, employing a qualitative methodology and case studies, aims to guide firms in leveraging AI chatbot technology to strengthen customer relationships and ultimately provide a sustainable source of competitive advantage.