Conversational AI

How much does conversational AI software cost?

Artificial intelligence (AI) is continually entering every domain of human existence, and businesses are no exception. After all, AI is perhaps the greatest invention in technology that allows automating various aspects of business that may have previously involved investing a significant portion of the budget on human staff. Given that cost is an essential element that businesses consider, many are investing in AI-based technologies even when the immediate cost associated with setting up AI is comparatively higher than the traditional human staffing for achieving the same task. 

Isn’t it interesting?

While talking about cost, you might wonder how much conversational AI software costs. Before we get to this question, you and your business need to understand the basics and reasons why so many enterprises are beginning to adopt such AI tools. This blog will walk you through some fundamental insights about conversational AI software, how it works, and factors affecting businesses adopting it. Once the basics are out, we will jump into Conversational AI Platform Software Pricing

If this sounds like a plan to you, let us get started. 

What is conversational AI software?

Conversational AI Software uses traditional chatbots or voice-based assistants and combines them with Natural Language Processing (NLP) and other Machine Learning/Artificial Intelligence (ML/AI) methods. Combining robust AI technology with chatbots helps companies automate customer conversations and make responses more predictive and emotive. 

Using ML and AI technology to assist with the existing messaging apps and voice-based assistants helps strengthen the communication systems within and outside the enterprise. Some of the common examples of conversational AI tools, which you might have heard of are:

  • Ada’s Conversational AI
  • IBM’s Watson
  • Deloitte’s Voice Content Analyser

The popularity of this conversational AI software is exponentially increasing. Many companies these days are adopting these chatbots despite the AI software cost. 

Are Conversational Ai Software and Traditional Chatbots the Same?

Not really. Chatbots can be seen as a traditional and less-advanced version of conversational AI software. Writers are often involved in writing scripts for a chatbot and are only expected to say a specific response to a particular query.

 Unlike traditional chatbots, conversational AI software engages in context-based automated conversations with customers using NLP and other advanced algorithms. Conversations with conversational AI software are thus less mechanical than chatbots because conversational AI is best at recognizing patterns and adapting based on these patterns. 

Why Are Businesses Opting For Conversational Ai Software?

From small to large-scale businesses, company owners are looking for ways to improve their communication channels with their existing and potential customers. Thus, any business can find great benefits in utilizing and leveraging this conversational AI software. Let us look at some benefits that such software offers.

  • Conversational AI software helps improve communication with clients and customers by delivering quicker and faster responses based on the query they request. 
  • Conversational AI software is extremely intelligent and even encourages the users o educated by providing helpful prompts. In other words, such software can efficiently provide personalized training and guidance.
  • In many situations, many customers may feel lost and unsure of where to go. For instance, customers in banks may not know which department to reach out to for their specific needs at hand. Here, conversational AI software can serve as a personal guide to help customers figure their way out.
  • Round-the-clock customer support is enabled when using conversational AI software.

Even from an organizational perspective, conversational AI software can help enterprises improve the overall conversation rates and website visitors and convert these visits into purchases. In addition, conversational AI software can be instrumental in navigating through customer service inquiries post-purchasing. 

Factors Determining Ai Software Cost

Artificial intelligence makes decisions based on the information it consumes. This means the complexity involved in designing this software is high. Here are some factors that usually determine AI software cost.

  • Depending on the performance requirements, the cost of AI software may vary. For instance, voice assistants that use AI and ML may require a different amount of training than the AI software that is used for spotting cancerous tumors in a CT scan. 
  • The level of intelligence a company aims for can also be a significant factor in AI software cost. For example, recognizing a particular text in PDF files may require less AI intelligence than designing software that communicates with users in real-time.
  • The productivity value of AI software depends on how much data it is trained on. Thus, artificial intelligence pricing may differ depending on how much data the company needs to train its AI software.
  • Finally, the algorithm accuracy one aims to achieve also determines the AI software cost. 

Simply put, the AI-powered telemedicine solution may cost more (ranging from 20 thousand USD to 56 thousand USD) than the AI software used for B2C communications (average cost of around 25 thousand USD).

Strong technical leadership is required to make an informed decision on the path you choose. Ensure you have knowledge people in place or hire an AI consultant to help guide the decision.

How Much Does Conversational Ai Software Cost?

So, the real question comes, how much a conversational AI software cost?

Well, it depends!

According to DxMinds, the cost of conversational AI software cost and artificial intelligence pricing may vary from $5000 to $50,000. The price range depends on the complexities and performance accuracy of these AI-enabled chatbots. In other words, the budget one needs to commit is primarily based on the abovementioned factors and the features or solutions an enterprise is looking for. 

Other factors determine the conversational AI software cost, which includes what kind of pricing models a company seeks. Typically, there are two types of conversational AI software, which are:

  • One-time purchase
  • Subscriptions-based AI chatbots

At present, the AI revolution is still in its adolescent years. The conversational AI software pricing thus is expected to see a considerable variation in how they are priced and sold. 

Justcall iQ - Conversation intelligence Pricing

How Can JustCall iQ Help Your Business?

According to a study by Juniper, it was suggested that the use of conversational AI software would grow to USD 556 billion by 225. It means enterprises slowly recognize AI software’s power in driving organizational growth. 

Many companies are deploying AI solutions and AI-enabled customer service and working their way up in the AI race. Your company should be no exception to this. For companies looking for top conversation intelligence solutions, then JustCall is the one place you should explore. With the JustCall IQ, your company can tap into customers’ purchasing decisions’ sentiment, intent, motivation, and behavior. JustCall IQ analyzes conversations in real time so companies can learn about the overall customer experience. In short, JustCall IQ helps your company reap many benefits, including:

Conclusion

Whether you are strategizing to improve conversational growth within the organization or committed to making customer support more efficient and faster, conversational AI software your company most certainly needs. Using AI technology for communication purposes always helps in the long run. Our team at JustCall has been instrumental in making businesses improve their communication support. If you wish to learn more, contact our team now!

Frequently Asked Questions

What is Artificial Intelligence?

Artificial Intelligence, or AI, is the technology that demonstrates the intelligence of machines. Like natural intelligence, AI is usually self-trained on specific data for a prolonged period before becoming more accurate and complex.

What is conversational AI software?

Conversational AI software is AI-enabled online chatbots that can offer personalized conversations with customers round the clock. AI-supported customer support chatbots are lightweight and may not require a heavy infrastructure.

What is the difference between traditional chatbots and conversational AI software?

The fundamental difference between traditional chatbots and conversational AI software is their ability to make predictive responses while conversating in real-time. Unlike chatbots, for which humans write the script in advance, conversational AI software is self-taught and consistently teaches itself through reinforcement learning.

What are the factors that may influence conversational AI software cost?

The four common factors influencing conversational artificial intelligence pricing are technology’s complexity, algorithm accuracy, solutions, and level of intelligence.

What is the primary use of conversational AI software in a business?

The most common benefits of conversational AI software include personalized customer support. Personalized customer software helps improve pre- and post-purchasing customer experience.

With a foundational role at Saas Labs, Anand has been a key player in establishing the Product Management function and spearheading the launch of our Conversation Intelligence solution. His expertise in AI innovation guides both the strategic direction of the products and a team committed to excellence.

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