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Automation and Self Service Market Trends in Latin America

Automation and Self Service Market Trends in Latin America

  • August 2016
  • 40 pages
  • ID: 4090193
  • Format: PDF
  • By Frost & Sullivan

Summary

Table of Contents

The Race to Cut Costs Without Sacrificing Service Quality

This market insight presents an analysis of the current initiatives involving automation and self-service tools adoption in the Latin American contact center market, as well as a few successful business cases. It also provides a general view of how companies in the region are facing the new reality of integrating artificial intelligence (AI) and natural language processing (NLP); an overview of consumer behavior and its impact on interactions with companies; market drivers and restraints, trends, and analysis; growth opportunities; and key takeaways. Specific initiatives taken by start-ups driving key innovations for NLP applications and detailed insight into the self-service customer experience and process automation are also presented.

Definitions
Artificial intelligence (AI): AI is defined as the intelligence displayed by a machine. It is a broad subject area that is often confused. There are 3 types of AI. The first is weak AI or domain-specific AI. This is the
most used type and often referred to simply as software. This type includes IBM Watson, Google search, and Amazon recommendations. Advances in machine learning techniques are moving AI closer toward
strong AI or artificial general intelligence (AGI). This is an AI that can apply broad learning techniques to acquire new skills without human intervention or pre-programming. The last type, artificial super
intelligence (ASI) is an AI that is superior to humans in almost every domain.

Natural language processing (NLP): NLP is a branch of AI that helps in the analysis and understanding of human language and facilitates effective communication between humans and computers. It helps
humans to interface with computers naturally in spoken or written context. The huge potential of the technology enables it to attract a wide range of markets for delivering innovative applications designed to
enhance the user experience with a system. The significance of NLP has grown across major sectors, such as information and communication technology (ICT), healthcare, banking and finance, education, automotive, and robotics. Demand in the robotics market is driven by a growing need to improve the customer experience and the rising importance for automating processes using technology.

Virtual assistants (VAs): Today's personal assistants—now more commonly termed virtual assistants, or VAs—are speech-driven applications designed to assist consumers in completing tasks, such as
accessing information on mobile devices. VAs take advantage of the broad capabilities provided on smartphones, making the phones themselves more useful in hands-free mode. A well-known example is
Apple’s Siri, a consumer-grade VA that makes it easier to use the iPhone mobile device.

Chatbots: Chatbots, also termed chatterbots or chatter robots, are AI-based computer programs that simulate an intelligent conversation with a person through text or speech. Using NLP and knowledge
databases, they are typically used to "chat" or engage in small talk with the user. Chatbots can be presented as an avatar, which is an engaging graphical representation of the bot's alter ego or character.
Chatbots can be used as companion robots in software programs. They also can be used to chat with in software programs or online in the same way that virtual chat agents are used.

The Internet of Things (IoT): The interconnection of identifiable connected devices into the Internet infrastructure allows for distributed intelligence and automation broader than machine-to-machine (M2M)
communication or ubiquitous sensor networks. The concept includes any ‘thing’ that has a sensor and transmits data over the network, including body area networks, personal area networks, local area networks, and wide area networks. The value of the IoT is the aggregation of data and the automation that is enabled by connected devices.

Introduction
The contact center and BPO value propositions, once centered around labor arbitrage, right-shoring, and economies of scale, is changing. Consumer buying patterns and behaviors are changing as well.
Meanwhile, service providers today are investing in new operational solutions and processes—ones that are mapped to meet the communication needs of the army of independent, autonomous self-starters of
Gen Y (or millennials). This movement into new realms of specialized expertise creates considerable opportunity for new contact center and BPO technology investment, translating into enhanced value for
both consumers and companies. In essence, new technology platforms and software will help meet the complex communication needs of today's consumers and concurrently provide companies with the
means to achieve these needs.

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