Virtual assistants, commonly known as VAs are usually systems that are designed for exchanging information between two parties. These can be inter-organization or intra-organization. However, VAs are readily used for household/personal use as well. Some of the popular VAs are Alexa from Amazon and Siri from Apple. VAs can reduce the need for redundant tasks and seamlessly transfer information whenever needed. Similarly, intelligent Virtual Assistants (IVA) enabled with AI technology can help businesses and startups in many ways. They do not have to hire full-time experts and only get insights when they are needed. An IVA can provide services regarding almost anything. From social media management to business intelligence, VAs can provide any type of services as per their niche and expertise.
The current global Virtual Assistant market is growing substantially and it has become quite a huge market. The market size is quite big and it is currently valued at $3.42 billion which is also expected to reach $17.13 by 2023. The market is growing at a Compound Annual Growth Rate (CAGR) at 38 percent. The industries that primarily use the services of Intelligent Virtual Assistant (IVA) include telecommunications, retail, and consumer banking. There are several benefits to opting for the IVA services. The benefits may include better operational capabilities, cost effectiveness, improved revenue generation, and increased customer satisfaction. Some of the top IVA suppliers include Google, Nuance Communications, IBM, and 7 Inc.
How to Create Your Own Virtual Assistant?
People cannot live without their smartphones and they are already using AI and voice-based IVAs on multiple platforms and devices. The high-tech stuff has been normalized to such as extent that people have forgotten that they did not have smartphones 15 years back. The technology has progressed so much that people are using IVAs in their homes and many are also trying to produce their personal IVAs. Here is how to create your own personal VA from scratch.
The way to create an IVA is similar to creating software or an app but it involves the use of AI and Natural Language Processing (NLP). There are 3 ways to do that.
- The First Method: This involves the integration of existing voice technologies to the application through API and similar development tools.
- The Second Method: This involves building an intelligent assistant through open-source services and APIs.
- The Third Method: This is creating a VA from scratch and integrating it to the application.
All the methods involve the use of distinct approach and technologies. Users can either feed data into the app/software or they use programs that have NLP for processing the human language. Developers can also focus on developing programs that can identify and integrate slang and words to the written program and improve its database. The key here is to make a comprehensive structure for the program so that it can identify and learn different types of words and slang that people use in their daily lives.
Another important thing is to integrate app or the IVA to relevant technologies and stuff for more learning and accessibility. This is because the full potential of the app can only be utilized once it is integrated to technologies such as Internet of Things (IoT) or a business’s Enterprise Resource Planning (ERP) software. In both ways, the software or the app can serve in many different ways and utilize its full potential.
An IVA integrated to a company ERP of workforce automation software can accomplish the majority of mundane tasks that usually take multiple steps or days to complete. It can be an integral part of an HR software where it can automate common tasks or it can be integrated to a production or manufacturing facility where it can keep an eye on all the processes and operations for improved efficiency and efficacy. Similarly, integrating IVA to IoT can make life easier and safe for many.
However, the uses of IVA do not end here as it can work like a real-life and real-time personal assistant and help people in everyday situations such as finding the best route for commuting, scheduling personal/office work, making personal/official calls and more than that. This can also be considered a business venture where developers can make different types of IVAs that are designed for niche purposes or industries and they can sell it to corporate as a high-value asset.
IVAS are proving their worth in almost every industry and market segment. Industrial that have always relied on human intelligence including insurance and finance are also relying on IVAs for improve efficiency and efficacy. All of these efforts are also in the direction of reducing costs, making the process faster, and avoiding errors at all cost. Using an INAV at home is the simplest and the most basic use case as it can do even more and it might eliminate the need for a human personal assistant in the next 5-10 years.
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