Chatbot interaction and market penetration are increasing across every single industry, without exception.
With promising data being measured, generated, and analyzed, business schools are among those best placed to arm themselves with chatbots, which aid a variety of operations. This is hardly surprising: currently, there are numerous schools worldwide that allow a prospective applicant or a studying scholar to communicate and resolve study-related questions and issues via a chatbot.
Facebook IQ insights reported a substantial 5.6X growth in conversation with chatbots in 2017-2018. Business schools recognized that opportunity as well: they set up own chatbots to respond to numerous requests that could be automated, as well as increasing engagement around their own brands. Here are some of the countless applications for which business schools can use chatbots:
Faculty support hours: Automating appointment bookings makes it easier for students to ask the relevant official about program-related issues remotely and get a personalized, to-the-point answer.
Conversation with the Dean: A feeling of connection with the Dean is always empowering and fosters trustworthiness for the faculty. Especially at business schools, where the dean reaching out and being available to talk with students is a part of network growth and provides fruitful opportunities for both parties.
Application process Q&A: A remarkable amount of questions could be easily addressed by chatbots with accurate information about the application procedure. You seldom, if ever, find the need to reach a real person with an admission-related request, as most inquiries can be resolved through chatbots.
Financial aid compliance Q&A: Along with admissions questions, financial aid matters are among the most requested information from faculty members during the application process. As requirements differ and applicants for scholarships and fellowships can number in the hundreds, chatbots are increasingly becoming the solution used by universities to help instruct applicants about these procedures.
Accommodation and residence: Using chatbots to address living issues and requests can also save time for incoming students. Many business schools have multiple campuses, where chatbots serve as a reliable interface between inhabitants and administration.
Alumni network outreach: Raising and answering questions for the network of school alumni can also be done via a chatbot. Alumni are willing to help, and it will become increasingly easier for them to do so with accessible chatbots.
Why do all these applications work well for business schools? The data from Facebook IQ and InsiderSales showed that receiving a reply within 5 minutes of a request dramatically increases engagement and loyalty to the institution. Fast responses allow users to quickly get information on the urgent questions they might have. Unsurprising as it might be, a report conducted by the McKinsey Global Institute points out that almost half of work-related operations can be automated to a certain point with the help of chatbots. This is something that can impact up to 1.2 billion employees worldwide and optimize $14.6 trillion of costs spent on activities and services.
Join MBA25 events for more information!