Monideepa Bhattacharya, Digital Transformation Lead, BRIDGEi2i Analytics Solution, delivered the keynote presentation at Infocom-2018, Kolkata. Centered around the premise of the Intersection of AI and Analytics, here’s an excerpt of the keynote:
The journey of AI has an intriguing history to it right from the inception of the word Artificial Intelligence to its deployment in various forms – from mobile phones to the internet revolution, from the big data boom to the innovative analytics industry of now, a lot has changed, and we see improvements every single day. Some of the buzzwords of the day: blockchain, graph database, edge computing, and AI-driven solutions can seem quite complex yet undoubtedly they are the future of technology.
In the journey of enterprises, digital transformation encompasses customer experience, improving operational efficiency and monetizing data for newer digital business models.
BRIDGEi2i is an enabler for enterprises to incorporate AI-powered accelerators in client systems and processes to propel businesses to greater heights. These AI accelerators provide complete AI-enabled integration that can be applied as a whole or individually to solve business problems. The pre-built technology assets promise faster time to value and state of the art contextual solutions for long term business impact.
BRIDGEi2i has 4 AI accelerators that can be used by prospective clients: while the Watchtower provides real-time KPI monitoring and alerting through surveillance systems, the Recommender aids effective decision-making by providing personalized insights. The Optimizer helps businesses simulate and test scenarios for better forecasting and planning, optimal spend allocation and effective utilization of resources, and Converser makes the entire experience real by leveraging its conversational AI and interactive experiences in conjunction with Watchtower, Recommender, and Optimizer.
Monideepa also explained how these AI accelerators were used in context with a client. BRIDGEi2i worked with India’s largest lending company that deals with wealth management and insurance. This client had the lowest credit penetration and a large customer base that was acquired through small ticket loans. The client wanted to improve product penetration to grow the customer base and to deliver a seamless and unique CRM. The client’s primary challenge was to increase the user base by cross-selling several different portfolios among the existing customer base. They were however faced with several issues such as lack of data for the acquired consumer base, multiple levels of products, multiple online and offline channels, and the cluttered market as such. The client wanted a personalized recommendation engine to know what was missing at the customer’s end and what could be sold to them. BRIDGEi2i deployed a solution using all the AI accelerators while keeping the recommender at its heart. The optimizer planned a mix of online and offline channels while the Converzer brought it to life by connecting it to the sales rep who at a glance could know the history of the consumer and what the ideal recommendations are. This led to an incredible improvement of 7-8% in cross-sell conversions and almost 10% reduction in campaign cost.
Monideepa talked about another case study in which BRIDGEi2i helped a client with a competitive intelligence app. The client, Fortune 500 global networking organization with a known, small competitive market, was losing market share to its competitors, and despite crowdsource solutions, the adoption of the solutions was reasonably low. BRIDGEi2i deployed BRiDGEfunnel – a voice-based competitive intelligence app that can integrate with any CRMs like SFDC. Keeping the Recommender system at its core to provide the sales team with all the required data to win that deal against the competitor, BRIDGEfunnel acts as an AI-sales assistant. It features the Converzer system linked to the CRM that helps integrate with the existing enterprise application. With a gamified layout, even reps found the interface appealing. The result was that the win rate increased by 5%, which amounted to a significant amount and the sales rep was able to focus on the most critical deals only. Overall, the firm was able to create a sustainable solution of ongoing win-loss analysis that would help them deal with competition.
To conclude, enterprises need to keep pace with digitization and explore newer ways to monetize business models. Digital transformation is critical for enterprises and provides a strategic thrust to investments across industries. AI is here to stay and we ought to capitalize on it while the iron is still hot!
If you’re curious about AI-powered analytics and want to know more about what it means for enterprises,
read the whitepaper on Building an Analytics First Organiation.