Boost Your Business with Conversational AI and Automation

Table of Contents

1. Introduction
2. Conversational AI and Automation
3. Unifor: AI Native Company
4. Impact on Contact Centers and Call Centers
5. Role of AI in Video Meetings
6. Transformation of Customer Service Industry
7. Opportunities for AI in Customer Service
8. Importance of Operating Responsibly
9. Regulation and Ethics in AI
10. Generative AI and Chat Bots
11. AI in SAS Business Model
12. The Future of AI

Article

Introduction

Welcome to NASDAQ Trade Talks! In this interview, Joe Malandrino, Global Market reporter at NASDAQ, talks to Umesh Sachdev, the co-founder and CEO of Unifor. The discussion revolves around conversational AI and automation, and how Unifor is working with enterprises to use these technologies responsibly.

Conversational AI and Automation

Unifor is an AI-native company that aims to be the leading AI platform for all enterprise conversations. With over 1,500 enterprise customers across 20 countries and 13 different industries, Unifor is at the forefront of making AI work within B2B enterprise situations. Conversational AI and automation have the potential to revolutionize various areas, such as contact centers and video meetings.

Unifor: AI Native Company

Unifor's vision is to redefine the way conversations take place across the enterprise. By leveraging AI, Unifor aims to improve efficiency and productivity in customer service, sales meetings, and marketing meetings. The company has gathered extensive data from its customers in different industries, allowing AI to deliver value within specific business-to-business setups.

Impact on Contact Centers and Call Centers

Contact centers and call centers receive millions of calls from customers seeking quick resolutions. However, due to the complexity of these situations, customers often have to wait on hold. Conversational AI can act as a co-pilot, assisting the human agent in real-time, resulting in faster resolutions and improved customer satisfaction. AI's ability to listen and act on behalf of the employee greatly enhances the customer experience.

Role of AI in Video Meetings

With the rise of remote work and virtual meetings, building trust and connections in video meetings has become challenging. AI, through computer vision, can analyze participants' emotions and sentiments during meetings, providing valuable insights for salespeople and presenters. By giving recommendations, AI ensures that the message is delivered effectively, enhancing engagement and improving outcomes.

Transformation of Customer Service Industry

The customer service industry, worth $350 billion with 15 million workers worldwide, is ripe for disruption. Conversational AI has the potential to eliminate the need for consumers to reach out to call centers by providing proactive and intelligent answers through various channels. AI-powered chatbots and voice bots can deflect a significant portion of customer inquiries away from human agents, resulting in greater efficiency and cost savings.

Opportunities for AI in Customer Service

AI offers tremendous opportunities to transform the customer service experience. By automating routine tasks and providing accurate answers, AI reduces the reliance on human agents and improves response times. However, human interaction and empathy are still crucial, especially in sensitive situations. AI can act as a co-pilot to human agents, ensuring automation works in tandem with human assistance to provide a personalized and empathetic customer experience.

Importance of Operating Responsibly

As AI becomes more powerful and accessible, the need for responsible and ethical use becomes imperative. Unifor recognizes the risks associated with AI and advocates for regulation that strikes the right balance between innovation and safeguards. By partnering with lawmakers, businesses can ensure AI is used responsibly, minimizing the potential for misuse while maximizing its positive impact on society.

Regulation and Ethics in AI

For the first time in software history, companies like Unifor are advocating for AI regulation. While Silicon Valley typically embraces innovation, AI's power and potential risks have prompted industry leaders to recognize the need for regulation. By establishing guardrails without stifling innovation, businesses and lawmakers can work together to harness AI's potential while mitigating its negative implications.

Generative AI and Chat Bots

Generative AI, exemplified by OpenAI's chatbot GPT, has revolutionized internet search and the World Wide Web. Unifor sees immense potential in using generative AI to transform business-to-business applications. By utilizing AI in call centers, sales meetings, and marketing meetings, businesses can achieve significant efficiencies and enhance customer experiences. However, the right balance between AI's power and the efficiency of SAS business models must be struck to deliver value effectively.

AI in SAS Business Model

SAS (Software as a Service) business models prioritize velocity and customer value. While AI inherently requires time for data gathering and model testing, it is possible to marry AI with the efficiency and speed of SAS. By leveraging pre-existing data and industry-specific knowledge, AI can be quickly deployed, allowing SAS businesses to benefit from AI's power without compromising their Core principles of delivering value efficiently.

The Future of AI

Unifor is excited about the future of AI and its transformative potential. With AI's profound impact on various industries, including customer service and sales, the opportunities for efficiency gains and improved experiences are substantial. While there may be waves of hype and initial adoption, the real value of AI will be demonstrated as it becomes integrated into everyday business and consumer applications. Unifor's focus is on preparing its customers to leverage this transformative technology effectively.

Highlights

• Unifor is an AI-native company that aims to redefine enterprise conversations through conversational AI and automation.
• Conversational AI can enhance contact centers and call centers by acting as a co-pilot to human agents, resulting in faster resolutions and improved customer satisfaction.
• AI's role in video meetings is to analyze participants' emotions and sentiments, making it easier to build trust and connections in remote setups.
• The customer service industry is poised for disruption, with AI offering opportunities to eliminate the need for consumers to reach out to call centers and deflect inquiries to AI-powered chatbots and voice bots.
• Responsible and ethical use of AI is of utmost importance, requiring collaboration between businesses and lawmakers to establish regulations that balance innovation and safeguards.

FAQ

Q: How does conversational AI benefit contact centers? A: Conversational AI enhances contact centers by acting as a co-pilot to human agents, resulting in faster resolutions and improved customer satisfaction.

Q: How does AI improve the customer service experience? A: AI automates routine tasks, provides accurate answers, and reduces response times, improving the overall customer service experience.

Q: What is the significance of operating responsibly with AI? A: Operating responsibly ensures that AI is used ethically and minimizes the potential for misuse, maximizing its positive impact on society.

Q: What is the role of generative AI in business-to-business applications? A: Generative AI, such as OpenAI's chatbot GPT, has the potential to transform business-to-business applications by improving call centers, sales meetings, and marketing meetings.

Q: Can AI be effectively integrated into SAS business models? A: Yes, by leveraging pre-existing data and industry knowledge, AI can be quickly deployed within SAS business models, achieving efficiency gains without compromising velocity and customer value.