Report
Teaser, summary, work performed and final results
Periodic Reporting for period 1 - botconnect (Collaboration of humans and AI in the enterprise)
Teaser
botconnect drives revenue by creating successful sales conversations towards new und existing customers.Lead generation and sales in short interactions is a challenge due to complex products, massiv customer data and multiple systems. So botconnect built the first real-time...
Summary
botconnect drives revenue by creating successful sales conversations towards new und existing customers.
Lead generation and sales in short interactions is a challenge due to complex products, massiv customer data and multiple systems. So botconnect built the first real-time sales advisor for humans and machines.
The botconnect platform utilizes AI along with an open messenger and voice integration that gives service/sales reps everywhere the power to perform effective sales.
Alexander Franke (CEO), Moritz Strube (CTO) founded the company in 2017. One of the first enterprises utilising the botconnect platform in their service center is a large insurance provider in Germany with over 10 million customers.
Unique Selling Point:
Topline Impact: botconnect can triple sales and revenue through existing channels e.g. service centers.
Ease of Use: All needed infos and tactics to perform a successful sales conversation are provided via an interactive and simple chat for the sales/service rep by botconnect’s AI.
Integration: The platform integrates seamless with existing enterprise infrastructures providing full EU/GDPR compliance.
Key clients
Insurances, telcos, financial service providers and all other enterprises/brands that serve over 500.000 end-customers with multiple products/services and a long customer lifetime.
Work performed
With this feasibility study the management team improved its understanding on market readiness in Europe and North America along with associated risks that are now reflected in the business plan of rolling and scaling up botconnect’s first product as marketable innovative solution.
Top 5 results from the feasibility study:
1. Market Analysis:
A new segment of AI based solutions for human augmentation in the workplace are now emerging in 2018. The selected focus of botconnect on real-time augmentation of sales and service reps has been proven as highly attractive due to the certain need on the enterprise customer side along with the market entry of new competitors such as saleshero Inc., observe.ai and others.
2. Business description and sales approach
The business description and sales pitch towards enterprises has become very focused on sales augmentation and real-time support for service and sales reps. Large organisations such as AXA, Groupama and others are starting to understand the value of their data along with ways to utilize that for marketing and sales. The botconnect solution fits perfectly into this scheme.
3. Practical feasibility:
The results of the pilot with a large insurer in Germany has shown great improvements in helping service reps to perform cross and upsell. The R&D team of botconnect has gained valuable insights on the technical integration towards large enterprises and their information technology infrastructure. These learnings are now combined into the implementation workflow of the botconnect solution.
4. Innovation strategy:
The test in other verticals besides insurance has shown initial positive feedback from the Telco and Energy/Utilities industry. Similar to insurance companies enterprises of these verticals also imply large customer bases as well as long customer lifetimes and multiple products (e.g. Innogy: power + internet + TV; Vodafone: internet, TV, mobile)
5. Financial projections and funding requirements
Deep knowledge on sales cycles, available budgets on the enterprise side and required cost structure have been gained. Main focus of 2019 will be the further development of the product to gain a competitive advantage in technology. Nevertheless are investments in sales and marketing also in an early stage necessary due to the build up of relationships to partners and future customers.
Final results
Usability of the solution by enterprise users has been validated.
Key hypothesis of botconnect’s mission is that conversational user interfaces like chat or voice are a suitable way for employees to solve problems in collaboration with artificial intelligence in real-time. In the specific use-case of botconnect does this mean that sales/service reps are utilizing a chatbot in real-time while they are talking to customers on the phone. The chatbot needs to gain acceptance by the enterprise user has helpful tool and not as interference. The team has created multiple production and test interfaces within this project to test the usability in different scenarios.
We have learned that we are introducing a new type of solution towards the enterprise customers. A solution that is difficult to compare the existing once. Our communication and marketing material needs more attention and on-going adaption due to the learning.
The project helped a lot to work on details especially on the technology and business planning side. The impact of the project is visible in our day to day work.
Website & more info
More info: https://botconnect.ai.