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Similar to IEN artificial intelligence, chatbots and virtual assistants for the enterprise - Brenton Charnley
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IEN artificial intelligence, chatbots and virtual assistants for the enterprise - Brenton Charnley
- 1. LET’S DO MORE THAN CHAT. Brenton Charnley, CCO Flamingo.ai 16 May 2017 “Cognitive Virtual Assistants get the job done and create value for both customer and enterprise”
- 2. ABOUT FLAMINGO Based in NYC and Sydney, Flamingo is an ASX listed Enterprise SaaS company, which provides a Cognitive Virtual Assistant (AI) platform designed for automating online sales, servicing and support. Flamingo’s Cognitive Virtual Assistant is called Rosie. Flamingo is one of Gartner’s ‘Cool Vendors’ and clients include Fortune 50 financial services firms.
- 4. 1. Chat – the new interface 2. It’s all about conversations 3. Chatbots v CVA’s 4. Creating more value with CVA’s 5. When to use a CVA 6. Are you ready? 7. What to look for in a vendor 8. Key takeaways
- 5. C o g n i t i v e V i r t u a l A s s i s t a n t s ( C VA ) g e t t h e j o b d o n e a n d c r e a t e M O R E v a l u e f o r b o t h c u s t o m e r a n d e n t e r p r i s e
- 6. Solving customers problems isn’t new… the interface has just changed
- 11. It’s all about conversations (and the customer)
- 12. 1. DIRECT EMAIL 2. LOGIN 3. CLICK AIMLESSLY 4. ONLINE LIVE CHAT 20 MINUTES WASTED TIME… 5. NO PROBLEM SOLVED 6. THOUGHT ABOUT VOICE
- 16. 56% 41% STARTED JOURNEY IN DIGITAL CHANNEL SWITCHED TO TRADITIONAL CHANNEL DIGITAL CHANNEL NOT ENOUGH (ANYMORE) McKinsey: Digitising Customer Care
- 17. McKinsey: Digitising Customer Care
- 18. Commands > GUI > (Apps) > CUI
- 19. • No longer just about digital channel • Start with the customer problem first • Help solve the problem digitally in the channel used • Better customer experience and opportunity to delight
- 20. Chatbot v Cognitive Virtual Assistant
- 22. CHATBOT “Are artificial intelligence systems that customers interact automatically with via text or voice” COGNITIVE VIRTUAL ASSISTANT “Are artificial intelligence systems that can understand natural language and automatically complete electronic tasks for the customer and delivers insights. ”
- 24. “Psychological processes involved in acquisition and understanding of knowledge, formation of beliefs and attitudes, and decision making and problem solving. They are distinct from emotional and volitional processes involved in wanting and intending.” Source: Business Dictionary – “Cognitive” /cognitive/
- 25. CHAT INTERFACE INTELLIGENCE AUTOMATION CHATBOT CVA LIVE CHAT HUMAN FORMS SOCIAL INSIGHTS
- 26. WHAT MAKES A BOT INTELLIGENT? • Natural language processing • Context in a process • Decision making and action • Learning and knowledge (new insights)
- 27. WHAT MAKES A BOT INTELLIGENT? Source: The sense-think-act cycle in the context of robots (from http://makezine.com/2017/01/06/choose-use-sensors-robot/)
- 28. • Natural language processing • Learns instantly - no need for large-scale programming activities • Has context – tight integration with business process • Right decision and right action – to get the job done, now
- 29. No one goes to a website to just have a chat…they have a job to do
- 34. Creating more value using CVAs
- 36. 36
- 38. LOWER COSTS HIGHER BRAND ADVOCACY MORE THAN JUST A CHAT HIGHER SALES CONVERSION HIGHER CUSTOMER SATISFACTION & BETTER EXPERIENCE
- 39. HELPING SOLVE PROBLEMS Conversational Commerce and ChatBots: Business & Consumer Usage and Attitudes Market Research by Fifth Quadrant, Commissioned by Flamingo & Sugar CRM , 2017
- 40. GETTING THE JOB DONE Conversational Commerce and ChatBots: Business & Consumer Usage and Attitudes Market Research by Fifth Quadrant, Commissioned by Flamingo & Sugar CRM, 2017
- 41. Conversational Commerce and ChatBots: Business & Consumer Usage and Attitudes Market Research by Fifth Quadrant, Commissioned by Flamingo & Sugar CRM, 2017
- 42. The future is already here, it’s just not evenly distributed yet. William Gibson
- 43. When to use a CVA over a chatbot?
- 44. To solve complex problems that require a human response…quickly
- 45. 1. Speed – immediacy 2. Destination – customer purpose 3. Complexity – data v workflow 4. Context – integration with business process
- 46. DESTINATION • What is the customer’s destination? • Enterprise and customer aligned to get the job done • How hard is it to get the customer there now?
- 47. COMPLEXITY 1. How complex is the workflow? 2. How complex is the data in the workflow?
- 48. CONTEXT • Where am I? • What’s next? • Does your customer expect this?
- 49. USE CASES IN FINANCIAL SERVICES QUOTE APPLY BUY OWN USE CUSTOMER SALES ASSISTANTS SERVICE ASSIST CLAIMS ASSIST INFO FAQ ASSIST AGENT SALES ASSISTANTS AGENT SUPPORT INSURANCE VALUE CHAIN
- 53. EASILY RESPOND TO CUSTOMER QUESTIONS - FAQ’S
- 54. IMPACT OF OUR CVA TO DATE 30PT INCREASE IN NPS 300% DECREASE IN CALL HANDLING TIMES COMPARED TO VOICE 20% INCREASE IN CUSTOMER RETENTION 32% INCREASE IN ENQUIRY TO QUOTE 50% REDUCTION IN ABANDONMENT RATES 90% INCREASE ON YOY CUSTOMER RENEWALS
- 55. Are you ready for a CVA?
- 58. API READINESS
- 60. What to look for in a CVA vendor?
- 61. ENTERPRI SE SECURITY WHAT TO LOOK FOR IN A VENDOR FAST IMPLEMENTATION ACTUAL MACHINE LEARNING SMART HUMAN HANDOFF API READY INSIGHTS & ANALYTICS CONFIGURATIO N NOT CUSTOMISATIO N
- 62. Summary
- 63. YOU NEED MORE THAN A BOT STRATEGY – GET READY BOTS & CVA’S CAN LIVE & (WORK) TOGETHER Key Takeaways PUT THE HUMAN BACK IN THE HUMAN GO FOR THE UPSIDE NOT JUST AUTOMATION YOU NEED A PARTNER TO DELIVER
- 64. www.flamingo.ai LET’S DO MORE THAN CHAT EMAIL TELEPHONE brenton@flamingo.io +61 419 178 552
Editor's Notes
- Good morning Thank you This morning I am going to discuss topic of CVA’s and chatbots and how you can drive real commercial value for your enterprise
- Introduce Flamingo Introduce role, Chief Commercial Officer which space across CFO/CMO/Head of Sales – pretty much anything that’s not technical, that’s for out data science and technology team. Recently completed a trip across Asia meeting with over 30 insurers in 5 countries There was a mixed response between AI, chatbots and machine learning Has anyone else experienced this?
- Somewhere between terminator is coming They are going to take all of our jobs! There is a real fear about AI in a lot What is it and how does it work Buzzword Some are already trying chatbots, with some limited results and some are looking at more intelligent CVA’s
- No longer just about digital channel Interface has changed - CUI Start with the customer problem first Help solve the problem digitally in the channel used Better customer experience
- In my view, CVA’s can get the job done And Create Value Importantly, chatbots and CVA’s can both add value For the customer – faster, more convenient interactions, getting the job done faster For the enterprise – increased sales, customer experience and brand advocacy
- Firstly Importantly, solving customer problems have not changed, only the interface has
- As we all know chatbots have been an increasing trend Conversational Commerce a new term, delivered to the world by Chris Messina 2016 was year of bot strategy 2017 is the start of execution with more bots and less so more CVA’s coming to the fore But we’ve been here before
- We’ve been here before…
- Customer experience poor Low online sales High abandonment rates – the empty shopping cart
- No longer just about digital channel Interface has changed - CUI Start with the customer problem first Help solve the problem digitally in the channel used Better customer experience
- No longer just about digital channel Interface has changed - CUI Start with the customer problem first Help solve the problem digitally in the channel used Better customer experience
- Pretty much any bot you talk to is actually intelligent because it is receiving a command from you and responding to that command based on some logic. This is because its goal is simply to respond to you and it is showing agency in simply responding
- Robot – simple and repeated tasks Have been used in automation for along time, manufacturing as example Program based Whereas, Cognitive Virtual Assistants need a human response Need to be able to perform a task Learning based
- 1. CVA can create value because of the interation of intelligence, automation and chat (link back to thesis)
- Natural language processing – ability to understand, words, sentences and sentiment Context in business process – where am I and what does this mean – “can you tell me more about this” Decision making and action – what is the next step Learning – to be able to remember, and provide new insights Not just command and action, such as in rules based
- Ability to be able to do this cycle is what drives the customer value Coming back to me previous story and examples, need help at the point in time online, when I have the problem I need help at Question 4 or Step 7, and I need you to know what my questions means in context of where I am At that point in time Sense Need to understand where it is, sense the environment, How we apply this, where am I in a business process or problem Decision Based on that and data input Make a decision about what to do next For us, the next step is critical as this is what helps to progress the customer Increase solving problems and in particular sales Act Need to be able to take action Integration with business process here Critical to enable the full automation Meet the time requirement for the customer
- Natural language processing Can be deployed quickly Learns instantly - no need for large-scale programming activities Has context – tight integration with business process Right decision and right action – to get the job done Remembers and optimizes process
- The key difference between a chatbot and a CVA Ability to be able to get the job done And this is where chatbots often fall down
- This is how I see some chatbots, they aren’t smart Never ending questions because they are rules based Don’t have the context or intelligence to make the next step for the customer
- Heard from Amir from Slack yesterday Simple bots can be deployed without Natural Language processing that can add great commercical value
- Similarly subway bot released Subway bot Rules based, prompts, limited questioning
- Simple bots can create value too Subway bot Rules based, prompts, limited questioning Use of bot platforms such as API.AI and Chatfuel are great examples of how easy it is to build rules based chatbots So there are plenty of bots that an create value so why are CVA’s better at it than bots?
- So why can CVA’s create more value
- Today, going to a website is like trying to navigate what and then figuring out how to get there We have all experienced this, Just like my optus story from the start, easy to get lost, and what if I don’t know where to go Countless ways to get there, but really, you just want to start And if anything like me and my childhood, lots of arguments between my parents as to who took the wrong direction This is the current experience for most people in digital channels
- Recent pitch I did to a Investment Retirement Fund in Australia On their website was a “useful” search bar that said “ask us anything” Now, I thought this was great: I could set my destination Wouldn’t have to click through/, I was mistaken Key words search Resulted in 247 different response None of which were helpful Using the map analogy, is see CVA’s can solve this problem
- CVA’s to some extent can do what google maps can do for us Start with the destination in mind Think about best way to go Take in requirements Then guide me through what I need to do Re-configure if I need to change This is about personalisation That is, get me to where I want to go, faster and easier, and make it relevant to me Do I want to take the bus, train, walk or car, give me options and help me to avoid the roadblocks Today, people want personalised, they want a better experience
- These benefits split between automation and upside But, we see that the upside is important Some of these benefits are Lower costs Must have a good ROI Can’t forget the costs Business case usual question Customer experience Consistency Multiple conversation at the same time New insights Better experience leads to Higher Brand Advocacy You can delight the customer Ultimately, this adds to driving better commerce Bots are getting better conversion rates compared to traditional channels such as email and direct marketing campaigns We get to help the customer at the point in time they need, with the right information
- link back to optus example and thesis Both chatbots and CVA’s about timing Help me at the point in time I need help
- The current reasons why enterprise aren’t solving these problems online Surprisingly, I am intrigued by this one Current online solutions don’t work very well
- Organisation readiness Change Knowledge Work with early adopters To Scott Bair’s comment yesterday, there are followers, but not necessarily fast
- For example the base use case right now To solve customer problems that require a human response…quickly
- Break this down into four categories Speed is first and paramount to automation – that is think about now, email, delayed but human response, voice similar delay, timing is crtical Destination Complexity Context Will talk through each of these further
- Complex workflows might mean many difference types of questions Similarly for product information, if complex then a CVA could assist by answering questions at that right time Importantly one thin we have learnt here that better to deploy multiple CVA’s, rather than one complex CVA
- Finally context Again does your customer expect you to know specific about where they are in a process Details like name, step in a process Know what is the next step
- So if you combine all these you can get some really interesting use case Where we are at the moment, here are some use cases Mention use cases We are working with a number of larger fortune 50 insurers across Australia and US For example, Nationwide Insurance is one large US insurer to be trialling our AI in direct to consumer sales
- Replacing booking a meeting with guided sales tool rather than use agents
- Replacing static forms with conversations
- Replacing static FAQ’s with intelligent conversations and then guide the customer to the next step This can also be used for knowledge management for employees as an example
- Some of our results to date Demonstrate impact of use of CVA’s
- No you know the impact and some use cases Next question is are you ready?
- 2016 year of the strategy, but execution is hard part and 2017 is start of this Do you have the team in place “Organisations don’t innovate, people do” Do you need a head of chat? Argue Create space for a Bots in your organisations Should be connected directly with business process It isn’t just innovation, need operations to come along and connect with sales and marketing Pentagon of pain – need a team to be assigned to make it happen (cross discipline team)
- Do you have the digital maturity for chat? Are your people ready? Do you have the data available and infrastructure to support it Do your customers need or want chatbots or CVA’s?
- Integration key priority / API / linkage to business processes Key to getting to full automation Biggest barrier when working with companies today is the lack of integration, so get started on this one
- Automation v Upside If you are using the words business case together with innovation, sometimes it might not get across the line This links back to the strategy, get the right strategy and buy in Chat interfaces may not be suitable for all businesses and your digital maturity Get the buy in
- So if you are ready and you know that you want to use a CVA What to look for
- Industry knowledge – templates, learning, data, insights Actual machine learning – lots of people say they are, but are they? Get under the hood and understand how it learns. We fuse Bayesian analysis with neural nets - a hybrid strategy in our approach. Enterprise security – One of the key issues, cybersecurity is paramount, trust is a big issue for consumers. Where we are in sales and financial services, Insurtech more specifically, if you get it wrong, you get it wrong big, also not regulation Fast implementation – you are looking to experiment, so try quickly and try different use cases, therefore need to be quick Smart Human – don’t forget the humans, as learning happens need to learn from human/customer interaction Configuration – customisation takes a long time API ready Insights & Analytics – can the platform help you to improve the journey and discover new insights
- So now you know how they differ Some use cases on how you can apply How to get yourself ready for CVA’s Summarise a few of the takeaways
- Bots and CVA’s can add value, but CVA’s can add more because of the nature of complex human problems, There is a huge upside for changing the customer experience – just think of how low conversion rates are for email and web conversion We More specifically Bots & CVA’s can live together Both can add value Find the right use case B2B You need more than a Bot Strategy – you need to be ready Execution paramount Find the right use cases Go for the upside There is a great play here for changing the customer experience New product development New insights ROI not just on efficiency Put the humans back in the human Automation enables you to