Staccato solutions from chatbots that go away us pissed off are one thing most of us have encountered. So why are chatbots “dumb”? The purpose isn’t far to hunt: Chatbots or FAQ chatbots are simply rule-based buyer help brokers that work together with clients based mostly on a specific set of if-else statements, can solely present solutions to a predefined set of questions and lack personalisation capabilities.
Helping handle the issue are conversational AI options (together with chatbots, digital brokers, and voice assistants) which, powered by dynamic AI brokers, can overcome the obstacles of platform and language to answer nuanced queries. “A critical aspect of our dynamic AI agents is that they can be more emotional and human-like, and have multilingual and greater enterprise integration capabilities, being able to hand over crucial or tricky conversations to human agents with a contextual background, should the need arise,” says Raghu Ravinutala, CEO & co-founder of conversational AI platform Yellow.ai. “Conversational AI, ideally, provides communication solutions by answering questions, providing recommendations and reminders, simplifying transactions, and most importantly, supporting customers and employees through their user journeys,” he provides.
Powered by automated speech recognition (ASR), pure language processing (NLP), pure language understanding (NLU), dialog administration, text-to-speech (TTS), ML and different applied sciences, Yellow.ai’s dynamic AI brokers can open up new avenues for international manufacturers owing to their functionality of delivering hyper-personalised, seamless, handy and intuitive omnichannel experiences. For occasion, Yellow.ai’s AI agent for magnificence merchandise retailer Sephora assists clients by reserving merchandise and making certain in-store pickup, checking product availability and answering questions on retailer timings and product return.
Yellow.ai was based in 2016 in Bengaluru by Ravintula, Jaya Kishore Reddy Gollareddy (CTO) and Rashid Khan (CPO) and has been part of Microsoft’s Accelerator programme and SAP Startup Studio. In August 2021, it raised $78.15 mn in sequence C funding, led by WestBridge Capital together with Sapphire Ventures and Salesforce Ventures. Lightspeed Venture Partners, an earlier investor, once more participated on this spherical, taking the full funding raised to $102.15 mn.
According to consultancy agency MarketsandMarkets, the worldwide conversational AI market dimension is anticipated to develop from $6.8 bn in 2021 to $18.4 bn by 2026, and Yellow.ai is seeking to seize a major share of this pie. Today, it has 1200 + clients throughout verticals in over 85+ international locations. Its platform helps 135+ languages, together with English, Indonesian, Arabic, Hindi, Bengali, Spanish, French, Chinese, Portuguese and Russian.
“While we have recorded 4X growth over our previous year’s revenues, we aim to grow faster. We continue to see exponential growth in India with our bookings doubling this quarter on a sequential basis,” says Ravinutala. Among Yellow.ai’s India purchasers are Spencer’s Retail, Asian Paints and Bharat Petroleum. Since January 2021, Urja, the dynamic AI agent developed by Yellow.ai for Bharat Petroleum, has been dealing with queries for over 4 mn distinctive customers. Again, Yellow.ai’s ‘Spencer’s Grocery assistant’ on WhatsApp simplifies grocery and every day necessities ordering throughout 160 Spencer’s shops within the nation.