racetrack.ai: Presenting a Marvel Of an Ai Smart Communication Bot 'Marvin'

CIO Vendor The hype around AI technology is high all the time, with the market forecasted to reach USD 37billion by 2025. In sales and marketing, the potential for10 times conversion rates and accelerated growth from AI-driven predictive analytics is beguiling. Sales have never been just a job or a task but the experience, for both, the company and the client. The entire process of closing a deal,i.e. right from generating the cold lead to maintaining the after sales relationship with the client is an experience.It is very important for the experience to be seamless and memorable after on boarding the client.One such experience is associated with‘How consumers make purchase decisions and how do they seek support around products and services’.This affair interested two bright minds,Subrat Parida and NavneetGupta separately. Both realized that the companies and the customers face large gaps of incomprehension and loose ends.And this realization laid the foundation for racetrack.ai. The duo committed to extensive ground work in understanding requirements and pain points of the seller and the consumer cross multiple verticals.Several back and forth from the virtual drawing board to the existent customer locations enabled them to think of a vision for the company and how it plans to do it. The vision led racetrack.ai ,headquartered in Bangalore, has been empowering businesses by providing AI driven innovative cloud based enterprise application for Sales & Support Operations.

The Indian civilization has a strong tradition of science and technology.Research has shown that from making the best steel in the world to teaching the world to count,India was actively contributing to the field of science and technology centuries long before modern laboratories were set up. Powering the machine to handle endless queries at any given time and enabling the machine to be efficient to understand the tone of the customer have been of primary interest to tech pioneers. The dilemma was to get a hang of what customer can ask to train the bot for every possible query in different ways. To cater that racetrack.ai emerged with an idea of creating Marvin in the early 2016. And thus Marvin was born. This software is being used across various industries such as Healthcare,Retail, Real Estate, Education, Hospitality& Tourism, E-Commerce, Banking, and Insurance.

The SmartBoT Marvin

Marvin as an intelligent consultant is a system that perceives its environment and takes actions that maximizes its chances of success. Natural Language Processing(NLP) deals with the problems of making a machine ‘understand’the structure and the meaning of natural language as used by humans; translating it into a machine representation format; processing it and generating natural language back to the user. In order to understand the natural language,machines have to learn how to do the same. Hence, Machine Learning is used within NLP. Marvin is a combination of both NLP and ML (Machine Learning) in collaboration with DL(Deep Learning). Data which is the repository of knowledge needs to be sorted, deciphered and correctly interpreted. Marvin knows that sales and related support is as much an art as it is a science. Being a cloud-based communication BoT that uses artificial intelligence, Marvin is designed to accurately simulate human-like conversations with clients’customers. It can be used on clients’ websites or mobile devices to intelligently engage the customers across the sales and post sales support objectives. In addition to text chat, Marvin is capable of seamlessly connecting customers via audio and video callto customer engagement experts.

.“We have taken the complexity and fluidity of the art of customer engagement flows and converted into ascience,”explains Subrat. Marvin is designed keeping in mind sales driven conversations flows.It builds rapport, credibility, thinks of who/ how/ what/ when, identifies desires and issues, match-makes (requirements with solutions) and provides action ables(contact details, places order, guides to purchase section, patches call to sales rep and in more ways).

MARVIN knows that sales and related support is as much an art as it is a science

Efficiency through NLP

The Smart BoT Marvin is a self-learning BoT which works on NLP, ML & DL aspects in an integrated/inter disciplinary manner. Marvin can be trained to work in several subjects and works on two layers namely business and language. He uses the ML, NLP and DL models for its evolved understanding in comprehending content and has been developed to work as a consultant in all fields of knowledge. “We want him to be as close to the human mind as possible and are working towards this goal tirelessly,” adds Subrat.

Marvin standardizes communication in a singular platform providing both instantaneous and contextual linformation in real time with great efficiency.The information provided is based on his understanding of a customer on a personal level while being unbiased and data driven. Marvin is easily addressable and constantly available,there by bringing in more traffic.Smart BoTs will take care of everything but that doesn’t mean that it will replace people.Instead, we will need smart manpower to help the BoTs to be future ready. To put it across in a different way, jobs will be upgraded in the future.

In AI, the racetrack.ai team is currently trying toreplicate neural networks that work like the human brainwith an ability to decode information aptly. “Some ofthe important aspects of AI that we at racetrack.ai.ai are working on are Natural Language Processing, Machine Learning, Deep Learning and Data Mining,” informs Subrat Parida.

The Right People within racetrack.ai

racetrack.ai believes in the ability to reactin real time to the high complex needs of their clients. Having been builton a wealth of leading industry experience and expertise both on and offshore, allows the company the technical knowledge to deliver the best solutions effectively. Each and every interaction between humans and computers is governed by code,as technology is part of life,coding brings it closer. Whether one creates an app, follows GPS directions, drives or wishes to revolutionize social interactions, code forms the vertebrae. Coding is the literacy of today and it helps practice 21st century skills such as problem solving, team work and analytical thinking.

The members of the racetrack.ai team hail from both, technical and non-technical backgrounds and despite this work well in collaboration with each other. Alumni of IITs, NITs, BITS, IIMs,ISBs and some of the best universities from different countries, the racetrack.ai team bundles expertise in R&D, Sales,marketing and communication.