If you don’t know what is conversation intelligence, you must be living under a rock. Covid changed many things for the post-pandemic world and brought on digital tech advancement, one of the major advancements was in AI, especially in the field of conversation.
For those of you who don’t know: Conversation Intelligence software integrates with your customer engagement platform to record, transcribe, and analyze sales calls, giving businesses access to crucial deal information, CRM data entry automation, faster sales reps review, and sales coaching.
90% of Indian startups fail within the first five years of inception
Founders face multiple challenges when they are in the initial faces of a startup. One of the main challenges is understanding the customer, especially during the seed one funding space when they are still figuring out the market need, their product USP, and product marketing key messaging.
Conversation Intelligence helps you uncover all the data you need to not just stay afloat in the initial years of your business but also help you be a leader of your industry.
Let us tell you what conversation intelligence is and how it can help your startup.
What is Conversation Intelligence?
Conversation Intelligence is an AI-based solution that integrates with a business’s customer engagement platforms and then records, transcribes, and analyzes the call for call intelligence, sales reps performance, market intelligence, and deal intelligence.
Conversation intelligence allows a business to review and track all sales reps’ performance at scale in a few minutes and provide feedback and suggestions for winning a deal when the deal is still on the table. It also allows businesses to create call playlists to accelerate new hires’ sales training and ramp-up process.
Now you must be thinking, “All this is fine. How can conversation intelligence help your startup?”
Here is the answer:
6 Reasons why your startup needs Conversation
Here are a few reasons to consider adopting Conversation Intelligence:
Conversation Intelligence easily integrates with your calendar and joins your meetings links to record your daily sales calls; alternatively, it also integrates with your customer engagement platforms and records your conversation. Post that, it analyzes your conversation for topics discussed, talk ratio, soft skills, actionable items, feedback, queries, and competitors to highlight it for easy glance view.
One of the major problems any organization faces, including startups, is not understanding their deal success or loss factor. Conversation Intelligence gives you a granular view of the deal from the start to end; loss point, the challenges faced in the deal, sales reps activities, opportunities, and a lot more.
You can use this data to strengthen your follow-up calls or even help your sales reps with deal strategy when the deal is still on the table.
One of the best and real-time market and customer insights you can get is from your customer engagement. The daily customer engagement, whether from your customer success team, sales team, or customer support team, contains crucial market and revenue intelligence. Conversation Intelligence gives you access to answers to questions like:
- Competitor’s product features and pricing
- Customer demands
- Customer pain points
- Market trends, etc
This data can help a startup determine its pricing, services, marketing, and sales strategy.
Sales Data Management
Another issue that the startup faces is dealing with siloed data they are collecting on their growth journey and sharing the knowledge with the new hires and team.
A SaaS-based revenue startup was initially saving all their sales call recordings in Google Drive. For sales training, they made their practice of sharing sales call recordings with sales reps to help them better understand the services and customers. But now that every time they hired a new sales rep, they had to go through a plethora of videos, which would waste a lot of time.
They adapted Convin’s conversation intelligence for reviewing their sales reps’ daily activities. On its adoption, they realized they could even create call playlists, making it easy to manage their recording and sharing. But that’s not it!
Conversation Intelligence was even able to automatically log daily sales activities and call notes on the CRM, making sales data management easy for them.
Decrease ramp-up time
As we already saw, with conversation intelligence, you can create call playlists. You can use these call playlists for training new hires. What better way to learn about selling techniques, scripting, and customer behavior but from sales calls?
The revenue startup we mentioned above decreased new hires’ ramp-up time by half by using conversation intelligence.
Pandemic brought on another challenge; remote selling.
Even in the post-pandemic world, most businesses are adopting a hybrid working model, especially SaaS startups. But the problem with this is; not knowing what your other teammates are doing or how they are approaching the calls.
On the floor, they could see for themselves live, from home it’s not possible.
Conversation Intelligence can automatically record, analyze and log the daily sales call activities along with notes and recording on CRM, ensuring no data is missed. Conversation intelligence makes the sales process and sales pipeline transparent for the entire business to view and provide feedback and help where required.
Top Conversation Intelligence for startups
Let me list down a few conversation intelligence solutions you can consider:
Gong was founded in the year 2015 in Palo, California. Since then, over 2,000 innovative companies like Paychex, PayPal, Hubspot, LinkedIn, MuleSoft, Shopify, Slack, SproutSocial, Twilio, and Zillow are using Gong for uncovering revenue intelligence and customer insights. Gong helps enterprises uncover revenue intelligence by recording, transcribing, and analyzing sales conversations.
Convin was founded in 2020 in Bangalore, India. Unlike Gong, Convin focuses more on startups and mid-level market players for their solutions. Convin can easily integrate with almost all CRMs, including Pipedrive and Freshworks. Convin even provides a free self-sign-up option on their website to assist self-serve, and after 15 days, you can opt for any of their subscription plans.
Wingman was founded in the year 2018. Wingman automatically joins sales calls and analyses the conversation. And based on the conversation, it shows cue cards to sales reps for helping them with customer objections, questions, and behavior suggestions. It can be integrated with Dialer, CRMs, and Video Conferencing platforms.
Chorus has integrated with Zoominfo to help Zoom Clients record, transcribe, and analyze their sales conversation. Chorus profile contains over 20,000 companies, including Zoom, Mavenlink, Qualtrics, Adobe, TripActions, and GitLab. Now with Zoom integration, companies can use Zoom as their primary source of conversation intelligence.
Salesloft was founded in the year 2011 in Atlanta, GA. Salesloft’s Modern Revenue Workspace™ Salesloft is the solution for sellers to execute all of their digital selling tasks, communicate with buyers, understand what to do next, and get the coaching and insights they need to win. Salesloft profile includes IBM, Shopify, Square, and Cisco.
Fintech Kennek raises $12.5M seed round to digitize lending
London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.
According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.
The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:
“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”
The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:
“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”
The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.
The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.
Featured Image Credit: Photo from Kennek.io; Thank you!
Fortune 500’s race for generative AI breakthroughs
As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.
Goldman Sachs’ Cautious Approach to Implementing Generative AI
In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.
According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.
One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.
To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.
Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.
Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!
UK seizes web3 opportunity simplifying crypto regulations
As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.
Streamlining Cryptocurrency Regulations for Innovation
To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.
The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.
Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.
The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.
Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!