In the past couple of years, Chatbots have become a new favourite tool for a large number of companies. They have found this new interest because of their pre-designed customer orientation and answers to Frequently Asked Questions (FAQs).
They possess the capability to significantly reduce the considerable amount of time spent answering identical questions from various customers.
Taking a cue from this potential, many entrepreneurs jumped onto the bandwagon to tap the advantage. Sadly, very few entrepreneurs possess the knack required to deliver customer-oriented services due to the paucity of expertise and experience.
Passage AI is one of those very few startup ventures which has had a long stint with the dynamics and determinants of Artificial Intelligence. Its co-founders are quite veteran in this arena.
The CEO and co-founder of the company, Mr. Ravi N. Raj, served earlier as VP at Walmart. He has a track record of more than 16 years of successfully developing products in the search and e-commerce space.
He was effectively complemented by his co-founders, Mr. Mitul Tiwari, who held the position of Head of 'People You May Know' and Growth Relevance at LinkedIn and boasts numerous patents and publications to his name, and Mr. Madhu Mathihalli, who previously served as a Senior Director at Walmart e-Commerce, where he managed all their Customer Acquisition Engines and supervised a marketing budget exceeding several hundred million dollars.
They met in early 2016 to start a company in the AI space. They strongly believed that AI had reached a mature stage, with real-world applications such as self-driving cars, drone-based package delivery, and effective disease treatments becoming a tangible reality. This made them think of starting their venture in the AI space.
They worked on the problem that how could technology help alleviate the boredom associated with repetitive tasks. They then started passage AI to enable businesses to harness the power of AI-enabled conversational interfaces to bring bottom-line benefits to businesses.
Their platform helps deflect mundane tasks from service agents so that they can apply their intellect to other, more high-value tasks. The company came up with a Chatbot platform that was unique owing to the sophistication of its conversational AI technology, which doesn't require even a single line of code to be written to deploy a bot.
Passage AI's Chatbot platform provides Artificial Intelligence (AI), Natural Language Processing (NLP), and Deep Learning Technology to create a conversational interface.
The company's award-winning conversational AI platform is being used by some of the largest brands in the world. Most of these large brands have reported accuracies of 95% or higher which is the industry-leading standard.
Following the benchmark set by the company, it is working to use AI for the automation of responses to routinely asked questions. It helps customer service agents leverage their time to answer questions that add more value to their business.
It finds its ideal customer as someone who wants to improve customer satisfaction by delighting customers with instant responses to their questions and lower customer service costs.
These characteristics make it a hot favourite among its clients because these traits are considered to be universal for all customer-oriented businesses.
Most businesses want to use bots to help them start addressing customer queries quickly and efficiently. The catch is it takes months to deploy them within legacy systems. In addition, most bots don't truly understand natural language which can contribute to a frustrating experience for the end-users.
This is where Passage AI proves its worth. It has the potential to deploy a bot in as little as three weeks, getting businesses up and running quickly. Passage AI has built sophisticated deep learning models using techniques such as Long Short-Term Memory (LSTM), which makes it possible for bots to understand natural language.
The company is based on firm principles, which include its customer-first policy. It never makes compromises on this ground. It understands that customers are the reason for its existence.
What follows next is its commitment to hiring great people who have respect for other great people. Apart from this, it believes in doing one thing well as opposed to many things somewhat well. It doesn't believe in being afraid of failure or risk. Moreover, it suggests employees have fun while doing all this.
The company is driven by finding the best way to solve a customer problem, which is to help their end-customers get instant and relevant answers to their questions. It wants to build the best AI platform that solves the problem.
The company's main objective shortly is hiring great AI engineers, signing customers, and making them very happy.
The company wants to have as many customers as possible who become so happy that they recommend it internally and externally to other customers. It wants the Net Promoter Score (NPS) for its customers to be high.
The company is ready to face the obstacle which is related to the crowd in the Chatbot space. The company is happy with the traction and customer satisfaction. It is planning to overcome them by focusing on building the best product in the market.
The company's primary objective is to provide products and services that delight clients and effectively meet the needs of their end-customers. This unwavering focus drives the company's mission.
Mr. Ravi N. Raj served as Vice President of Products and General Manager of Owned and operated Sites of Kosmix Corporation (now WalmartLabs Inc). He ran Kosmix's Product team and was responsible for Kosmix.com, RightHealth.com, and Tweetbeat.com.
He served as a Senior Director of Product Management at Yahoo and worked for 5 years at Yahoo in the search, social media, and marketplace verticals. He also managed product teams at AltaVista, Elance, and SGI. He is an alumnus of the prestigious IIT Madras.
"The future of this company looks quite bright owing to the rapidly increasing demand for Chatbots in almost every field. Chatbots can transform IT departments by enabling prompt services to employees.
The conversational interface can handle queries, submit tickets and take direct action through Application Program Interface (APIs)."