Over the past year we have seen smart personal assistants such as Cortana, Alexa and Google Assistant become commonplace in our homes. We have become comfortable and even reliant on the daily tasks that they automate. We trust Alexa to remember to collect milk on the way home from work, Cortana understands when it’s getting dark and will close the curtains without you having to ask, and Google Assistant probably knows your music preferences better than you do. However, at Relata we are looking at what the new era of smart workplace assistants can do to increase productivity, efficiency and performance in business. The term “Next Best Action” (NBA) analytics has been coined to describe the use of AI-generated insights to enable better Customer Experience Management (CEM). NBA is about using the right channel to deliver the right message to the right client, at the right time. It is a decision model and AI-based tool designed to provide insights that can help sales professionals deliver the best service to customers by examining their recent actions, past behaviour, interests, and needs. It’s about identifying and deploying the most effective pro-active action that can help an organisation meet the desired outcome, which isn’t necessarily related to its marketing goals alone. Everything offered to a customer — an email, service, meeting or phone call — should consider what has the best chances of strengthening the interaction with a customer while taking the organisation’s larger business goals into consideration. Up until this point the terms Next Best Action and CEM have been most frequently used in B2C businesses where there is obvious upside to knowing more about customer behaviour; however, we are now starting to see the adoption of these technologies in areas outside of traditional markets.
According to the publication Pharmaceutical Commerce, Next Best Action technology is the first and most important commercial use-case of machine learning. The life sciences industry is not the only one experiencing this revelation: there are more and more industries which are adopting NBA technology to improve business performance. The McKinsey report “Artificial Intelligence: the next digital frontier?” stated that healthcare, financial services and professional services are the three industries seeing the greatest increase to their profits thanks to the adoption of NBA. The report also noted that companies which benefitted from senior management support for AI initiatives are seeing as much as 15% profit increase compared to their peer group. The statistics point to a very clear message: deploying NBA technology has the power to unlock efficiency gains, improve sales conversion rates and identify new business opportunities.
Our mission at Relata is to refine and adapt the technologies and methodologies that are behind Next Best Action analytics to deliver a product that will enhance and optimise business performance across all sales and account management industries. We are combining our data capture software which measures client engagement in real-time, with our deep learning algorithms which highlight trending topics, sectors and companies to deliver a whole new level of revenue-generating business intelligence.
Relata's Synapse takes productivity and efficiency to the next level by tracking, measuring, and quantifying how clients engage and interact with digital content across all channels and devices. The fully automated system works in real-time to provide you with insights, suggestions, and automatically generate call lists using deep learning. Synapse will identify content, including subject and links, which are trending across distribution lists as well as highlighting individual client preferences. FeedStock provides you with the data to tailor your client outreach and manage your client relationships. It identifies accounts which are at risk as well as new business opportunities. We believe that next generation workplace assistants will transform the way that we work in the future and those who don’t seize the opportunity to unlock insights generated by AI will be left trailing far behind.