Navdeep Singh Gill, Founder & CEO, XenonStack

Navdeep Singh Gill is the founder and the Chief Executive Officer (CEO) of XenonStack – a cloud-native and Data Intelligence company that helps Clients with Cloud-Native transformation to harness the power of data in the digitally-oriented world. Motivated by his inner fire to become an entrepreneur, Navdeep Singh Gill established “Arcadian Technocrats Consulting Services Pvt Ltd,” Focusing on Cloud, Big Data, and AI. Initially, To create awareness around 80+ Technical Sessions given in different colleges in May 2012. Providing Cloud and Big Data solutions to businesses of varied sizes and types. Three times Failed in Product Development during Initial years, RayCare – Healthcare Startup, RayFarm- Organic Farming and One Enterprise Software and then Started Focusing on Technology Consulting and Enterprise Solutions, Xenonstack took Shape in 2016 as a Cloud Native and Data Intelligence Company. Another Startup Formed with his wife, Dr.Jagreet Kaur, as Akira.ai – enterprise AI Observability Platform for governance and trust.

 

AI has been consistently gaining popularity, especially after the global pandemic. Accelerating AI adoption by an exponential margin, the global crisis helped customers become conformable with the idea of interacting with intelligent bots within a short period. Google data suggests that 79% of consumers use voice assistants for various operations such as weather reports, new highlights, song searches, home assistance etc 

For businesses, conversational Ai is gaining popularity especially because of the digital transformation that the global pandemic catalyzed. With border restrictions, remote working and limited resources, companies had to shift focus towards AI to enhance interaction with the consumer. This has continued in the post-crisis world and conversation AI has become a key vertical for any business to scale up, sustain and flourish. 

For digital-first brands especially conversational AI is a winning tool. It provides a cost-effective solution for CRM and lead generation reducing the window of human error and lag. Chatbots are increasingly becoming more complex and intelligent. There is little doubt that conversational AI will be an integral part of future business strategies. Here’s why- 

  1. Analytics access –  In this digital era Data is oil. Businesses can easily obtain data for analysis with conversational AI. Besides this, AI also simplifies analytics of data, removing the need for learning complex advanced analytics techniques. 
  2. Real-time analysis – The consumer today is looking for prompt services. Therefore, businesses need to stay ahead of the tech curve to anticipate demand and supply. The Customer’s needs and wants need to be deciphered beforehand and contingencies must be in place if growth is to be witnessed at an exponential pace. AI helps businesses access real-time information on operations. Companies are no longer dependent on past data and analysis for projections.  They can access real-time statistics on financial KPIs to loT data to make informed business decisions thus helping secure the future of the business. 
  3. Personalized experience – Personalization is key for customer acquisition and retention. With AI-based chatbots, it is easier for businesses to not only personalize conversations but also handle a high volume of consumers. Personalization can significantly improve the performance of any business in terms of user experience, cost of operations, and business outcomes. Studies show that real-time conversations help increase customer engagement rate. With cutthroat competition especially for digital-first D2C brands, it is not ideal to lose customers because of a lag in communication. Conversational AI solutions especially AI-driven chatbots are the first line of communication providing solutions and suggestions if required – all within a few seconds, thus keeping the customer engaged. This increases the NPS and CSAT scores of the company. 
  4. Cost optimization – Conversational AI helps in increasing business revenue, customer satisfaction rate, and employee productivity by optimizing operations. It can even help startups and young brands to significantly reduce the cost of operations by replacing the need for a large CRM team with AI-based tools. 
  5. Technological advancements – AI growth is not limited to chatbots and FAQs or general queries. Technological advancements are being made wherein AI is projected to respond to the consumer with a tailored communication style. If a consumer is agitated or impatient, AI will be able to tailor its speed and responses to pacify the consumer or have the decision-making ability to transfer the conversation to a human agent if the customer is highly dissatisfied. Conversational AI especially in-home assistants will also be able to tailor responses depending on the age of the user. 
  6. AI in the workplace – Virtual assistants are also becoming more popular in the workplace for incumbent and large-scale companies. There is massive potential for voice assistants and chatbots to improve back-end business operations including orientation, training etc. Businesses in etc future can also leverage conversational AI for operational processes. 
  7. Metaverse application – Digital reality is here and conversational AI is the way to ace it. With multiple brands already experimenting with presence in meta verse, conversational AI has become of paramount importance to stay ‘always on’.

 

Conversational assistants are the future of businesses as they not only keep the communication between the consumer and company active at all times but also because they are quick learners. Gathering and analyzing data has become instrumental for accurate interaction and unprecedented growth and this is where AI steps in. 

The role of conversational assistants has been evolving at an accelerated pace. From answering simple queries to recommending products, they enhance customer experience by making conversations quick, effective and productive.

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