Artificial intelligence (AI) has become an integral part of our lives and its transformative powers are now being leveraged to revolutionize the business-to-business (B2B) space. AI is steadily expanding the scope of B2B networking in India.
“By leveraging machine learning (ML), natural language processing (NLP) and natural language understanding (NLU) advancements to handle increasing complexity and bulkiness, AI is streamlining the B2B networking process,” says Prateek Mehta, Co-founder & CEO, Contiinex, a Bengaluru-based startup leading the emerging Speech AI segment in India.
Since its launch in December 2020, Contiinex’s proprietary speech-to-text engine and open framework called Contiinex Open framework for Indexes (COFI) have expanded the spectrum of unstructured data for valuable business insights across industries. “Our NLP algorithms enable meticulous monitoring of conversations, providing high accuracy and efficient analyzes of voice files of the customer experience division. Similarly, our speech-to-text solution is one of its kind, specifically created for Contact Centre speech conversations,” informs Mehta.
Armed with eight kilo hz, mono channel, and having two speakers, Contiinex’s speech-to-text offering provides a differentiated solution that minimizes human error, while ensuring adherence to regulatory guidelines and quality standards. Businesses have benefited from the insights gathered from unstructured data coming through various channels, helping them make critical business decisions in real time, thereby improving efficiency and agility.
Breaking language barriers, the multi-language speech AI platform offers real-time translation and comprehension of multiple languages, enabling businesses to communicate effortlessly with international partners. “This breakthrough has facilitated smoother interactions, enhanced collaboration, and increased opportunities for global expansion, resulting in improved customer experiences and strengthened relationships with clients,” avers Mehta, who is acutely aware of the limitations of traditional SAAS solutions.
The biggest advantage of AI-powered automation is that data fragmentation is minimized, and information from various data islands is seamlessly integrated. This allows for faster and more efficient processing of transactions, reducing manual dependencies. AgentNex, one of the products of the Contiinex platform, helps boost agent productivity by automating certain integral processes. For insurance providers, this translates into tailored coverage plans, streamlined claims processing, and mitigated fraud, among other things.
Within B2B enterprises, AI can empower human workforces to become super-forces. “The AI-powered agent enhances employee productivity by providing real-time insights, faster learning capabilities, and improved agility. It complements human efforts by handling repetitive tasks, extracting relevant information, and offering intelligent recommendations, allowing employees to focus on higher-value tasks and driving overall efficiency and productivity within the organization,” says Mehta.
Contiinex tailors its AI platform to cater to the specific needs and challenges faced by different industries within the diverse B2B landscape. By collaborating closely with clients and understanding their unique requirements, Mehta explains, Contiinex customizes its AI solutions to optimize processes, address industry-specific pain points, and ensure seamless integration with existing systems. “This personalized approach enhances the platform’s effectiveness and ensures that it aligns perfectly with the workflows of various industries, from healthcare to finance to manufacturing,” he says.
Earlier this year, Contiinex raised $2 million in Pre-Series A round from Refex Capital, an early-stage venture capital firm, and YourNest, a tech-focused Pre-Series A fund house. The startup is using the funds to strengthen its technology team and expand its presence in the US market. It already has an office in Manhattan.
As the startup expands into global markets, its AI platform is poised to become a crucial driver of growth and success for enterprises across different regions and cultures. “The platform’s multi-language capabilities and adaptability to diverse industry verticals will empower businesses to overcome communication barriers, efficiently manage complex transactions, and build strong partnerships internationally. This will lead to increased competitiveness, higher customer satisfaction, and enhanced revenue streams,” predicts the entrepreneur.
