Mihup, a leading Conversation Intelligence platform, enables developers to create customized voice interfaces with full control over brand identity and privacy. TimesTech interacted with Bhaskar Mishra, Head of Product, Mihup to know about Future of Conversation Intelligence in India, rising importance of AI and much more.
Read the full interview here:
TimesTech: Kindly brief us about the company, its specialization, and the services that your company offers.
Bhaskar: Founded in June 2016 and headquartered in Kolkata, Mihup is a leading Conversation Intelligence platform for boosting contact center performance. Built on the industry’s most accurate AI engine, Mihup channelizes contact center performance leading to seamless customer-agent call interaction. Mihup’s powerful workflow automation pinpoints agent’s performance, customer intent, and coaching opportunities leading to higher revenue, superior customer experience, and better retention. With a focus on end-to-end performance enhancement of enterprises, Mihup offers services across industries like BFSI, Ecommerce, Retail, and BPO. The two main products under Mihup’s Conversation Intelligence platform are as follows.
Interaction analyst – Mihup’s interaction analyst provides actionable insights based on 100% evaluation of customer interaction calls. The system helps contact centers overcome the limitations of manual QA processes wherein only a tiny percentage of conversations are analyzed. With Mihup, it is possible to analyze each and every customer-agent conversation and glean insights as per the pre-defined parameters for all the behaviours and practices followed by the agent during the call. Further, the integration of cutting-edge machine learning algorithms enables the system to detect the sentiments and emotions of the callers. This kind of advanced AI-integrated system leads to accurate and personalized evaluation of each agent’s performance and helps in improving their efficiency by enabling targeted coaching/refresher training, etc.
Agent assist – Mihup’s real-time agent assist analyses live calls and deliver cues to customer-facing teams for better conversion and sales opportunities The AI analyses conversations as they take place, and makes right on-screen recommendations to the agents through cues that help them quickly address customer concerns. The platform is also integrated with the company’s CRM to automatically identify and pull out the right information, saving time that agents spend on the search. Further, the system also automates processes such as note-making and call summaries. Thus, the overall Average Handle Time per call is significantly lowered, and greater support quality is ensured. This leads to cost savings and enhancement of brand reputation among its customer base.
TimesTech: The Future of Conversation Intelligence in India?
Bhaskar: Conversation intelligence is a rapidly emerging technology globally and the future is highly promising. The market for conversation is projected to reach $32.62 billion by 2030, registering a CAGR of 20% from 2021 to 2030. The majority of Indians don’t speak English which means that a humongous customer base has so far remained uncovered by conventional customer service tools. With the rise of home-grown products like Mihup, businesses across verticals can now cater to this audience in their native languages.
TimesTech: The industry is seeing the rising importance of AI. How do you see these emerging technologies impacting the business sector?
Bhaskar: Digitization has blurred the boundaries geographically and demographically, and managing public-facing services manually is becoming a near-impossible task. The pandemic further emphasized the value of AI-powered automation of processes. This is where Conversation Intelligence is proving to be one of the most powerful and transformational abilities for businesses. It allows contact centers to seamlessly cater to a larger audience with consistency and quality.
As we go forward, technology will become increasingly prevalent in the delivery of services at contact centers. It will improve outcomes across different sectors through better customer experience and revenue generation. From BPO to BFSI, Ecommerce or Retail, Conversation Intelligence and other forms of AI will become the growth drivers for all industries. Although it may not replace human support, it can provide assistance in process automation for the sales and support agents to offer a superior call experience.
TimesTech: How Conversation Intelligence is helping enterprises in the growth of customer engagement?
Bhaskar: Customer engagement issues happen when organizations fail to monitor 100% of the conversations. This means missing out on critical information like call intent, customer pain points, product likelihood, and brand perception of unanalyzed calls. This is where the Conversation Intelligence platform adds value to all your customer engagement processes with 100% call analysis.
The AI analyses conversations as they take place and based on insights, it is able to create nudges that are displayed on the agent’s screen. Such inputs can help agents probe better, undertake compliance processes without fail, and recommend the right product at a much faster pace than conventional practices. The speed, accuracy, and quality of response delivered through such a system are far superior to the conventional processes. Customers who experience such enhancement of quality and quick resolution of their problems appreciate the brands and feel more confident about continuing with the service.
TimesTech: What are Mihup’s focus areas and plans moving forward?
Bhaskar: Mihup is constantly refining and expanding the capabilities of the Conversation Intelligence platform. We are already a leading player in this space in India and aim to expand to international markets in the future. Plans are also underway to seek new rounds of funding.