Gartner selects Yactraq as a 2016 Cool Vendor
Yactraq is very pleased to announce that we’ve been selected as a Gartner Cool Vendor for 2016 in the Smart Machines category! We are thankful to Gartner for this prestigious honor, and this selection brings Yactraq into an elite club of players than have impacted, and continue to nurture, the evolution of artificial intelligence applications.
So, why is Yactraq Cool? Is it because we use advanced artificial intelligence in our platform? Is it because we’ve suddenly dropped the price point of audio mining & speech analytics solutions by two orders of magnitude, making these solutions affordable to small and large companies alike? We believe it’s all of this, and more.
It starts with what’s called Dark Data – operational or other data that is collected by organizations in day to day business but is not being used. Most audio recordings today are very much dark data, with only a fraction of their value being accessed or realized. Yes, when you are on a call with a call agent, that call is “being recorded for quality purposes”, but then what? Mostly nothing, really. Perhaps a few quality analysts checking random calls, perhaps some small amount used for training, but that vast majority of those audio recordings are an untapped wealth of information. The sample sizes used are in the mid-single digit percentages as compared with the total number of recorded calls. Any manual approach to tackle this problem is simply too expensive to scale. So, how to shine a light on this valuable and rich data? How to index every single call recorded and access the data within, at effective costs, with speed, and at scale? That’s right, you guessed it, Yactraq.
Jeh Daruvala, Founder and CEO of Yactraq, explains potential applications: “If you are on the marketing side, and your approach resembles the marketing philosophy of companies like Amazon or Zappos, who believe in awesome service not as a cost center, but as the spearhead of their marketing efforts, then you’ll want to take a look at Yactraq’s audio mining based business intelligence. Or maybe you see call operations as a cost center that can be controlled via robotic web self-service. Audio mining creates a positive feedback loop, reducing call operations costs by discovering the most difficult problems (ones that, by definition, web self-service has failed to address) and their resolutions, which can then be automated via the web.”
Which call agent most frequently gets told by their customer that they want to “speak to your manager”? That level of detail is much more informative than simply learning the call contained ‘negative sentiment’. Or perhaps you want to know which of your products is most closely associated with customers saying they want a “better price” or a “better rate”?
At Yactraq we are pioneering new speech tech applications by teaching our smart machines to understand their experience in a more human-like way: to sense and learn. By sensing and learning through the context of customized vocabularies, our solutions deliver critical data and highly actionable insights. Yactraq’s business intelligence solution OmniTraq, an audio mining and speech analytics system, is a reporting and search application layer powered by CoreTraq, Yactraq’s patent pending and award winning smart machine platform, and IBM Watson. As an IBM Watson developer partner, we integrate complimentary Watson APIs like AlchemyLanguage and IBM Watson Speech to Text to increase OmniTraq’s speech recognition and natural language understanding (NLU) capabilities. We utilize the cognitive computing power of Watson to generate machine training data, for general vocabulary purposes, and for multiple language capability. The key benefit of our CoreTraq platform is that it allows Yactraq to customize the vocabularies of speech based semantic systems. This customization doesn’t just apply for a single vertical or use case, but instead is custom built to the specific needs of a client, including their product names and other unique terms. Just as importantly, CoreTraq delivers custom vocabularies in a very cost-effective manner, at 40x cost efficiencies over legacy solutions. As a result, OmniTraq will allow thousands of SMBs, as well as enterprise business units, to finally afford audio mining & speech analytics solutions. And on the frontier where machine learning and automation reach their present evolutionary limits, Yactraq adheres to business pragmatism and employs human-augmented AI to deliver the solutions our clients need.
CoreTraq uses both speech recognition and natural language understanding in a patent pending recursive loop that dynamically renews its vocabulary. As a result, OmniTraq can deliver a unified dashboard for all audio media as well as text data (i.e. emails, chat logs, web pages, and documents), creating a centralized source for true omnichannel business intelligence.
Whether the business value is in detecting customer sentiment or in monitoring service quality (for script adherence or compliance reasons), the ability to robotically analyze all calls (not just a few statistically random samples, which is the best that human effort can achieve) via OmniTraq delivers automated reports and searchable data that can affordably benefit a business both operationally and strategically.
In terms of IP strategy, Yactraq arguably has the strongest degree of freedom to expand the audio mining market through its IP-for-Defense partnership with Intellectual Ventures, the world’s largest owner of patents.
At Yactraq, we believe OmniTraq will be an integral and growing part of how people and businesses find answers, and that we will all soon be living in close quarters with smart machines.