Skit.ai, an augmented voice intelligence platform provider based in the United States, helps contact centres to cut costs and increase revenue by using Voice AI instead of humans.
The company’s co-founders, Sourabh Gupta and Akshay Deshraj launched in 2016 with a mission to simplify the experience of connecting with contact centres.
Their sophisticated and powerful voice technology now allows contact centres to automate intelligent spoken conversations, eliminating in part, the need for human workers.
The Productivity Benefits
The main challenge that debt collecting agencies face is the number of calls that can be handled by a human team. Each debt collection call that’s made is potential income for a business; an increase in calls made means potentially recovered revenue from customers.
Without the use of AI, around a third of the files that an agency holds are left untouched simply because humans cannot keep up with the number of outbound calls they’re required to make.
With augmented voice AI, ‘Digital Collection Agents’ can now make millions of calls every few days, covering 100% of an agency’s portfolio. Something that was never previously possible.
End-to-end automation of simple phone calls means that humans are not needed and relied on as much as they once were.
With this huge jump in productivity where AI can handle low-value tasks on a huge scale, the human workers that agencies do have can now spend more time optimising accounts and working on other high-value projects and tasks.
Skit.ai understands that there can be one of two outcomes when it comes to the use of Voice AI.
One where its implementation streamlines customer calls and helps with productivity, and another where it can have the opposite effect.
“The most important thing to remember about a Voice AI solution is that it either works and satisfies the consumer, leading to positive outcomes and recovery, or it will lead to consumer frustration and significantly adverse outcomes.” Skit.ai state on their website.
Impact On Revenue
One main benefit of using Voice AI is to recover more revenue, faster.
Without the use of Voice AI, a significant number of inbound calls cannot be answered and in some cases, these are callers looking to pay off their debt.
Voice AI will capture the intent of every caller and segment them, providing them with a payment link there and then on the call if that’s the intent. This leads to a direct increase in recovery rates for companies.
Human agents, on the other hand, need to find and collect a lot of information when initiating calls to customers manually and they need to collate all of the information into a CRM.
They must find the right party contact, capture disposition, and try to initiate the payment. These calls become time-consuming and expensive – but with Digital Voice Agents, these outbound campaigns can be completed in a matter of weeks, calling millions of customers and having perfectly targeted conversations each and every time.
As a result, there are huge savings to be made when it comes to labour costs.
A report by Gartner.com predicts that by 2026, conversational AI will reduce contact centre agent labour costs by $80 billion.
It’s clear to see why the industry is seeking out new processes and solutions in today’s modern world. We think exciting things are to come in the space of conversational AI.