MOUNTAIN VIEW, CA -- Based on its recent analysis of the customer experience market, Frost & Sullivan has selected intelligent assistant company MyWave as the recipient of its 2016 Global Enabling Technology Leadership Award. According to Alexander Michael, Director of Consulting for Frost & Sullivan, "The Award reflects MyWave's overall technology leadership in the global intelligent assistant market."
The world is about to cross the inflection point in the progress of artificial intelligence (AI). Intelligent assistants are probably the best example of a practical AI-based system, but many so-called intelligent assistants underwhelm customers because the intelligence displayed is severely limited and their use cases are restricted to customer self-service within tight boundaries.
The application diversity supported by Frank is broader than that of the competition. Most competing technologies have limited use cases such as visual search in shopping applications, natural language processing (NLP)-based conversational interfaces, and customer self-service. These technologies offer analytics limited to specific verticals or single-task intelligence, such as scheduling appointments. On the other hand, Frank has a larger and more varied application scope. Because Frank was incubated in the finance industry, it expectedly has many financial use cases; however, it has found substantial application in agriculture (livestock movement and sheep markets), solar energy and energy sharing, utilities, charity, education, and healthcare
One of its novel benefits is that it uniquely stores user information in a cloud controlled by the users themselves. That information is under the users' control, and only shared when users allow it, to achieve an outcome that delivers mutual value for the customer and the enterprise.
For instance, Frank can analyze a customer's usage data and automatically switch them to a more economical electricity package. Vendors must put the interest of customers ahead of their own, even if it means forfeiting the occasional opportunities to make a quick, short-term profit. In return, networks of trust emerge between customers and vendor ecosystems.
MyWave's innovative business model is based on Frank being free to the user with MyWave's revenue coming from consulting and prototyping, licensing, and revenue sharing. MyWave's revenue sharing agreements reduce the upfront deployment costs, which is an attractive proposition as it lowers the technology entry barrier, and enterprises are willing to share revenues if Frank generates revenue that is ancillary to their main revenue stream.
When considering the use of intelligent assistant technologies, major brands are often concerned that they may become disenfranchised and lose control over the customer experience. Frank has emerged as the ideal solution to this challenge because it protects the brand equity of businesses and maintains end-customer mindshare.
About the Enabling Technology Award
Each year, Frost & Sullivan presents this award to the company that has demonstrated uniqueness in developing and leveraging new technologies that significantly impact both the functionality and the customer value of the new products and applications. Full details are available at http://bit.ly/29Yt6eG