With this feasibility study the management team improved its understanding on market readiness in Europe and North America along with associated risks that are now reflected in the business plan of rolling and scaling up botconnect’s first product as marketable innovative solution.
Top 5 results from the feasibility study:
1. Market Analysis:
A new segment of AI based solutions for human augmentation in the workplace are now emerging in 2018. The selected focus of botconnect on real-time augmentation of sales and service reps has been proven as highly attractive due to the certain need on the enterprise customer side along with the market entry of new competitors such as saleshero Inc., observe.ai and others.
2. Business description and sales approach
The business description and sales pitch towards enterprises has become very focused on sales augmentation and real-time support for service and sales reps. Large organisations such as AXA, Groupama and others are starting to understand the value of their data along with ways to utilize that for marketing and sales. The botconnect solution fits perfectly into this scheme.
3. Practical feasibility:
The results of the pilot with a large insurer in Germany has shown great improvements in helping service reps to perform cross and upsell. The R&D team of botconnect has gained valuable insights on the technical integration towards large enterprises and their information technology infrastructure. These learnings are now combined into the implementation workflow of the botconnect solution.
4. Innovation strategy:
The test in other verticals besides insurance has shown initial positive feedback from the Telco and Energy/Utilities industry. Similar to insurance companies enterprises of these verticals also imply large customer bases as well as long customer lifetimes and multiple products (e.g. Innogy: power + internet + TV; Vodafone: internet, TV, mobile)
5. Financial projections and funding requirements
Deep knowledge on sales cycles, available budgets on the enterprise side and required cost structure have been gained. Main focus of 2019 will be the further development of the product to gain a competitive advantage in technology. Nevertheless are investments in sales and marketing also in an early stage necessary due to the build up of relationships to partners and future customers.
