Rohit Sharma, Co-Founder & CTO and Vikrant Pathak, Co-Founder & CEO
Rapid advancements in Artificial intelligence (AI) and machine learning (ML) are empowering businesses to enhance customer’s online user experience. This is best exemplified by streaming and shopping websites where users are prompted to watch a new movie or notified of upcoming sales based on their past activity. For large organizations and internet-oriented businesses, automated customer services are a boon; but for small or location-based businesses that rely on face-to-face interactions, employing an intelligent customer engagement approach is new and lagging.
“Often, every interaction with a consumer feels new and transactional,” says Vikrant Pathak, co-founder, and CEO of myautoIQ, an AI-powered, one-stop customer engagement solution for automobile dealerships. Location-based businesses revolve around one key aspect: human interaction and the ability to learn, personalize, and predict a customer’s expectations based on the individual employee’s experience. “We came up with myautoIQ while wondering how auto dealers, one of the largest location-based businesses, could use AI and ML technologies to boost their customer experience across every human interaction,” states Pathak.
myautoIQ implements the same learn-personalize-predict cycle for auto dealerships. Pathak and his team have been successful in developing an AI-powered online platform that focuses on enabling and improving each of the 40,000+ interactions auto dealers have with customers every year. “Think of it as a hologram around the customer who walks in for a service or to buy a new car.
myautoIQ provides dealers with the intelligence needed to power the full customer lifecycle, from acquisition to engagement to retention
The hologram tells the service advisor or salesperson who the customer is, what their needs and preferences are, what their vehicles needs are, are they actively looking for a car, how much are they likely to pay, which car from my inventory should I talk about and what offer will close the deal. It changes how customers are engaged, acquired, and retained,” states Pathak.
With a customer-first approach, myautoIQ addresses various challenges in the automobile dealership space by leveraging proprietary ML algorithms that stitch together and query multiple external datasets and incorporates the intelligence in dealer workflow. “myautoIQ’s AI engine uses its algorithm’s outputs to power the full customer journey, from acquisition to engagement to retention in realtime through the myautoIQ digital platform,” says Rohit Sharma, Co-Founder, and CTO for myautoIQ.
For new leads, myautoIQ provides dealers with the ability to identify and score leads across their service customers and their neighborhoods. When a service customer walks into a dealership, myautoIQ scores and alerts the dealer if the customer qualifies as a prospect and provides them with the intelligence needed to close the deal. myautoIQ also combs through the thousands of consumers in the dealer’s neighborhood and identifies the few who are looking for a new car that the dealer sells.
“We draw high interest in our lead qualification and scoring capabilities from the auto dealers as it is easy to try and has immediately measurable ROI. As the benefits of our AI-based approach becomes apparent, the interest moves to increasing customer experience across the service journey, the core to customer retention,” says Sharma.
The company expects 2019 to be a busy year, aiming to tie-up with manufacturers and dealers to support them with consistent, effective, and intelligent customer service solutions across various brands. myautoIQ also looks forward to developing a partner ecosystem through an application programming interface (API) model that enables existing dealer management systems and CRMs to embed myautoIQ’s intelligence. Envisioning a well-connected, digitized dealership, myautoIQ intends to break customer service boundaries, maximize customer engagement, and help auto dealers capitalize on the endless monetization opportunities.