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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.
“In this context and unlike its peers that have simply offered incremental upgrades of their legacy technologies MyWave’s Frank is a wholly innovative solution,” said Michael.
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.
“MyWave is making particular inroads into the UK market and is currently in advanced negotiations with eight of the country’s most well-known brands spanning retail, finance, travel, and telecommunications,” noted Michael.
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. The award recognizes the high research and development (R&D) spending towards innovation and its relevance to the industry, as well as the positive impact on brand perception.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
About MyWave
MyWave (mywave.me) is re-defining the future of digital relationships between businesses and consumers. MyWave’s technology brings together Artificial Intelligence and commerce, flipping the traditional Customer Relationship Management (CRM) model on its head by putting the customer in control of their data via an intelligent assistant called Frank.
Frank is the ultimate assistant as he uses biologically inspired, Personal Neural Nets. These are created by the combination of a Natural Language Intent Recogniser, Personal Cloud and Conversation Assistants to learn through every interaction and never ask the same question twice. He uses this information to provide hyper personalised experiences, reducing friction and churn and improving brand loyalty.
About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our Growth Partnership supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: the Integrated Value Proposition and the Partnership Infrastructure.
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