Powered By GPT-4 & Other AI Models, Our Chatbots Have Leveled Up: Exotel CPO

Cloud Telephony Platform Exotel’s Chief Product Officer Puru Govind told BW Businessworld that its chatbots have leveled up big time and they are now powered by cutting-edge Large Language Models (LLMs) such as GPT-4 and proprietary AI models. 

“These bots are now super good at dishing out accurate and natural-sounding responses, making them perfect for all sorts of businesses,” says Govind.

In March, ChatGPT creator OpenAI announced its next generation generative AI model GPT-4, which is capable on creating content from text and image prompts. The model is enhanced and more advanced that ChatGPT with better reasoning and capabilities. 

Exotel on Wednesday launched its new product ExoMind, a user-friendly, no-code tool enabling enterprises to create their own advanced chatbots within minutes. The cloud-based enterprise tool incorporates proprietary AI models and advanced generative AI capabilities to provide personalised customer interactions to brands. 

The company says that unlike traditional rule-based chatbots, ExoMind bots will utilise the Large Language Model (LLM) of GPT-4, generating responses that are highly accurate, natural and well-adapted to the context of the enterprise. 

“The best part? You can use these custom chatbots on all sorts of channels like WhatsApp, the web, and more. They're super handy throughout the entire customer journey, from marketing and sales to support, HR, ITSM, and troubleshooting,” says the Exotel CPO. 

We asked Govind on how their new offering functions. “First, businesses give them all sorts of content, like stuff from their website, documents, databases, product catalogs, and other records. Then, Exotel's tool works its magic by processing all that data and creating models that are tailored to specific industries and customers. It's got some serious expertise in areas like e-commerce, fintech, mobility, and last-mile logistics, so the bots are always spot-on for each brand.”

Chatbot Builder For Businesses 

The global chatbot market size was estimated at USD 5,132.8 million in 2022. The size is expected to expand at a compound annual growth rate (CAGR) of 23.3 per cent from 2023 to 2030, according to a report by Grand View Research.

Based on the business function, the sales and marketing segment dominates the market, with a revenue share of more than 39.5 per cent in 2022. The report says that finance segment is expected to expand with the fastest CAGR of 24.0 per cent from 2023 to 2030, owing to the increasing use of chatbots by the finance department to cut the company’s operating costs. Chatbots can reduce customer support and service costs, as they can handle a large volume of inquiries without requiring additional staff.

“Exotel is super excited to launch this groundbreaking solution to help businesses stay on top and boost their customer engagement strategies. We are even using ChatGPT to amp up the natural language understanding and generation skills, making the overall customer experience extra awesome across tons of channels and devices,” explains Govind.

According to Zendesk Customer Experience (CX) Trends Report Artificial Intelligence (AI), conversational experiences, personalisation, customer well-being and sentiment and integrated teams are the critical components that businesses need to deliver immersive experiences, which will shape the future of CX.

“The impact of ChatGPT and other AI advancements on CX (Customer Experience) has been nothing short of revolutionary!” says Exotel’s Govind.