Cogito has obtained additional funding to enhance its features designed to provide better assistance to contact center agents and enhance overall customer experiences. This funding round, which includes continued support from two major investors, underscores the significance of delivering exceptional experiences for both employees and customers.
Amid the rising adoption of new technologies, leaders in contact centers are confronted with challenges that demand innovative automated solutions. Customers are getting more frustrated when self-service methods fail to resolve their issues, needing agents to possess deeper insights into their brand's solutions. With this in mind, contact center leaders are searching for efficient methods to enhance customer service, as well as the employee experience. Prior to the new round of funding, Cogito had already taken steps in this direction by introducing the Employee Experience (EX) Score, an AI model derived from a unique machine learning model that assesses the employee’s experience in customer interactions.
“Contact center interactions are becoming increasingly convoluted, placing undue burdens on customers, agents, and contact center organizations as they seek new ways to alleviate frustrations and solve complex issues faster. Humans alone cannot solve these challenges, but human-aware AI systems have the potential to dramatically improve both employee and customer experiences. We’re elated that this new funding both validates our approach, and gives us the ammo we need to make deep investments in emotion and conversation AI – helping us take enterprise-grade CX and EX to the next level,” said Josh Feast, CEO and co-founder of Cogito.
Dealing with the biggest challenges
With the recent funding infusion, resources will be directed toward developing generative AI and advancements in emotion and conversation AI, as well as handling the biggest challenges.
With the rising complexity of customer problems, it's noteworthy that customer satisfaction has dropped for two consecutive years in all major industries, as per the recent Forrester CX Index. This highlights the complex issues customers encounter, which can no longer be adequately resolved through self-service tools like chatbots. To tackle this, Cogito is introducing an innovative quality assurance approach that relies on real-time insights to consistently deliver optimal customer experiences.
Additionally, call center agents are facing elevated expectations – they not only need to possess greater knowledge to address intricate problems but also take on a sales function by effectively promoting upsell and cross-sell opportunities to boost revenue. Cogito's real-time AI coaching equips agents with readily accessible resources, providing them with the tools and confidence required for success in this dual role.
Over the last three years, employee turnover in contact centers has surged from 30% to an all-time high of 45%. This elevated attrition results in substantial costs, as contact center leaders must invest valuable resources in training and onboarding new agents. To mitigate attrition rates, Cogito is assisting businesses in enhancing the employee experience by introducing new intervention features aimed at bolstering agent resilience.
Strengthening its internal team
To effectively launch these innovations, Cogito is strengthening its internal team with the addition of two new executives. Naomi Nuta has been appointed as Vice President of Marketing, tasked with leading a comprehensive marketing strategy to support Cogito's expansion. Meanwhile, Mark Theall takes on the role of Vice President of Growth, with a focus on bringing new enterprise accounts on board and nurturing customer relationships.
