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Sonasoft Making Quick Strides in the AI powered Data Management Solutions with the Launch of Aura

20 Nov Sonasoft Making Quick Strides in the AI powered Data Management Solutions with the Launch of Aura

Sonasoft (OTCQB: SSFT), a pioneer in the AI powered data management solutions space, has launched AURA , the world’s first AI powered people support engine, which can work with pre-existing systems to provide unmatched insights and assistance. The platform can supplement the capabilities of tools such as Salesforce, Zendesk or Zoho by adding intelligent automation to the mix, and thereby helps in faster resolution of issues, improved efficiency and productivity.

AURA, which is an acronym for Anticipate, Understand, Resolve and Assist, can analyze historical actions and data to offer comprehensive forecasts through use of chatbot capabilities and natural language processing. The system recognizes data patterns and uses them to resolve issues automatically thereby empowering the workforce to concentrate on more critical tasks. The application of the system can be extended to numerous areas of the organization such as HR, Customer support, engineers and sales force.

Sonasoft has designed AURA using its proprietary NuGene platform that is capable of offering leading-edge case deflection solutions, by preempting and intercepting customer requests and providing automatic resolutions for the same. Ankur Garg, Chief of AI, opines

NuGene is a revolutionary approach that understands that sequences of events are critical to understanding the real world. This allows AURA to gain unrivaled insights and understanding from all of your data.

Frank Velasquez, CEO of Sonasoft, commented

We have developed AURA with input from some of the world’s biggest software companies. AURA is a paradigm shift for people support systems. Rather than solving a specific problem, we have built an AI that learns to anticipate and understand your needs and resolves your issues before they happen.”

Sonasoft (OTCQB: SSFT)

Market Cap: $62.85M; Current Share Price: 0.32 USDChart
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Industry
Artificial Intelligence is witnessing burgeoning demand and gaining wide scale acceptance owing to the humongous amount of data being generated by new age organizations. There is a growing need for tools that enable advanced data interpretation, and offer valuable insights, that can be used for serving both internal as well as external customers better. According to a report by Markets and Markets, the artificial intelligence as a service market is expected to reach USD 10.88 Billion by 2023, growing at a CAGR of 48.2%, from USD 1.13 Billion in 2017.

Innovative AI powered solutions are making their way in to the service industry, to address the demand for software tools and services that use machine learning, deep learning, and natural language processing [NLP]. The application of these novel solutions is to be found in various industries such as agriculture, manufacturing, banking, transportation, healthcare, insurance, telecommunication and defense and government functioning. The emergence of Application Programming Interface (API) and Software Development Kit (SDK) and growing number of innovative startups will propel the growth in the industry according to the report.

AI powered service solutions can create better customer experiences as they eliminate the need for long wait times, human errors and the solutions offered are mostly preemptive and quick in nature. This can help improve customer loyalty and brand reputation as well. In fact the conversational AI market size is estimated to be worth over USD 15.7 billion by 2024, growing at a CAGR of 30.2% , from  USD 4.2 billion in 2019 according to a report.

However as the adoption of AI is still in its nascent stage, the prohibitive costs of design, implementation and customization as well government and regulatory hurdles may hamper the growth in the market and act an impediment for the industry from reaching its full potential.

Company
Sonasoft’s proprietary AI discovery platform NuGene leverages AI to find meaningful patterns in data and provide valuable insights. There are two major differences between NuGene and other AI platforms namely autonomy and a universal narrow machine learning platform. The system works independently and does not need any human intervention and most importantly can recognize and adapt to all forms of machine learning, while choosing the one best suited for a Company’s requirement.

Image Source: Company

Another advantage offered by the use of NuGene is that the system works with raw data, and thereby is devoid of any bias, which is characteristic of use of preprocessed data. It tries to replicate the workings of human logic by observing cause and effect and formulating a list of hypothesis, which are then used to create detailed machine learning models. The system can populate charts and graphs, to demonstrate its understanding of the data, in order to allow humans to validate the model and provide more insights.

NuGene offers the advantage of being industry and application agnostic and lends itself to being easily adopted in any industry. It can work with any sort of data including text, images, sound and structured data and find interesting patterns from a vast set of data as against the use of “feature extraction” by conventional AI solution providers. Most importantly the system realizes that all data is time-dependant and hence analyzes the boarder macroeconomic inputs before drawing conclusions from a set of data.

The Company recently won a proof of concept (POC) project with Delaware Electric Cooperative, for the use of NuGene to accurately predict peak usage, and minimize implementing load control measures with a view to reduce costs, increase customer satisfaction, and deliver reliable power to its customers. In addition the Company also won a contract with Padmini VNA, a manufacturer for original equipment manufacturers for the use of NuGene in O&M Robotics, a partner of Padmini VNA, to autonomously navigate and clean solar panels, leading to cost-effective maintenance according to a Company statement.

Key Takeaways

  • The adoption of Artificial Intelligence is still at its nascent stage, with Companies facing multiple challenges such as insufficient or incorrect data, lack of skilled manpower, difficulty identifying appropriate use cases for the implementation of this technology in their organization. The cases where data is available, there are issues of processing bias leading to generation of faulty hypothesis and incorrect models.
  • Integration is another major challenge as Companies struggle with incorporating AI into already existing systems. The introduction of AI in some cases needs overhaul of existing data infrastructure such as data storage, realignment of data and re-training and testing and creation of a feedback loop to ensure that the systems are working fine, all of which are deemed time-consuming, cumbersome and costly.
  • The Company has been on a roll as it has signed new contracts from varied verticals such as those of Delaware Electric Cooperative, Padmini VNA. Establishing strategic contracts will not only help it gain a foothold in the industry, but also assist in building a reputation for quality and cost-effective AI solutions. Sonasoft’s offerings differ from those of competitors as they offer highly differentiated solutions, this will hold the Company in good stead.
  • Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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    Source:

    https://www.globenewswire.com/news-release/2019/11/15/1947953/0/en/Sonasoft-Launches-AURA-the-World-s-First-AI-Powered-People-Support-Engine.htmhttps://www.marketsandmarkets.com/Market-Reports/artificial-intelligence-ai-as-a-service-market-121842268.htmll

    https://www.prnewswire.com/news-releases/conversational-ai-market-worth-15-7-billion-by-2024—exclusive-report-by-marketsandmarkets-300811671.html

    https://www.globenewswire.com/news-release/2019/10/22/1933212/0/en/Sonasoft-s-SSFT-Artificial-Intelligence-AI-Solution-Wins-POC-Project-with-Large-East-Coast-Electric-Utility-Company.html

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