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<ul><li><keyword id="15681942" type="General" weightage="40" keywordseo="chatgpt" source="Orion">ChatGPT</keyword> backed superbots are not the holy grail that can solve all problems of consumer companies. It took <keyword id="8939913" type="General" weightage="80" keywordseo="jio-haptik" source="Orion">Jio Haptik</keyword> six months to learn that these bots need to be schooled before they can be unleashed in the real world.</li><li>LLM backed bots are good for simple queries but are no good when they are expected to multitask.</li><li>For enterprises that want to improve customer satisfaction using bots, Haptik’s <keyword id="19728845" type="General" weightage="50" keywordseo="contakt" source="Orion">Contakt</keyword> has solved many of the challenges around data privacy and hallucination.</li></ul> When <keyword id="3169059" type="General" weightage="20" keywordseo="openai" source="Orion">OpenAI</keyword> launched ChatGPT a year ago, it was seen as a superbot that could slay any problem in a jiffy. Companies across the world went into a huddle to figure how they could unleash the superbot to address concerns of their respective customers. While companies were looking at ChatGPT’s use cases, many were quick to pronounce the death of CRM companies. Jio Haptik – a leader in conversational AI – also went into a huddle to figure out its own future after the launch of OpenAi’s ChatGPT. "Surprisingly, Haptik’s team realised that GPT is not a one-size-fits-all solution for all problems." Explains Swapan Rajdev, Haptik’s CTO and co-founder, “When GPT launched, it was perceived as this holy grail that could solve everything. As we started digging deeper, we realised it struggles with multitasking. If you give it a small task and give clear instructions, it will work very well. As more things get added it will get confused." Haptik decided to figure out a way for enterprises to ensure good customer experience using this new disruptive technology. Actual production grade scalable <keyword id="6373684" type="General" weightage="60" keywordseo="chatbots" source="Orion">chatbots</keyword> are not simple. GPT has ensured that bots can be conversational, but a lot more needs to be done to train them to solve problems in real time. Training a bot that can represent an enterprise means the bot has to undertake several tasks at the same time. One prompt, therefore, cannot answer different queries. Haptik has created an architecture using LLM to address customer engagements not just through the bot but also for contact centre agents who often struggle to understand a customer’s history and context in real time. What consumer companies don’t realise is that hallucination is a bigger problem than many envision. An LLM powered bot can hallucinate when it is asked a question it has not been trained to answer. Haptik decided to work on solving many such problems that would spring up while dealing with consumers. Privacy is one thing that rarely comes up when companies are looking to roll out LLM powered bots on their websites. If it is not trained properly, a superbot can possibly share existing data of customers too. Jio Haptik has spent the last six months finding ways to train this superbot so that guardrails are built around such LLM powered superbots. It has come up with a product (Contakt) that can help companies engage smartly with their consumers, but without the pain points. Artificial intelligence has been around for a while now and has been used by companies to address consumer queries. But in the past, CRM companies had to envisage and feed in potential questions and answers into the system. But it is hard to imagine every question that can be asked by individuals. Haptik’s Contakt can allow a sweep of the knowledge management system of companies to come up with a bot that is well trained to represent the company. Jio Haptik’s CEO &amp; co-founder, Aakrit Vaish, says: “AI has been key to customer experience but limitations of traditional, rule-based chatbots have often left customers frustrated. The launch of ChatGPT was truly a pivotal moment in our history as an industry, and now the technology finally exists to make world class CX a possibility. With Contakt, every brand can now have their own custom LLM assistant that delivers end-to-end customer experiences, starting at the pre-sales stage, driving transactions, and finally in post-sales engagement to unlock customer loyalty.” Powered by LLMs at every touchpoint, Contakt is designed to enhance the user experience throughout the customer lifecycle, enabling every brand to have a ChatGPT-like solution of their own. Contakt is more than a standalone solution that aims to streamline customer experience. It empowers customers with self-serve options and automation of routine tasks, and improves agent productivity with co-pilot offerings. Further, the suite’s analytics engine helps track bot and agent performance, and optimize for better customer outcomes with AI-powered recommendations. Contakt is well suited for pre-sales conversational buying guidance and for customer self-service. Its other interesting feature includes Agent Co-pilot for superior agent productivity, and Intelligent analytics to track and optimize metrics that truly matter. The platform’s self-serve support resolves a vast range of customer queries on its own and actively learns from customer conversations to provide natural and adaptive responses each time, enhancing the overall customer experience.Agent Co-pilot equips agents for better productivity and conversational assistance. It helps reduce query resolution time, query handling time, first-response time among other metrics for improved customer satisfaction.The analytics feature on Contakt allows businesses to create custom reports and dashboards, and get a comprehensive view of customer outcomes, including customer satisfaction score, query completion rate, and others. Commenting on the integrating GPT like capabilities into its sales function, Anand Thakur, Chief Product and Technology Officer at Reliance Retail, says: “The integration of ChatGPT-like capabilities into our web sales assistant will not only streamline the buying process but also elevate overall customer experience - turning window shoppers into buyers! We believe that this will play a pivotal role in shaping the future of retail tech, providing a unique and tailored experience for every Tira Beauty customer." The company is all set to launch its Generative AI Beauty Advisor chatbot on the Tira Beauty website with Jio Haptik. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/openai-exec-says-this-is-the-most-overhyped-and-underhyped-thing-about-ai-right-now/articleshow/105736434.cms" data-type="tilCustomLink" target="_blank">OpenAI exec says this is the most overhyped — and underhyped — thing about AI right now</a>

Chatbots hallucinate and get confused, says Jio Haptik which is ‘training’ them

<ul><li><keyword id="4667782" type="General" weightage="80" keywordseo="sabnavis" source="Orion">Sabnavis</keyword> said it believes that the terminal repo rate for the financial year is expected to be 6.5 per cent.</li><li>An out-of-turn meeting of the <keyword id="6375120" type="General" weightage="50" keywordseo="monetary-policy-committee" source="Orion">Monetary Policy Committee</keyword> (MPC) of the Reserve Bank of India was held in early November.</li><li><keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> had already hiked the key policy rate by 190 basis points since May to 5.9 per cent to cool off domestic retail inflation.</li></ul> The Reserve Bank of India's three-day monetary policy committee meeting commences today. Financial markets will be keenly watching the committee's stance as consumer inflation is still above the 6 per cent target band. "The RBI will be presenting the monetary policy against the backdrop of GDP growth slowing down as well as inflation being high above 6 per cent. We do believe that the MPC will continue with rate hikes this time though the magnitude will be lower - probably 25-35 bps," said <keyword id="170005" type="General" weightage="50" keywordseo="madan-sabnavis" source="Orion">Madan Sabnavis</keyword>, Chief Economist at <keyword id="6358007" type="General" weightage="50" keywordseo="bank-of-baroda" source="Orion">Bank of Baroda</keyword>. More specifically, Sabnavis said it believes that the terminal repo rate for the financial year is expected to be 6.5 per cent, which essentially means there will be one more rate hike in February meeting. "It is unlikely to change the stance and the withdrawal of liquidity will continue. While the RBI will take a hard look at both the GDP and inflation projections, there could be some downward revision for GDP growth. In short, there will not be any surprise for the market just as is the case for global markets too which are now expecting more moderate increases in interest rates by the <keyword id="45672" type="General" weightage="50" keywordseo="fed" source="Orion">Fed</keyword>," Sabnavis added. The central bank had already hiked the key policy rate by 190 basis points since May to 5.9 per cent to cool off domestic retail inflation that has stayed above the RBI's upper tolerance limit for over three quarters now. In October, retail inflation was 6.77 per cent. Under the flexible inflation targeting framework introduced in 2016, the RBI is deemed to have failed in managing price rises if the CPI-based inflation is outside the 2-6 per cent range for three quarters in a row. An out-of-turn meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India was held in early November to discuss and draft the report to be sent to the central government for having failed in maintaining the inflation mandate. The meeting was called under Section 45ZN of the Reserve Bank of India (RBI) Act 1934, which pertains to steps to be taken if the central bank fails to meet its inflation-targeting mandate. Further details about the special meeting are not officially in the public domain. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/more-to-be-expected-from-rbis-mpc-meeting-than-just-a-rate-hike-say-experts/articleshow/95991628.cms">More to be expected from RBI's MPC meeting than just a rate hike say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/canada-overwhelmed-with-tridemic-of-covid-19-flu-and-respiratory-syncytial-virus/articleshow/95990833.cms">Canada overwhelmed with 'tridemic' of Covid-19, flu and respiratory syncytial virus</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/jio-haptik-aims-to-turn-profitable-before-listing/articleshow/95975823.cms">With an eye on listing in the future, Jio Haptik trains guns on growth &amp; profitability</a>

Bank of Baroda expects 25-35 basis points rate hike from Dec 5-7 RBI policy meet

<ul><li>Reliance Industries-backed <keyword id="4380499" type="PERSON" weightage="20" keywordseo="Haptik">Haptik</keyword> has acquired Buzzo.ai. </li><li>Buzzo.ai’s functionality works on similar lines as that of Amazon’s <keyword id="196611" type="COMPANY" weightage="20" keywordseo="Alexa">Alexa</keyword>. </li><li>The idea is to simulate a real-life sales associate for commerce.</li></ul>Reliance Industries-backed Haptik has acquired Buzzo.ai, a voice conversational commerce platform for an undisclosed amount. This is expected to power <keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword>, the telecom venture owned by Asia’s richest man Mukesh Ambani, and, possibly, his upcoming e-commerce venture. Buzzo.ai works on similar lines of Alexa, where through an Artificial Intelligence assistant it can understand a customer's needs through conversation. It then comes up with the most relevant recommendations that match the specific inputs and explains why that may be the best choice. The acquisition of Buzzo.ai by Haptik is expected to complement Reliance Jio’s $100 million bet, for an 87% stake, on Haptik made in April this year. “Essentially as a company the way we are set up is that we have our business which involves delivering customer experience and AI solutions for all our clients. And Reliance Jio is the biggest client. That’s how buzzo will be extended, the solutions will be given to all our clients including Jio, through which we hope to generate a ton of business,” Aakrit Vaish, co-founder and CEO, Haptik told Business Insider. Vaish admits that Buzzo.ai’s functionality is like an Alexa. However, how it will be taken to market might be different, according to him. “It will be driven into the B2B market to our clients, who will further implement it for their customers,” he said. Haptik currently has over 50 clients across the US and India. Vaish hopes to double their business in the next year thanks to backing by Reliance and subsequent acquisitions.

Reliance Jio just added an Alexa-like product to its cart via Haptik

<keyword id="2990732" type="General" weightage="80" keywordseo="microsoft-translator" source="Orion">Microsoft Translator</keyword> now supports -- Assamese, Bengali, Gujarati, Hindi, Kannada, Konkani, Maithili, Malayalam, Marathi, Nepali, Odia, Punjabi, Sindhi, Tamil, Telugu, Urdu, Bhojpuri, Bodo, Dogri, and Kashmiri. This brings <keyword id="10387" type="General" weightage="80" keywordseo="microsoft" source="Orion">Microsoft</keyword> <keyword id="169238" type="General" weightage="100" keywordseo="translator" source="Orion">Translator</keyword> a step closer to its goal of supporting all 22 official Indian languages and now covers the languages spoken by almost 95 per cent of the country's population, the company said. "We stay committed to supporting India's diverse languages and culture by leveraging the most advanced AI technology to drive the country's growth and make access to technology more inclusive," <keyword id="125928" type="General" weightage="50" keywordseo="rajiv-kumar" source="Orion">Rajiv Kumar</keyword>, Managing Director, India Development Center, Microsoft India, said in a statement. The translation feature can be accessed through the Microsoft Translator app, Edge browser, Office 365, Bing Translator, and the Azure AI Translator API for businesses and developers, which is being used by companies such as Jio Haptik and <keyword id="3518161" type="General" weightage="50" keywordseo="koo" source="Orion">Koo</keyword>. Microsoft's collaboration with Jio Haptik and the integration with Translator play a pivotal role in bridging linguistic divides and empowering India's diverse communities through technology access for all major Indian languages. "This development is quite exciting for Haptik because it offers our customers the opportunity to be more inclusive and reach a wider audience. They can now provide support in languages like Bhojpuri, Bodo, Kashmiri, Dogri -- which is phenomenal," said <keyword id="2302528" type="General" weightage="50" keywordseo="swapan-rajdev" source="Orion">Swapan Rajdev</keyword>, Co-founder &amp; CTO, Jio Haptik. This new update will impact close to 61 million people and will open new economic opportunities for local artisans and businesses, allowing them to connect with a broader audience, the company stated. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/webstories/google-pixel-8-pro-vs-samsung-galaxy-s23-ultra-smartphone-comparison-of-price-and-features/slidelist/104177836.cms">The Android top end battle: Google Pixel 8 Pro vs Samsung Galaxy S23 Ultra</a> <a href="https://www.businessinsider.in/tech/mobile/news/google-launches-pixel-8-pixel-8-pro-and-pixel-watch-2-check-out-price-and-specs/articleshow/104165778.cms">Google Pixel 8, Pixel 8 Pro and Pixel Watch 2 launched with improved AI features</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s23-fe-with-exynos-2200-launched-in-india/articleshow/104155907.cms">Samsung launches S23 Fan Edition with Exynos 2200 in India</a>

Microsoft Translator now supports 20 Indian languages

New Delhi, Jul 13 () Reliance Industries, India's most valuable company, will hold its first online AGM on Wednesday and it promises to be a much bigger affair with a brand-new virtual platform that can log more than 1 lakh shareholders from 500 locations simultaneously. Reliance had so far held all in its annual general meeting (AGM) physically with shareholders outside Mumbai could never attend the annual event. They can now simply log into the event live, can listen to the plans and initiatives and comment and participate too, company sources said. For easy onboarding of its shareholders, RIL has launched an educative Chatbot via Whatsapp number +91-79771-11111 to nuance processing of logging in, asking questions and voting on the resolution. The Chatbot is equipped to answer queries and guide shareholders, prospective investors, media, and general public with accurate and immediate information on the AGM. A Chatbot works as 24x7 helpdesk, but this one can handle 50,000 querists simultaneously via conversational text and video, they said. The AGM on July 15 will showcase multiple first on a real-time basis - including a two-way live streaming and a brand-new virtual platform that enables more than 1 lakh shareholders from 500 locations, in India and overseas, to log in simultaneously, they added. The Chatbot, which debuted during Reliance's mega Rs 53,124 crore rights issue, is powered by Jio Haptik. So far, all the post-IPO AGMs of Reliance have been physical meetings that have often been equated with big fat Indian weddings. The company that is widely credited with having launched the equity culture in India, held AGMs in stadiums during times of its founder Dhirubhai Ambani. In 1985, 12,000 of them attended the Reliance AGM at the Cooperage Football Ground in Mumbai's Colaba. The next year, around 35,000 attended it at the city's Cross Maidan. Over the years, the AGMs got shifted to auditoriums even as its shareholder base swelled to over 26 lakh. And now the upcoming AGM will be virtual, where shareholders will be able to watch the AGM, ask questions to the chairman and vote - all aided by technology, in line with RIL's current focus, the sources said. By going online, RIL is bringing together its highly widespread shareholding of 26 lakh. In addition to shareholders in India, those in other countries like the US, UK, Canada UAE, Japan, HongKong, Singapore, Malaysia, and Australia will log in, they said. Platforms and capabilities to stitch the mega-AGM include video conferencing, the Jio Meet platform, Cisco Webex, and commercial webcast. All directors, key officials, and shareholder speakers will be visible and audible and thousands of shareholders will be able to post their questions and eVote on resolutions. At the last AGM on August 12, 2019, the firm's billionaire chairman Mukesh Ambani announced a roadmap for Reliance to become a net-debt free company before March 31, 2021. But the oil-to-telecom conglomerate achieved net-debt free status last month itself on the back of a record fundraising from stake sales and rights issue. Reliance secured over Rs 1.18 lakh crore from global tech investors, including Facebook, by selling 25.24 per cent of its digital business and raised Rs 53,124 crore by selling shares to existing investors. Taken together with last year's sale of 49 per cent stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company had said last month. Reliance had a net debt of Rs 1,61,035 crore as on March 31, 2020. "With these investments, RIL has become net-debt free," it had said. At the last AGM, Ambani had also announced plans to sell a USD 15 billion stake in his group's oil-to-chemical business to Saudi Arabian Oil Co but the deal has got slightly delayed. ANZ BAL

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Chatbots hallucinate and get confused, says Jio Haptik which is ‘training’ them

Malini Bhupta

Bank of Baroda expects 25-35 basis points rate hike from Dec 5-7 RBI policy meet

ANI

Reliance Jio just added an Alexa-like product to its cart via Haptik

Sanchita Dash

Microsoft Translator now supports 20 Indian languages

IANS

Reliance 1st online AGM to feature brand-new virtual platform, Chatbot

PTI

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