Insider Brief
- Cogito has announced a new funding round, emphasizing its commitment to enhancing real-time AI coaching and guidance in the enterprise sector, specifically aimed at improving agent support in contact centers and customer experiences.
- The participation of major investors reaffirms the significance of employee and customer experiences in the current challenging economic climate.
- The funding will fuel advancements in generative AI, emotion, and conversation AI, addressing challenges such as the increased complexity of customer issues, higher expectations on call center agents, and reduced employee churn.
PRESS RELEASE — BOSTON/October 24, 2023— (BUSINESS WIRE) — Cogito, the leader in real-time AI coaching and guidance for the enterprise, today announced it has secured new funding to help advance features aimed at better supporting agents in the contact center and improving customer experiences. The funding round, including repeat commitments from two major investors, validates the importance of delivering strong employee and customer experiences in today’s turbulent economic climate. This significant investment demonstrates the impact potential of human-aware AI systems, and the belief that Cogito is best suited to deliver on their promise.
Despite the influx of new technology to further automate the customer experience (CX), contact center leaders face increasingly complex challenges and need creative, automated solutions to help solve them. Customer frustrations are heightened as self-service methods don’t effectively resolve their issues, requiring agents to have more in-depth knowledge into their brands’ solutions. This, in turn, places more responsibilities in agents’ hands, leading to a poor employee experience (EX) and increased attrition rates. With all of these factors intertwined, contact center leaders are seeking efficient ways to better service customers, while creating positive employee experiences and ensuring all KPIs and revenue goals are met.
“Regardless of which end of the phone you sit on, 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,” said Josh Feast, CEO and co-founder of Cogito. “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.”
Fueled by this latest funding round, investments in generative AI and new innovations in emotion and conversation AI will help to solve unprecedented challenges, including:
- Address increased complexity of customer issues: Forrester’s latest CX Index revealed that customer satisfaction has declined for the second year in a row across all major industries. This speaks to the multifaceted challenges customers are facing, which are no longer effectively solved with self-service channels such as chatbots. To help resolve this, Cogito is delivering a revolutionary approach to quality assurance, leveraging real-time intelligence to ensure optimal customer experiences are consistently delivered.
- Manage higher expectations placed on call center agents: Not only are agents expected to know more to help solve more complex issues, they are also required to take on a sales role, effectively engaging customers in upsell and cross-sell opportunities to support revenue growth. Real-time AI coaching from Cogito arms agents with all the resources they need at their fingertips, giving them the tools and confidence they need to succeed.
- Reduce employee churn: In the past three years, employee attrition rates have jumped from 30% to 45% in the contact center, marking an all-time high. These turnover rates lead to significantly increased costs as contact center leaders are forced to allocate scarce resources to train and onboard new agents. To reduce attrition rates, Cogito is helping enterprises further improve EX with new intervention features to support agents in becoming more resilient.
“Delivering a strong CX has never been more important than in today’s competitive, uncertain economy — and forward-looking companies know that a strong CX starts with their own employees,” said Joe DiSabato, Managing Director at Goldman Sachs. “Cogito’s expertise in AI solutions for contact centers positions them to capitalize on this exciting market opportunity for large enterprise companies to usher in a new era of CX- and EX-led business growth.”
To assist in successfully bringing these innovations to market, Cogito is investing in its own workforce with two new executive team appointments. Naomi Nuta has been named as Cogito’s Vice President of Marketing, while Mark Theall has been appointed as Cogito’s Vice President of Growth. Nuta will drive a holistic marketing strategy as Cogito continues to expand, and Theall will spearhead onboarding of new enterprise accounts while cultivating customer relationships.
To learn more about Cogito and how it helps the world’s leading brands, click here.
About Cogito
Cogito innovates with emotion and conversation AI to deliver real-time coaching and guidance to contact centers and frontline teams. Cogito supports agents and supervisors to improve effectiveness, experience and empathy by providing human-aware and human-empowering coaching and insights. The world’s most well-known brands, including 8 of the Fortune 25, use Cogito to improve their connection with customers and elevate team member well-being. Founded in 2007, Cogito is a venture-backed software company based in Boston, MA. Learn more at www.cogitocorp.com.
Contacts
PAN Communications
Sarah Sturba
[email protected]
Cogito Corporation
Naomi Nuta
[email protected]
