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Bim Box and Kathleen Hayes on Bloomberg Radio. The market for artificial intelligence is expected to grow nearly fifty three per cent at a compounded annual growth rate by the year twenty twenty, it's estimated that it will be more than five billion dollar industry. Here to tell us more about artificial intelligence is Amid ben Off. He is the chief executive and the co founder of gong i O. They're based in Tel Aviv, Israel, but he joins us from California. I mean, thank you very much for being
with us. Heysure what is gong io and maybe as part of it, you can explain what is artificial intelligence? Okay, So gongo is a cloud software that helps companies sales more eating analyzing sales calls and sales conversations and and um tells companies how to improve their sales conversations so they're more successful with customers? How do they do that using artificial intelligence? Though, well, it's it's very difficult to
UH to tell what's the successful sales calls. There are hundreds of parameters and and it takes years to really master the craft. Think of it is UH playing chess. There are lots of possibility, lots of variables, and it takes fears for someone to really master the plan. But recently with the computer technology, you've seen UH computers being able to beat world champions and that's what we're doing
for sales calls. So we're analyzing what's going on in the call, what do customers respond to, what are the sales people asking, what are the great questions? What are not so great questions? So I mean, how do you do this? Do you have people, does your art does some your system actually listen to people on the call or have you have you are you analyzed already like thousands, hundreds of thousands of calls to say you know, oh, here's on average or here's over time that we found
really works. So both we UH, the software listens to sales calls and analyze the recording. We have tens of thousands of hours of calls recording and it's growing at several thousands every week, so we have the largest database of sales calls for me two B companies in the world.
We use speech recognition to analyze what's being said and then natural language understanding to understand at the high level what questions are being asked, what triggers objections, what the customers are UH find interesting or helpful, and UH then we analyze compared to information from the sales system to analyze which deals actually close and which have not so we know what are the successful patterns that leads to
winning deals. And those patterns also include what preset topics such as budget, timeline, pricing, So when those words pop up, there is a calculated response. Those are some of the parameters. There are a lot more, and it actually varies by companies. So think about uh, specific features of the product being described to what lengths, in what sequence? Uh? How many questions are being asked? Uh? How much time does the
customers speak on the phone versus the salesperson. So budgets, authority needs, timing of the deals are are certainly one of the the more obvious features, but there's about a hundred and fifty features that we monitor in every call. Now is so you are I'm confused. Now, are you going to decrease the need for salespeople with this new this new technology, this new software or what? Because I'm whenever I hear artificial intelligence, I think, oh bye bye
bye bye jobs. Well that's that's a great vision to have that someday the software will be able to sell on its own. But in our industry, we're selling relatively complex products, so the software really helps salespeople, making the more successful the sad reality that there is a very high attrition uh in in the sales teams. Uh. Usually they don't last more than a year and a half
at the job because it's very difficult to sail. So we're helping them just by after the call, the software gives them tips on what could have been done better on the call and what can they do to improve their pitch. So UH, we're not replacing, we're just helping. And dong Io measures the calls or monitors the calls from such conferencing platforms as Cisco WebEx go to Meeting as well as Zoom. So then you tie that into what a customer relationship system like a salesforce dot com exactly?
And what kinds of companies have you found are the most sort of accepting of this new artificial intelligence sales conversation. So so currently we're working mostly with the companies that sale techno aology over the phone, UH, software hardware and and UH and and technology services. Uh. They're more advanced, they're used to selling remotely, and they're always excited to try cutting edge technology. So how big is your market? Can you give us any sense of what what your
sales revenues? How how big you are now and how big you and the market can get. Well, we're relatively new, but we got from from zero to uh well over six figures in sales in uh fifty days. The market is you just if you look at their close to three million sales people alone in the US, there's about double that amount worldwide. And then we're going to extend the service to support about ten million people that are
using the phone to engage with customers. And if you multiplied it by about the spending per person is about six thousand dollars, you're getting tens of billions of dollars and annual revenue potential. Well, it sounds very exciting. I meant in congratulations, good luck with this. I think it's four salesperson. I'd love to have this helping me. Okay, great? I mean Bendorf. He is CEO and co founder of gong dot Io. He is located in Tel Avis, Israel. He's on the West coast today, and we thank you
so much for joining us on taking stock. I'm Kathleen Hayes along with Pim Fox, and this is Bloomberg coming off Bloomberg Laws brought you by a celebrity Motor Car Company, the luxury of BMW, the performance of Maserati, the innovation of Lexis, walked the red carpet and get the status you deserve at the Celebrity Motor Car Company. Visit Celebrity motorcar dot Com.