The number of products based on artificial intelligence is steadily increasing in Azerbaijan. One such product is an AI-powered chatbot project recently developed by "Tezfinance Tech" LLC, which has been certified as a startup by KOBİA (The Small and Medium Business Development Agency).
The founder and CEO of LLC, Elnur Asgarli, told "vergiler.az" that since 2017, the application of artificial intelligence in global companies has more than doubled. It is expected that in the coming periods, the extent of AI usage in daily operations will continue to rise. In 2021, investment in artificial intelligence doubled to reach $66.8 billion. Additionally, 65 AI companies achieved a market valuation of over $1 billion, marking a 442% hike compared to the previous year. It is projected that the AI market will grow to $305.90 billion by 2024. The annual growth rate is expected to hover around 15.83%, which is to baloon a market size by $738.80 billion by 2030. The startup founder believes that one of the key trends in the use of artificial intelligence is improving customer service and support through chatbots and virtual assistants. As tangible technological results have been achieved in this field, the demand for virtual assistants and chatbots is on the rise for the market of AI technologies.
According to PwC's 2024 study, 54% of the companies surveyed have used GenAI (generative AI) applications in some form within a year of the ChatGPT service being introduced to the market. Presumably, should the similar GenAI applications be implemented in our country, it would possible to estimate that at least 50% of SMEs will be using GenAI technologies in the near future. As a result, it is expected that approximately 178,000 SMBs will participate in the GenAI market. If each entity is estimated to spend an average of 50 manat per month on existing GenAI services, the total potential market for these services in Azerbaijan is projected to be 8.9 million manat per month and 106.8 million manat per year. Since "TezFinance Tech" LLC's AI-powered chatbot and debt notification system actively uses GenAI technology, it appears that there is significant market potential in our country.
The AI-based customer service program, AICA, communicates with customers via Telegram BOT and WhatsApp chat. It utilizes content based on product information provided by the company and answers customer questions based on the context provided through the OpenAI LLM (large language model). Additionally, AICA provides automatic calls to delinquent customers and delivers voice messages created using TTS (text-to-speech) technology. The payments received from companies for this functionality serve as the primary revenue source for the project. According to E. Asgarli, the primary target market consists of small and medium-sized enterprises (SMBs) that need to address simple and repetitive customer inquiries: “Call center-type solutions for answering customer questions and making reminder calls to delinquent customers are costly. Additionally, available personnel is required in order to answer the calls, which can only be done during working hours.”Since the AICA chatbot and debt notification system addresses these issues, it can respond to simple and repetitive customer inquiries 24/7 at minimal cost to SMBs and without the need to recruit additional staff.
Additionally, it is possible to make automated reminding calls to customers about their debts at specified intervals. As a result, both functionalities contribute to increased customer satisfaction. To ensure accurate and efficient use of the Azerbaijani language, AICA employs a specialized tokenizer. This tokenizer breaks text into individual tokens, allowing AICA to analyze and understand the language at a detailed level. The tokenizer plays a crucial role in enabling AICA to provide precise and context-aware responses in Azerbaijani. To reach SMB targets with information about the AICA chatbot, professional strategies including a website and SEO, content marketing, social media, email marketing, and paid advertising will be utilized. The main competitors are companies offering call center equipment and services: “Our advanced product, the AICA chatbot and debt notification system, uses cutting-edge AI technology to revolutionize customer service. Our goal is to make the use of artificial intelligence in customer interactions accessible to every company. One of "TezFinance Tech" LLC's primary objectives is to leverage the technical skills of the company's team to develop ready, subscription-based services based on complex AI technologies and make AI technology accessible to SMBs.”
The AICA system offers numerous advantages for SMBs and simultaneously establishes key benefits over competitors of "TezFinance Tech" LLC. The AICA chatbot reduces costs compared to expensive call center equipment and software, and it saves on labor costs as there no need for a large workforce. For instance, the AICA debt notification system can make calls up to 2,500-3,000 customers during day though 4 mobile numbers. Voice calls are rather effective than SMS alerts and elicit more positive reactions from customers. In contrast, to achieve the same volume of calls by operators, at least 6 full-time operators would be required, along with 1 or 2 additional operators for replacements, resulting in an extra monthly cost of nearly 4,000 manat. The AICA chatbot demonstrates flexibility in interacting with customers based on specific business needs, featuring personalized responses, automated workflows, and integration with existing systems. E. Asgarli added that while there are several companies importing call center equipment for customer service within the domestic market, these do not fully meet consumer demand. The demand is primarily satisfied by the virtue of the equipments imported from abroad. AICA, which shifts from human operator-based communication into AI and software-based solutions, offers locally developed software tailored to the needs of domestic businesses which provides a comprehensive solution for local demand. There is a significant demand for customer service solutions like AICA in the international market, indicating a substantial export potential. The product is initially planned for launch in Georgia and Central Asia, with plans to enter the Turkish market based on the experience gained in those markets.
https://vergiler.az/news/economy/31276.html
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