1 00:00:02,360 --> 00:00:05,760 Speaker 1: Global business news twenty four hours a day. If Bloomberg 2 00:00:05,800 --> 00:00:08,880 Speaker 1: dot Com, the radio, plus mobile apps and on your radio. 3 00:00:09,119 --> 00:00:13,240 Speaker 1: This is a Bloomberg Business Flash from Bloomberg World Handquarters. 4 00:00:13,280 --> 00:00:16,200 Speaker 1: I'm Charlie Pellet, S and P five hundred indecks climbing 5 00:00:16,200 --> 00:00:18,919 Speaker 1: to a record, extending a rally from Friday when a 6 00:00:19,000 --> 00:00:22,640 Speaker 1: better than forecast jobs report brightened the economic outlook without 7 00:00:22,640 --> 00:00:26,759 Speaker 1: fueling expectations that the Federal Reserve will raise rates sooner. 8 00:00:27,000 --> 00:00:30,240 Speaker 1: S and P five hundred indecks up seven to thirty 9 00:00:30,320 --> 00:00:32,800 Speaker 1: seven again there of three tenths of one percent, The 10 00:00:32,880 --> 00:00:35,120 Speaker 1: Dow up eighty points, a gain of point four percent, 11 00:00:35,440 --> 00:00:38,800 Speaker 1: Nastack of thirty one points, a gain of point six percent. 12 00:00:39,200 --> 00:00:42,919 Speaker 1: After the bell al Car reported earnings that exceeded analysis estimates, 13 00:00:43,159 --> 00:00:45,360 Speaker 1: Gold down to ten, the ounce A dropped there of 14 00:00:45,440 --> 00:00:48,560 Speaker 1: two tenths of one percent. I'm Charlie Pellet, and that's 15 00:00:48,640 --> 00:00:52,920 Speaker 1: a Bloomberg business flash. You're listening to taking stock with 16 00:00:53,080 --> 00:00:57,600 Speaker 1: Bim Box and Kathleen Hayes on Bloomberg Radio. The market 17 00:00:57,640 --> 00:01:03,640 Speaker 1: for artificial intelligence is expected to grow nearly fifty three 18 00:01:03,840 --> 00:01:07,720 Speaker 1: per cent at a compounded annual growth rate by the 19 00:01:07,800 --> 00:01:10,319 Speaker 1: year twenty twenty, it's estimated that it will be more 20 00:01:10,319 --> 00:01:14,200 Speaker 1: than five billion dollar industry. Here to tell us more 21 00:01:14,200 --> 00:01:17,840 Speaker 1: about artificial intelligence is Amid ben Off. He is the 22 00:01:17,920 --> 00:01:21,440 Speaker 1: chief executive and the co founder of gong i O. 23 00:01:21,680 --> 00:01:24,600 Speaker 1: They're based in Tel Aviv, Israel, but he joins us 24 00:01:24,920 --> 00:01:27,440 Speaker 1: from California. I mean, thank you very much for being 25 00:01:27,480 --> 00:01:33,400 Speaker 1: with us. Heysure what is gong io and maybe as 26 00:01:33,480 --> 00:01:39,360 Speaker 1: part of it, you can explain what is artificial intelligence? Okay, 27 00:01:39,400 --> 00:01:44,119 Speaker 1: So gongo is a cloud software that helps companies sales 28 00:01:44,200 --> 00:01:48,600 Speaker 1: more eating analyzing sales calls and sales conversations and and 29 00:01:48,760 --> 00:01:52,840 Speaker 1: um tells companies how to improve their sales conversations so 30 00:01:52,920 --> 00:01:57,240 Speaker 1: they're more successful with customers? How do they do that 31 00:01:57,360 --> 00:02:02,440 Speaker 1: using artificial intelligence? Though, well, it's it's very difficult to 32 00:02:02,680 --> 00:02:05,560 Speaker 1: UH to tell what's the successful sales calls. There are 33 00:02:05,680 --> 00:02:08,760 Speaker 1: hundreds of parameters and and it takes years to really 34 00:02:08,800 --> 00:02:13,840 Speaker 1: master the craft. Think of it is UH playing chess. 35 00:02:14,000 --> 00:02:16,680 Speaker 1: There are lots of possibility, lots of variables, and it 36 00:02:16,720 --> 00:02:19,440 Speaker 1: takes fears for someone to really master the plan. But 37 00:02:19,639 --> 00:02:24,239 Speaker 1: recently with the computer technology, you've seen UH computers being 38 00:02:24,240 --> 00:02:26,679 Speaker 1: able to beat world champions and that's what we're doing 39 00:02:26,760 --> 00:02:30,160 Speaker 1: for sales calls. So we're analyzing what's going on in 40 00:02:30,160 --> 00:02:33,120 Speaker 1: the call, what do customers respond to, what are the 41 00:02:33,160 --> 00:02:35,600 Speaker 1: sales people asking, what are the great questions? What are 42 00:02:35,760 --> 00:02:37,840 Speaker 1: not so great questions? So I mean, how do you 43 00:02:37,880 --> 00:02:40,000 Speaker 1: do this? Do you have people, does your art does 44 00:02:41,080 --> 00:02:44,440 Speaker 1: some your system actually listen to people on the call 45 00:02:44,840 --> 00:02:49,119 Speaker 1: or have you have you are you analyzed already like thousands, 46 00:02:49,160 --> 00:02:51,720 Speaker 1: hundreds of thousands of calls to say you know, oh, 47 00:02:51,720 --> 00:02:54,919 Speaker 1: here's on average or here's over time that we found 48 00:02:54,919 --> 00:02:59,840 Speaker 1: really works. So both we UH, the software listens to 49 00:03:00,040 --> 00:03:04,200 Speaker 1: sales calls and analyze the recording. We have tens of 50 00:03:04,240 --> 00:03:07,200 Speaker 1: thousands of hours of calls recording and it's growing at 51 00:03:07,240 --> 00:03:10,200 Speaker 1: several thousands every week, so we have the largest database 52 00:03:10,240 --> 00:03:13,440 Speaker 1: of sales calls for me two B companies in the world. 53 00:03:14,760 --> 00:03:17,640 Speaker 1: We use speech recognition to analyze what's being said and 54 00:03:17,639 --> 00:03:21,320 Speaker 1: then natural language understanding to understand at the high level 55 00:03:21,360 --> 00:03:25,440 Speaker 1: what questions are being asked, what triggers objections, what the 56 00:03:25,600 --> 00:03:30,359 Speaker 1: customers are UH find interesting or helpful, and UH then 57 00:03:30,400 --> 00:03:33,320 Speaker 1: we analyze compared to information from the sales system to 58 00:03:33,360 --> 00:03:36,600 Speaker 1: analyze which deals actually close and which have not so 59 00:03:36,640 --> 00:03:39,920 Speaker 1: we know what are the successful patterns that leads to 60 00:03:40,560 --> 00:03:45,400 Speaker 1: winning deals. And those patterns also include what preset topics 61 00:03:45,440 --> 00:03:50,080 Speaker 1: such as budget, timeline, pricing, So when those words pop up, 62 00:03:50,520 --> 00:03:55,280 Speaker 1: there is a calculated response. Those are some of the parameters. 63 00:03:55,280 --> 00:03:57,960 Speaker 1: There are a lot more, and it actually varies by companies. 64 00:03:57,960 --> 00:04:03,080 Speaker 1: So think about uh, specific features of the product being 65 00:04:03,080 --> 00:04:06,920 Speaker 1: described to what lengths, in what sequence? Uh? How many 66 00:04:07,000 --> 00:04:11,480 Speaker 1: questions are being asked? Uh? How much time does the 67 00:04:11,520 --> 00:04:16,640 Speaker 1: customers speak on the phone versus the salesperson. So budgets, 68 00:04:16,680 --> 00:04:20,640 Speaker 1: authority needs, timing of the deals are are certainly one 69 00:04:20,680 --> 00:04:26,160 Speaker 1: of the the more obvious features, but there's about a 70 00:04:26,279 --> 00:04:29,640 Speaker 1: hundred and fifty features that we monitor in every call. 71 00:04:30,360 --> 00:04:34,240 Speaker 1: Now is so you are I'm confused. Now, are you 72 00:04:34,400 --> 00:04:38,760 Speaker 1: going to decrease the need for salespeople with this new 73 00:04:39,160 --> 00:04:42,840 Speaker 1: this new technology, this new software or what? Because I'm 74 00:04:42,839 --> 00:04:46,000 Speaker 1: whenever I hear artificial intelligence, I think, oh bye bye 75 00:04:46,120 --> 00:04:50,359 Speaker 1: bye bye jobs. Well that's that's a great vision to 76 00:04:50,440 --> 00:04:52,640 Speaker 1: have that someday the software will be able to sell 77 00:04:52,760 --> 00:04:56,120 Speaker 1: on its own. But in our industry, we're selling relatively 78 00:04:56,120 --> 00:04:59,640 Speaker 1: complex products, so the software really helps salespeople, making the 79 00:04:59,720 --> 00:05:04,120 Speaker 1: more successful the sad reality that there is a very 80 00:05:04,200 --> 00:05:08,719 Speaker 1: high attrition uh in in the sales teams. Uh. Usually 81 00:05:09,160 --> 00:05:11,080 Speaker 1: they don't last more than a year and a half 82 00:05:11,080 --> 00:05:13,599 Speaker 1: at the job because it's very difficult to sail. So 83 00:05:13,680 --> 00:05:17,520 Speaker 1: we're helping them just by after the call, the software 84 00:05:17,520 --> 00:05:21,679 Speaker 1: gives them tips on what could have been done better 85 00:05:21,720 --> 00:05:23,880 Speaker 1: on the call and what can they do to improve 86 00:05:23,920 --> 00:05:28,120 Speaker 1: their pitch. So UH, we're not replacing, we're just helping. 87 00:05:28,880 --> 00:05:33,640 Speaker 1: And dong Io measures the calls or monitors the calls 88 00:05:33,720 --> 00:05:38,480 Speaker 1: from such conferencing platforms as Cisco WebEx go to Meeting 89 00:05:38,560 --> 00:05:40,880 Speaker 1: as well as Zoom. So then you tie that into 90 00:05:40,960 --> 00:05:46,360 Speaker 1: what a customer relationship system like a salesforce dot com exactly? 91 00:05:47,400 --> 00:05:49,599 Speaker 1: And what kinds of companies have you found are the 92 00:05:49,680 --> 00:05:55,279 Speaker 1: most sort of accepting of this new artificial intelligence sales conversation. 93 00:05:56,000 --> 00:05:59,159 Speaker 1: So so currently we're working mostly with the companies that 94 00:05:59,279 --> 00:06:03,920 Speaker 1: sale techno aology over the phone, UH, software hardware and 95 00:06:03,920 --> 00:06:08,800 Speaker 1: and UH and and technology services. Uh. They're more advanced, 96 00:06:09,240 --> 00:06:13,200 Speaker 1: they're used to selling remotely, and they're always excited to 97 00:06:13,240 --> 00:06:16,840 Speaker 1: try cutting edge technology. So how big is your market? 98 00:06:16,839 --> 00:06:19,680 Speaker 1: Can you give us any sense of what what your 99 00:06:19,720 --> 00:06:22,880 Speaker 1: sales revenues? How how big you are now and how 100 00:06:22,920 --> 00:06:26,360 Speaker 1: big you and the market can get. Well, we're relatively new, 101 00:06:26,440 --> 00:06:32,520 Speaker 1: but we got from from zero to uh well over 102 00:06:32,720 --> 00:06:38,159 Speaker 1: six figures in sales in uh fifty days. The market 103 00:06:38,279 --> 00:06:41,240 Speaker 1: is you just if you look at their close to 104 00:06:41,880 --> 00:06:49,279 Speaker 1: three million sales people alone in the US, there's about 105 00:06:49,360 --> 00:06:53,600 Speaker 1: double that amount worldwide. And then we're going to extend 106 00:06:53,600 --> 00:06:58,640 Speaker 1: the service to support about ten million people that are 107 00:06:59,080 --> 00:07:02,960 Speaker 1: using the phone to engage with customers. And if you 108 00:07:03,120 --> 00:07:06,719 Speaker 1: multiplied it by about the spending per person is about 109 00:07:06,760 --> 00:07:09,280 Speaker 1: six thousand dollars, you're getting tens of billions of dollars 110 00:07:09,360 --> 00:07:12,240 Speaker 1: and annual revenue potential. Well, it sounds very exciting. I 111 00:07:12,320 --> 00:07:15,240 Speaker 1: meant in congratulations, good luck with this. I think it's 112 00:07:15,680 --> 00:07:21,080 Speaker 1: four salesperson. I'd love to have this helping me. Okay, great? 113 00:07:21,360 --> 00:07:23,800 Speaker 1: I mean Bendorf. He is CEO and co founder of 114 00:07:23,880 --> 00:07:28,400 Speaker 1: gong dot Io. He is located in Tel Avis, Israel. 115 00:07:28,520 --> 00:07:30,520 Speaker 1: He's on the West coast today, and we thank you 116 00:07:30,600 --> 00:07:33,840 Speaker 1: so much for joining us on taking stock. I'm Kathleen 117 00:07:33,880 --> 00:07:46,280 Speaker 1: Hayes along with Pim Fox, and this is Bloomberg coming 118 00:07:46,280 --> 00:07:49,200 Speaker 1: off Bloomberg Laws brought you by a celebrity Motor Car Company, 119 00:07:49,240 --> 00:07:52,680 Speaker 1: the luxury of BMW, the performance of Maserati, the innovation 120 00:07:52,720 --> 00:07:54,920 Speaker 1: of Lexis, walked the red carpet and get the status 121 00:07:55,000 --> 00:07:57,840 Speaker 1: you deserve at the Celebrity Motor Car Company. Visit Celebrity 122 00:07:57,840 --> 00:08:00,200 Speaker 1: motorcar dot Com.