WEBVTT - Gong.io's Bendov on Pioneering Intelligence Sales Tool (Audio)

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<v Speaker 1>Global business news twenty four hours a day. If Bloomberg

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<v Speaker 1>This is a Bloomberg Business Flash from Bloomberg World Handquarters.

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<v Speaker 1>I'm Charlie Pellet, S and P five hundred indecks climbing

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<v Speaker 1>to a record, extending a rally from Friday when a

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<v Speaker 1>better than forecast jobs report brightened the economic outlook without

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<v Speaker 1>fueling expectations that the Federal Reserve will raise rates sooner.

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<v Speaker 1>S and P five hundred indecks up seven to thirty

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<v Speaker 1>seven again there of three tenths of one percent, The

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<v Speaker 1>Dow up eighty points, a gain of point four percent,

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<v Speaker 1>Nastack of thirty one points, a gain of point six percent.

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<v Speaker 1>After the bell al Car reported earnings that exceeded analysis estimates,

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<v Speaker 1>Gold down to ten, the ounce A dropped there of

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<v Speaker 1>two tenths of one percent. I'm Charlie Pellet, and that's

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<v Speaker 1>a Bloomberg business flash. You're listening to taking stock with

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<v Speaker 1>Bim Box and Kathleen Hayes on Bloomberg Radio. The market

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<v Speaker 1>for artificial intelligence is expected to grow nearly fifty three

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<v Speaker 1>per cent at a compounded annual growth rate by the

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<v Speaker 1>year twenty twenty, it's estimated that it will be more

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<v Speaker 1>than five billion dollar industry. Here to tell us more

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<v Speaker 1>about artificial intelligence is Amid ben Off. He is the

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<v Speaker 1>chief executive and the co founder of gong i O.

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<v Speaker 1>They're based in Tel Aviv, Israel, but he joins us

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<v Speaker 1>from California. I mean, thank you very much for being

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<v Speaker 1>with us. Heysure what is gong io and maybe as

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<v Speaker 1>part of it, you can explain what is artificial intelligence? Okay,

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<v Speaker 1>So gongo is a cloud software that helps companies sales

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<v Speaker 1>more eating analyzing sales calls and sales conversations and and

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<v Speaker 1>um tells companies how to improve their sales conversations so

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<v Speaker 1>they're more successful with customers? How do they do that

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<v Speaker 1>using artificial intelligence? Though, well, it's it's very difficult to

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<v Speaker 1>UH to tell what's the successful sales calls. There are

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<v Speaker 1>hundreds of parameters and and it takes years to really

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<v Speaker 1>master the craft. Think of it is UH playing chess.

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<v Speaker 1>There are lots of possibility, lots of variables, and it

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<v Speaker 1>takes fears for someone to really master the plan. But

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<v Speaker 1>recently with the computer technology, you've seen UH computers being

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<v Speaker 1>able to beat world champions and that's what we're doing

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<v Speaker 1>for sales calls. So we're analyzing what's going on in

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<v Speaker 1>the call, what do customers respond to, what are the

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<v Speaker 1>sales people asking, what are the great questions? What are

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<v Speaker 1>not so great questions? So I mean, how do you

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<v Speaker 1>do this? Do you have people, does your art does

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<v Speaker 1>some your system actually listen to people on the call

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<v Speaker 1>or have you have you are you analyzed already like thousands,

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<v Speaker 1>hundreds of thousands of calls to say you know, oh,

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<v Speaker 1>here's on average or here's over time that we found

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<v Speaker 1>really works. So both we UH, the software listens to

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<v Speaker 1>sales calls and analyze the recording. We have tens of

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<v Speaker 1>thousands of hours of calls recording and it's growing at

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<v Speaker 1>several thousands every week, so we have the largest database

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<v Speaker 1>of sales calls for me two B companies in the world.

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<v Speaker 1>We use speech recognition to analyze what's being said and

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<v Speaker 1>then natural language understanding to understand at the high level

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<v Speaker 1>what questions are being asked, what triggers objections, what the

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<v Speaker 1>customers are UH find interesting or helpful, and UH then

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<v Speaker 1>we analyze compared to information from the sales system to

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<v Speaker 1>analyze which deals actually close and which have not so

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<v Speaker 1>we know what are the successful patterns that leads to

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<v Speaker 1>winning deals. And those patterns also include what preset topics

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<v Speaker 1>such as budget, timeline, pricing, So when those words pop up,

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<v Speaker 1>there is a calculated response. Those are some of the parameters.

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<v Speaker 1>There are a lot more, and it actually varies by companies.

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<v Speaker 1>So think about uh, specific features of the product being

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<v Speaker 1>described to what lengths, in what sequence? Uh? How many

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<v Speaker 1>questions are being asked? Uh? How much time does the

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<v Speaker 1>customers speak on the phone versus the salesperson. So budgets,

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<v Speaker 1>authority needs, timing of the deals are are certainly one

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<v Speaker 1>of the the more obvious features, but there's about a

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<v Speaker 1>hundred and fifty features that we monitor in every call.

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<v Speaker 1>Now is so you are I'm confused. Now, are you

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<v Speaker 1>going to decrease the need for salespeople with this new

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<v Speaker 1>this new technology, this new software or what? Because I'm

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<v Speaker 1>whenever I hear artificial intelligence, I think, oh bye bye

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<v Speaker 1>bye bye jobs. Well that's that's a great vision to

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<v Speaker 1>have that someday the software will be able to sell

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<v Speaker 1>on its own. But in our industry, we're selling relatively

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<v Speaker 1>complex products, so the software really helps salespeople, making the

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<v Speaker 1>more successful the sad reality that there is a very

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<v Speaker 1>high attrition uh in in the sales teams. Uh. Usually

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<v Speaker 1>they don't last more than a year and a half

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<v Speaker 1>at the job because it's very difficult to sail. So

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<v Speaker 1>we're helping them just by after the call, the software

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<v Speaker 1>gives them tips on what could have been done better

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<v Speaker 1>on the call and what can they do to improve

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<v Speaker 1>their pitch. So UH, we're not replacing, we're just helping.

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<v Speaker 1>And dong Io measures the calls or monitors the calls

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<v Speaker 1>from such conferencing platforms as Cisco WebEx go to Meeting

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<v Speaker 1>as well as Zoom. So then you tie that into

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<v Speaker 1>what a customer relationship system like a salesforce dot com exactly?

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<v Speaker 1>And what kinds of companies have you found are the

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<v Speaker 1>most sort of accepting of this new artificial intelligence sales conversation.

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<v Speaker 1>So so currently we're working mostly with the companies that

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<v Speaker 1>sale techno aology over the phone, UH, software hardware and

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<v Speaker 1>and UH and and technology services. Uh. They're more advanced,

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<v Speaker 1>they're used to selling remotely, and they're always excited to

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<v Speaker 1>try cutting edge technology. So how big is your market?

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<v Speaker 1>Can you give us any sense of what what your

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<v Speaker 1>sales revenues? How how big you are now and how

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<v Speaker 1>big you and the market can get. Well, we're relatively new,

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<v Speaker 1>but we got from from zero to uh well over

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<v Speaker 1>six figures in sales in uh fifty days. The market

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<v Speaker 1>is you just if you look at their close to

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<v Speaker 1>three million sales people alone in the US, there's about

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<v Speaker 1>double that amount worldwide. And then we're going to extend

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<v Speaker 1>the service to support about ten million people that are

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<v Speaker 1>using the phone to engage with customers. And if you

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<v Speaker 1>multiplied it by about the spending per person is about

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<v Speaker 1>six thousand dollars, you're getting tens of billions of dollars

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<v Speaker 1>and annual revenue potential. Well, it sounds very exciting. I

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<v Speaker 1>meant in congratulations, good luck with this. I think it's

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<v Speaker 1>four salesperson. I'd love to have this helping me. Okay, great?

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<v Speaker 1>I mean Bendorf. He is CEO and co founder of

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<v Speaker 1>gong dot Io. He is located in Tel Avis, Israel.

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<v Speaker 1>He's on the West coast today, and we thank you

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<v Speaker 1>so much for joining us on taking stock. I'm Kathleen

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<v Speaker 1>Hayes along with Pim Fox, and this is Bloomberg coming

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