Cogito Corporation was founded in 2007 and has roots in Harvard University and MIT. The company analyzes phone conversations and provides real-time guidance to help phone professionals improve how they interact, engage and communicate with customers. The company claims that there are numerous benefits for utilising the technology, including improving customer service, driving sales and improving the efficiency of a business, to name a few. Cogito’s solutions are focused on three key areas: customer service, sales and care.
Competitive Position: Cogito’s direct competitor is NICE Systems, a large corporation which went public in 1996 and has acquired 12 companies. NICE offers a broad range of products and services to their clients, which includes real-time speech analytics, which automatically captures and analyzes? the entire customer interaction as it happens. Cogito does have a number of indirect competitors, such as VPI Enterprise, Mattersight, Avoxi and Semantic Machines. VPI Empower offers their clients an advanced speech analytics software which provides meaningful insights into customer and contact center trends and events that could not be detected without speech and data analytics. In 2015, VPI won the Speech Technology Excellence Award for Exceptional Speech Analytics Software from Customer Magazine, however it does not appear that the company offers real-time guidance to phone professionals as Cogito does. Mattersight was acquired by TeleTech in 2001 and went public in the same year. Mattersight provides businesses with analytics which are focused on customer and employee interactions and behaviours. Avoxi, founded in 2001 offers Smart Que, which provides monitoring, tracking and performance measurement of 150+ calls in real time or historically and allows the call center to create enhanced training programs which can be tracked and evaluated. Semantic Machines was founded in 2014 and has raised $12.38 million in funding. The startup is developing an AI technology that aims to enable people to communicate with computers more naturally. This type of technology, although still very much in the development phase, will impact on how phone professionals will communicate as more jobs are becoming automated.
Business & Marketing Strategy: In the last 12 months, Cogito’s website has received 90,333 visits with an average of 8,273 visits per month over the past 6 months. In the 6 months prior, the website generated 6,732 visits on average per month. The company’s Twitter channel has over 700 followers while their Facebook page only has 52 likes. In addition, Cogito has an active blog attached to their website. There are a number of press articles regarding the company online suggesting they have been successful in their PR activity. Cogito does not offer a pricing plan on their website.
Market Forecast & Exit Indicators: According to Mordor Intelligence, the global speech analytics market is expected to grow at a CAGR of 29.6% to reach USD 2.23 billion by the end of 2021 from the current estimates of USD 0.47 billion. The factors driving the growth of the speech analytics market are the increasing focus on customer satisfaction, the rise of agencies and corporates adopting analytical solutions, and the expansion the number of call centers set up in most of the emerging nations.
Founder & Executive Profiles: Joshua Feast, Cogito’s Co-Founder and CEO, previously co-founded 8i, a company which uses proprietary technology to transform video from different cameras into a photo-realistic hologram of a human that can be viewed from any angle. In addition he has held the role of Software Development Manager at New Zealand Dept of Child, Youth and Family and was a Consultant at Accenture for over 4 years. Joshua has an MBA from the MIT Sloan School of Management where he was the Platinum-Triangle Fulbright Scholar in Entrepreneurship, and a Bachelor of Technology from Massey University in New Zealand. Dr. Alex Sandy Pentland is a Cogito Co-Founder and sits on the Board of Directors. He has been a Professor at MIT for more than 30 years. Dr Pentland helped develop and direct the MIT Media Laboratory, is a member of the U.S. National Academies, and is one of the most-cited computer scientists in the world. He has been named one of the `seven most powerful data scientists in the worldҠby Forbes, next to the founders of Google and the US Chief Technical Officer. In adddition, Dr Pentland has founded a number of other companies including Thasos Group, IDcubed.org, ginger.io, Sociometric Solutions and Sense Networks. He has a BS in Computer Science and PhD, Computer Science/Psychology/AI from MIT.
Professional & Customer Reviews: The company works with organizations with sizable call center workforces like Humana, Zurich and Blue Cross Blue Shield. Humana took part in a case study, which demonstrated that Cogito improved customer satisfaction by 28% and improved employee engagement by 63%. Cogito’s predictive behavioral models have been validated through work with the Defense Advanced Research Program Agency (DARPA), The National Institute of Mental Health (NIMH), academic research partners, as well as commercial organizations.