Staying Competitive by Adopting AI to Optimize Efficiency
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Why is embracing technology a competitive advantage?
So if you're small, you start with things that don't scale. Usually you're trying to kind of improve things as they go. But I think the way for you to become really, really sophisticated and be able to overcome and beat the competition is just to embrace technologies because that's such an unfair competitive advantage. Of course, like coming from a technology company, I'm biased, but that's one of the ways for a small company to be able to catch up. That's the fastest way because what's the other one? The other way is just to go to these slow processes over time and companies have accumulated knowledge over decades of how to do things properly. So the only way
to kind of shortcut this whole process of getting sophisticated is technology because technology very often shocks the world and comes with something so much better so much more advanced welcome to the home service expert where each week tommy chats with world-class entrepreneurs and experts in various fields like marketing sales hiring and leadership to find out what's really behind their success in business now your host the home service millionaire tommy mello
Before we get started, I wanted to share two important things with you. First, I want you to implement what you learned today. To do that, you'll have to take a lot of notes, but I also want you to fully concentrate on the interview. So I asked the team to take notes for you. Just text NOTES to 888-526-1299. That's 888-526-1299.
And you'll receive a link to download the notes from today's episode. Also, if you haven't got your copy of my newest book, Elevate, please go check it out. I'll share with you how I attracted and developed a winning team that helped me build a $200 million company in 22 states. Just go to elevateandwin.com forward slash podcast to get your copy. Now let's go back into the interview. All right, guys, welcome back to the Home Service Expert. Today, I got a buddy of mine that I actually met at the Home Service Freedom event. His name is Boris V, V-A-L-K-O-V. Vakov. Vakov, based out of San Francisco, co-founder and CEO of Lace.ai. He's been doing that since January of 2022. Engineering Leadership AI at Facebook. He did that for a couple of years. Senior Manager R&D at VMware.
Let's go on and on here. Boris is a highly accomplished technology leader with over 20 years of expertise and experience in software engineering management and leadership. He's an expert in artificial intelligence and machine learning with a proven track record of developing and deploying large-scale AI solutions. Boris' diverse experience and expertise position him as a leader in the tech industry, particularly in leveraging AI to solve real-world business challenges. His commitment to open source and rapid innovation underscores his approach to creating impactful technology solutions. So, Boris, I had met you... I don't know, about four or five months ago. And, you know, I've got a couple guys on my team that just, everybody brings us technology. I mean, there's some months we look at 12 different technology pieces. And Lace AI, I was excited about. And I don't dive in until my team does. And everybody on my team was super pumped about it. And I'll tell you what... I've got a list here of some of the things that we've done. We've increased.
This is just the tip of the iceberg. We've increased our booking rate by 2%, which is about $5.5 million of additional revenue per year. We've identified cancellation reasons to uncover the lost revenue, which we believe is another 5%, which should be another $13 to $15 million. And We're one of the biggest things that your software does is make sure that the conversations dialed in for the CSRs and their scorecard, because, you know, with service 10, you got to grade your own call with your software. You kind of solve that problem for us. And we find a lot of people, they're not intentionally lying. Some of them are. I guarantee there's some companies out there where their CSRs are lying and they're saying it's a parts call where it's not. But your software makes it easy for us. We understand so much more about the call center. Dustin's obsessed with it. Manny's obsessed with it. There's a lot of money we're unlocking. And we were good. We were good before we found you. Now we're getting excellent.
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1 identifiedMore from The Home Service Expert Podcast
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