AI Business recently did an interview with Narrative Science’s Chief Product Officer of Narrative Science, Chetan Ghai, about how an AI-powered business works, its benefits but also reflecting on its challenges.
With over 22 years of experience in a variety of industries including Retail and Financial Services, Chetan leads product strategy, development and delivery at Narrative Science. Previous to Narrative Science, Chetan held the role of Chief Product Officer at ShopperTrak, a retail analytics company that was sold to Tyco International in January 2016. Chetan’s past accomplishments include launching new business units, transforming product offerings and leading large teams at companies such as Accenture, Capgemini, and CCC Information Services. Chetan holds a Bachelor’s degree in Biomedical and Electrical Engineering degree from Duke University.
Based in Chicago, Narrative Science is a rapidly growing artificial intelligence company with over 70 enterprise customers. Incorporated in 2010, Narrative Science has 90 employees and has raised over $32 million from leading investors Battery Ventures, Sapphire Ventures, In-Q-Tel, Jump Capital and USAA.
AI Business was curious to know more about how Narrative Science technology enables an AI-powered business?
One opportunity that Artificial intelligence (AI) presents the opportunity to augment people’s workloads and intelligence by automating basic tasks so that individuals can focus on higher-value work. From this perspective, Narrative Science enables an AI-powered business because our advanced natural language generation platform, Quill, transforms data into narratives therefore alleviating the time-consuming task of analyzing data and communicating the relevant insights. Advanced NLG is a subfield of artificial intelligence.
For example, our technology is used to automate the generation of data-driven, personalised customer communications at scale; automate the narrative portion of required reports mandated by regulators and internal compliance procedures and has been integrated with BI platforms so users can immediately gain insight from their data by transforming it into intelligent narratives.
Powered by Artificial Intelligence, Narrative Science uses Quill, an advanced natural language generation platform for enterprise organisations that goes beyond reporting the numbers, creating perfectly written, meaningful narratives for any intended audience.
Quill, an advanced natural language generation platform, goes beyond reporting the numbers and creates perfectly written, meaningful narratives for any intended audience. Chetan Ghai outlines a couple of key enterprise use cases for the ‘Quill solution’:
“Quill can be applied in many ways but a few main areas that we’re focused on right now include improving operational efficiency. Employees spend countless hours gathering data, analyzing it, interpreting insights, and then writing and sharing the results. Quill reduces the time associated with these manual processes by automatically generating narratives that are relevant to each recipient. Our work with Credit Suisse HOLT, a full suite of interactive tools that helps investors make investment decisions, is a good example of this. By integrating Quill’s NLG capabilities into HOLT, Credit Suisse has achieved full analyst coverage on the companies profiled within its platform through generating high quality investment research content, freeing its teams to focus on more clients and higher-level types of content. Another way that our technology improves operational efficiency is our work with asset management firms like Franklin Templeton. Quill enables Franklin Templeton’s global marketing team to extensively scale standard fund reporting coverage and frequency and lets Franklin Templeton’s team of investment experts focus on more complex analysis and forward-looking perspectives for customers”.
“Our technology also helps companies enhance customer engagement. E-Commerce companies use Quill to automatically write engaging, variable product descriptions for their websites that include key SEO-friendly terms and that can also be tailored for mobile or desktop consumption. So for example, apparel retailers feed their SKU data into Quill and automatically generate an detailed and visual descriptions about the retailer’s available inventory. With Quill-generated descriptions, our clients attract online visitors with unique content that increases traffic and improves SEO ranking”.
“We also help companies with their ability to meet regulatory compliance. Organisations struggle to keep up with the growing reporting needs mandated by increasing regulatory requirements and internal compliance procedures. With Quill, organisations automate the writing of regulatory reports, increasing transparency in analytical processes and enabling humans to review that content instead of creating it”.
As with many companies implementing artificial intelligence into their business, there can be challenges to overcome. We asked Chetan what challenges Narrative Science have faced when looking to implement solutions in the enterprise:
“One of the most common challenges for any company building technology driven by artificial intelligence is the customer adoption curve. While AI technologies have been around for many years, we’re finally at a point where they are commercially viable, available and practical. It’s early days, though, and enterprises are still educating themselves on how the technology can fit into their business operations”.
“Finding that first use case can be a bit of a challenge as well. We have mentioned some examples of where our technology has driven value. One of the aspects of our approach is that we augment our technology with a services team whose role is to provide guidance to enterprise customers around the right use case and assist in implementing them. Our work with Deloitte Catalyst is a good example of this approach. This service has been a key part of our recent success”.