30 Smartest Companies to watch 2018
Today’s customers are digitally engaged. And the core of this journey is on websites, email, search results, online advertising or various other messaging apps. Billions of dollars are spent by e-commerce companies, but still they face low conversions, high cart abandonment rates, etc. Smarter technologies and applications are required to improve performance, because even modest improvements in conversions and reduction of cart abandonment can make a tremendous impact on a company’s revenues.
E-commerce and digital marketers want to optimize the conversion of potential customers into actual customers. 30% of visitors leave after 5 seconds, 40% never return and 71% abandon their shopping carts. Only 1.5% actually convert to a buying customer. If retail companies can compare a potential buyer’s behavior to past buyers and non-buyers in real-time, they can intervene and motivate the non-buyer to successfully complete the customer journey.
DXILOGY, a company founded in 2014 by Dr. Srinivas Kilambi and Dr. David Dodds, is a SaaS-based Digital Engagement Scoring Platform that analyzes the digital experience to not only gain deeper insights into customer behaviors, but to actually improve the customers’ digital engagement. Over the past four years, DXi has progressed incredibly from initially measuring digital experience of a visitor on a website and later on a native app to even a social media site.
The company’s flagship product has been beta tested in over 10 sites including online and onsite retail and is now being aggressively marketed for sales, revenues, and profits. Machine learning algorithms have enabled DXi to find patterns of customer behavior acquired in real-time, without surveys! This unique, SaaS-based platform powered by 25+ machine learning algorithms provides deeper insights. Further, it creates modules like Win-Loss analysis, Visitor Scoring, Relevancy Targeting, and Engagement Benchmarking.
Let’s hear more about the company in a conversation with the Founder and CEO, Dr. Srinivas Kilambi
What was your initial project based on?
The initial project was strictly based on creating a proprietary formula to convert a subjective user experience of any visitor on a website into an objective 0-100 score (DXi). We initially took 15 digital experience (DX) metrics namely time on page, number of visits, checkout abandonment rate etc. Based on the data, our proprietary algorithm then dynamically allocates weights to each metric and then converts it into 1 number.
What strategies have you incorporated to reach your goals?
We have used cutting-edge technologies in AI/ML, Statistics and the latest marketing and sales techniques to make DXi a success. Currently, no other product can convert 100s of DX/UX metrics into a single score and then correlate the same to conversions.
Surely there were challenges en route. Tell us about them.
Like any other business, we also experienced severe challenges namely lack of customer traction. In the initial 2 years, our prospects could not connect at all to DXi and its value proposition, as we were explaining it and positioning it as an AI/ML solution and not a business solution. Our prospects kept saying that this looks great but what is in it for us? We were quite stunned with it as what we thought as the obvious benefit was not that obvious. It was a reality check and a very humbling experience. It took us 2+ years to then understand our market/customers better and position DXi as online “Conversion Rate Optimization (CRO)” solution. This has led us to much better traction and sales.
What are the traits that make your company one of the smartest, and why?
“What cannot be measured cannot be quantified and what cannot be quantified cannot be correlated and improved.” DXi allows measurement of 100s of metrics of user experience in real-time and its dynamic quantification as a 0-100 score. DXi can then be correlated to conversions and through ML algorithms, DXi can be improved. No other product to the best of our knowledge can convert 100s of DX/UX metrics into a single score and this is our USP.
Where do you envision your company’s future?
Our long-term plan for the DXi is to be the Global Benchmark for quantifying and enhancing Customer Digital Experience and Conversion Rate Optimization. Core values of the company are to provide the most innovative technology SaaS for B2C/E-Commerce/E-Retail with 100% data privacy and 100% honesty and integrity.
The Proficient Leader
Dr. Srinivas Kilambi, Founder and CEO With a doctorate degree in Chemical Engineering from the University of Tennessee-Knoxville, Srinivas embodies a passionate entrepreneur, inventor, and expert developer of Big Data, predictive analytics, and machine learning solutions. Over the past 20+ years, he has led multiple Big Data and biotech companies as a founder or C-Level executive including Tata Chemicals and Renmatix. Presently, Srinivas dons on various hats from being a strategic thinker to a hustler to an innovator, to a planner, and to an executor. Likewise, Srinivas’s dynamic approach for bringing together passionate and talented teams to solve big problems has also led to multiple patents, millions in ROI, and industry-changing solutions in biotech and predictive analytics. Srinivas also founded Sriya Group, Renmatix, Inc. and is the President and CEO of Reliance Bio-Refinery and CTO & Knowledge Officer of Tata Chemicals. He also has 2 successful US IPOs with over $100MM raised including “Green Shoe” and 2 Successful M&A with over 9X returns to his credit. He also has 1 Successful Turn-Around business experience.
“In business, if we have to succeed we have to be constantly learning about who our customers are, their pains points, the needs of our customers and how our solution can address their pain/need.”
"Our mission is to enhance organizations’ customer digital experience, competitive advantage, market share, and profitability through adoption and implementation of DXI, its predictions, and recommendations.”