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TRACS

Commercialisation of TRACS, An Artificial Intelligence Inspired, Text Response Automation system for Customer Support

Total Cost €

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EC-Contrib. €

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Partnership

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 TRACS project word cloud

Explore the words cloud of the TRACS project. It provides you a very rough idea of what is the project "TRACS" about.

deep    enhances    historical    tool    ftes    software    flexible    media    projected    spent    incoming    techniques    assistance    web    group    businesses    consumers    questions    revenues    prototype    levels    profits    globally    service    tests    satisfaction    self    automates    customers    ai    learns    commercial    full    model    queries    agents    infrastructure    19m    tracs    provider    pilot    76bn    house    benefit    annum    unsolved    prompt    customer    leaders    agent    constantly    delivering    automatically    solution    client    easily    frustration    accurate    leveraging    social    34    time    intelligent    ltd    despite    suggestions    email    31m    times    conversations    automation    abandon    allowed    artificial    learning    foundation    commercialization    suggesting    answers    ensures    failed    saving    specification    intelligence    plan    improves    forming    investment    private    maintainable    sourced    saas    cloud    made    efficiency    maintenance    303bn    position    expenditure    true    sme    chat    reshoring    centres    purchases    companies   

Project "TRACS" data sheet

The following table provides information about the project.

Coordinator
TRUE AI LIMITED 

Organization address
address: 4-5 BONHILL STREET 3RD FLOOR
city: LONDON
postcode: EC2A 4BX
website: n.a.

contact info
title: n.a.
name: n.a.
surname: n.a.
function: n.a.
email: n.a.
telephone: n.a.
fax: n.a.

 Coordinator Country United Kingdom [UK]
 Project website https://trueai.io/
 Total cost 71˙429 €
 EC max contribution 50˙000 € (70%)
 Programme 1. H2020-EU.2.1.1. (INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies - Information and Communication Technologies (ICT))
2. H2020-EU.2.3.1. (Mainstreaming SME support, especially through a dedicated instrument)
 Code Call H2020-SMEINST-1-2016-2017
 Funding Scheme SME-1
 Starting year 2017
 Duration (year-month-day) from 2017-08-01   to  2017-11-30

 Partnership

Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    TRUE AI LIMITED UK (LONDON) coordinator 50˙000.00

Map

 Project objective

True AI Ltd is an SME operating within the field of Artificial Intelligence (AI) software. True AI automates text-based customer support (social media, email and web chat), leveraging novel AI techniques. Over €303bn per annum is spent globally on delivering customer service, of which €76bn is considered a failed investment as customers abandon their purchases. Despite significant expenditure, companies find that service times remain long, consumer frustration levels high, and many queries are unsolved. Self-funding & private investment have allowed True AI to prototype TRACS, an intelligent Text Response Automation Customer Support tool. TRACS enhances the customer service agent by suggesting answers to incoming questions, saving 34% of agent time. TRACS improves operational efficiency and enhances customer experience and consumer satisfaction. TRACS development was made possible by significant in-house R&D in AI Software and Deep Learning techniques. TRACS learns automatically from previous conversations and constantly improves in its ability to provide suggestions. Agent assistance from TRACS will be prompt and accurate, based upon best practice sourced from historical conversations between consumers and support agents. TRACS can be easily implemented into existing IT infrastructure with low set up and maintenance costs for the Service Provider. The Cloud based, SaaS delivery model ensures a cost effective, flexible and easily maintainable solution. Our Phase 1 project includes Pilot Tests within a Client Working Group, forming a Technical Specification and Commercial Plan providing a foundation for a Phase 2 application. Full commercialization is projected to result in revenues of €31m, profits of €19m, and 70 FTEs after 5 years. The commercial success of TRACS will position True AI among the European leaders in AI customer support and will benefit European businesses with reduced costs and the potential reshoring of support centres to the EU.

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The information about "TRACS" are provided by the European Opendata Portal: CORDIS opendata.

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