TRACS
Commercialisation of TRACS, An Artificial Intelligence Inspired, Text Response Automation system for Customer Support
Total Cost €
0EC-Contrib. €
0Partnership
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0TRACS 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.
Project "TRACS" data sheet
The following table provides information about the project.
| Coordinator |
TRUE AI LIMITED
Organization address contact info |
| 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.
| # | ||||
|---|---|---|---|---|
| 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.