2085 – Enhancing Business Decisions Utilizing AI Analytics with Bordo’s Krunal Patel

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1:05With us right now, it's Krunal Patel. Krunal, you are with Bordo.ai or Bordo.ai. You're the co-founder and chief product officer. Your website is Bordo.ai. That's B-O-R-D-O.ai. Well, Krunal, it's great to have you. Thank you for having me here. Pleasure to be here. All right. Well, tell us what Bordo is all about. Yeah, Bordo is an AI analytics platform that helps small, medium businesses as well as financial institute to understand their customers better. So we are using AI to already leveraging transaction and sales data and other data set to help them understand who are my customers, how do I turn my one-off customers into regulars, and how do I cross-sell, up-sell, what product, and where do I find these customers, what marketing offers I should throw at them, and what are the likeliness of them clicking and buying this.

2:02So we're helping SMB to grow and compete with big companies and financial institutes to create better tailored financial products for people. Yeah. Well, why do we need it today? Oh, we need it long back, but there was no underlying technology that could make it possible. So with the rise of generative AI and maturity of machine learning models and compute being relatively cheaper, this is the right time to build something like this, which will sort of create like a financial equity in the world where not like one size fits all kind of products and rates and everything, which is what we see today, will be very tailored to specific background and kind of people.

2:52what do you do, how much money you make, and what is your repayment history beyond this traditional FICO scores and other traditional parameters that are measured, it can help us to actually get much more information and can make a better offer. Yeah. Well, okay. So tell me about, listen, Listen, this is something I really, really love the topic of critical thinking, right? And it's so easy for us to make decisions with our guts, led by emotion. And emotion is not bad, right? Emotion is very helpful. However, it can absolutely, in my opinion, and I'm sure you can, I'm going to listen, I'm going to give you the world's biggest softball here.

3:41And I think you're just going to give us a little bit of a mini TED talk is my assumption. Our emotions can fail us. Our emotions can blind us. And I'm not going to editorialize beyond that. Yeah, so I think we don't have to put aside our emotions altogether. Our goal is to actually augment human intelligence with the power of AI, which means that humans have intuition, context, natural understanding of the law of the land. You know, I don't want to just like ignore all of that just because you have an automated AI that can make decisions for you. Doesn't matter how well it's trained. We've seen a lot of companies, big companies, I would name them here, but they had billion plus dollars lawsuits because they had AI making decisions and people are not happy with that because it's not human decision.

4:34So our goal is not to, you you know, replace humans who are making decisions, but to augment them. So if you can make a decision and you have just four or five parameters to decide to make that decision, AI can help you to look at 20 parameters more, right? And make a faster decision and tell you, hey, here's what I think you should, this is a decision I recommend that you should make. And then human with that intelligence and that emotion and context can actually make a decision using that. And here's the thing, what we are building now and perhaps the AI trend, which is going towards embedding context and reasoning into decision.

5:16For example, someone applies for a mortgage or a loan and AI makes a decision, please don't give mortgage or loan. These are the parameters, they failed, so we cannot give them a loan. The better AI would say that I looked at these five things and these things didn't check off. Here's why I'm recommending that you don't make a loan giving decision, but here are the three more things. If they had this, you could actually give them a loan. So, you know, that's a sort of like augmenting human decision-making, giving them confidence, the humans, and let them use their, you know, intelligence, empathy, and whatever, and then make a decision.

5:57That's what we're aiming for. Yeah. Okay. So where does Bordeaux come into this? Tell me more about where, you know, obviously there's a lot of people using ChatGPT. There's a lot of people using Google's tool, whatever they changed the name to. Sorry, I was keeping track there for a while. I think it's Gemini, right? Gemini, yeah. Yeah, okay, okay, good, good, good. But yeah, so where does Bordeaux kind of go that those tools aren't really, you know, might be a little, I don't know, how is it different? Yeah, we are not taking on them. They are fundamentally large, very robust LLM models. So think of them as like when the whole cloud rush started, we had AWS, Microsoft Azure, and Google Cloud, GCP.

6:46Think of them at that level. So many companies like us use them for a specific purpose. We don't wrap around them and let them do everything, and we just throw in prompts and APIs. We don't do that. How we use them is they're very good at understanding your questions, understanding the intent behind your questions. and we just use them for that. And everything else, the machine learning models, the analysis, the data sets, it sits on our side. The context enablement, like we deploy to a particular customer place. We know that how this place operates, what are the specific policy frameworks they have in place.

7:25We customize all of that on our end and we don't let LLM decide any of those things. So they're powerful and we want to leverage them and we have so much flexibility that we just pick best of the breed for the use case. So, yeah. All right. So I want to maybe come up with just a couple of examples of, to our friend that's listening, let's get their brain going on some, maybe some areas that they could better use AI for, again, major decision-making. Yeah, lay it on us. Yeah, definitely. So I'll give you an example. A lot of banks and credit card companies, they sit on transaction data set because they are card issuers, they are payment gateways, and they want to monetize this data.

8:12And how do small and medium businesses benefit from them is that as a small and medium business owner, you just get an insight into how your store is doing or how your location is doing or how your online business is doing. but what if you get some more competitive benchmark data set and that comes from a place which like credit card companies or banks they're dealing with multiple businesses like yours right so how ai comes in place is that it looks at all of this data set derives insights saying hey josh you're running these five stores and here's a here's another store three blocks down the road and they're doing better than you in this category on this time of the day these other type of customers come to your location versus their location.

8:59And now, you know, it's a traditional data analysis. They've done this to some extent, but now beauty is that now, Josh, you can start asking questions to this data set and to this matrix and KPIs or charts or a dashboard versus like trying to understand what does it mean at all for me and what actions do I take from there? So that is where AI has come in and help small and medium businesses to use their business knowledge, natural language. And, you know, without having any AI machine learning background, you can actually start analyzing data using English. So that's what we are building. Man, you know, I think what we want at the end of the day is the most accurate, the most complete data set we can, you know, taking into account every consideration.

9:48And that is just going to be very difficult, I think, to process today compared to what AI can do. So listen, if you're not using tools like this, and I'm just speaking generally, gesturing vaguely to the audience right now. If you are not using these tools today, I'm sorry, but you are just getting left behind. I mean, there's no other way to say it. the brain is only able to process so much at a time. And it's not that you're not putting the brain is always in the driver's seat, right? So that in terms of like, how we want to look at this. So we're not relinquishing our decision making to AI, but we're using AI to enable us so that we can make the best decisions possible.

10:42Does that sound about right? Yeah, that's right. There's a famous quote that goes around. Sam Altman and others said that with this rise of AI and LLM, you would see one or two people building a billion dollar plus valued companies. right? So I'm not saying automatic, automatic everything, but AI is here. And how can you just turn your five stores into seven stores or turn into your$100 ,000 monthly revenue into$150 ,000 revenue with a simple subscription of a tool that helps you blend multiple data set and something that you already have and just use English to understand your inventory, your customers, your marketing campaign, everything better, right?

11:25True or false? You need a PhD to use AI data analytics for your small business. False. Tell us why. I'll tell you why, because like I said, these platforms and platforms like ours have made it so easy for people to just use their practical knowledge and use English and run these models. And often if you have PhD, you tend to overthink a little bit on such small thing where you're focused on so much like I have background in business and I know what I'm doing. I just need some more help. And you're very precise. So, you know, you'll be faster to the outcome versus writing your model and doing things on your own.

12:05Yeah. Well, Crunel, tell us a little bit about how, tell us about the product. Who is it for? If you can maybe talk a little bit, I don't know if you work enterprise or how your product is structured, but could you tell us about how the offer is or how engagement works? Yeah, definitely. So we have two offerings. One is for small and medium businesses, which is right now we're opening up for selected few businesses for free, and we just want them to use and get us feedback. And then we have another offering, which is tailored for Financial Institute, which is more like an enterprise offering, like taking care of audit security and getting into their environment, churning out the data set, helping them to create cross-sell, up-sell opportunities.

12:55Like, yeah, someone is having a high savings account balance. How do we sell them CD products or something like that, right? So like creating tailored products for customers. So we have two offerings. One is more like a B2. Both are B2B, but one is for small and medium businesses. Other is for enterprise customers. Yeah. Okay. So now that we've had this conversation, let's kind of share to our friend that's listening right now, if they want to learn more about this, like how could they do a little bit more research? Or I don't know if you have any long form content or anything that you'd recommend.

13:31Maybe they're not ready for a sales call, but they would like to do their own due diligence. What would you recommend to them? Yeah, definitely. I think our website has good content. So Bodo.ai. And if you're looking for specifically small and medium businesses, so Bodo.ai slash SMB. We have blogs, we have articles, and we don't talk about our product, our features. We talk about the use cases, how you can use AI for your business. And things align. There's a contact form you can reach out. But in general, I am available. My mission on social media is to help people make more money and use technology and uplift.

14:10So I use Twitter for that. I use LinkedIn for that. Any questions you have, I'm not there to sell you, but just to help you. How can you do better? And if our tool fits into that, great. But I'm more than happy to engage and help people get rid of fear of AI. Yeah. Yeah. Yeah. Please do. please do. And so again, the website is bordo.ai. When someone goes to the website, what do they click on if they are ready for a conversation? We have a contact form. So we just fill up the form and there is a waitlist newsletter sign up. You can do any of those things and we'll make sure to get back to you. Yeah.

14:53There's a big pink button here too that says book demo. I'm guessing that's what you'd click on. So again, that's bordo.ai. That's B-O-R-D-O. dot a i crunal patel co-founder and uh what was it was product uh product officer yeah chief product officer uh well crunal it's been a great conversation thank you so much and uh keep keep doing good stuff out there and and helping people make better decisions thank you josh thanks for having me here thanks thank you everyone listening to me

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