Driving Performance using Neuroeconomics and Behavior design
In the 1970s, two psychologists – Daniel Kahneman and Amos Tversky made an important discovery that proved that people constantly make choices that defy clear logic. Kahneman’s findings were published in his immensely popular book ‘Thinking Fast and Slow’. His contemporary, Richard Thaler, won the Nobel for Behavioral economics in 2017.
Understanding how people think and make choices had important applications for businesses trying to understand consumer behavior and governments trying to understand citizens’ behavior. Such Neuroeconomics-led B2C and G2C initiatives have been successful because they understood the underlying motivations which drives people’s choices and actions.
In 2014, we realized that these findings could solve the problems that exist in enterprises, too. Enterprises today spend a lot of time, money and effort in trying to improve performance by improving their processes or using technology to make access to information easier. However, this is not done with a scientific understanding of how people think and act – both as human beings and as individuals with unique motivations. The singular assumption is that the employees who will “implement” the process are all alike. Consequently, understanding motivations and driving behavior is one of the most important elements of a successful transformation initiative.
worxogo’s AI engine
This realization led to the formation of worxogo.
Improving performance is a direct derivative of how effectively leadership can engage employees and motivate them to perform better.
In 2014, after spending close to a year fine-tuning the concept into a workable product, worxogo was officially born. We aimed to build an AI engine that uses neuroeconomics and behavior design to improve employee performance. By delivering real and measurable business impact, worxogo provides predictive, personalized performance @ scale.
The result is Mia, a personal digital coach that helps employees become better versions of themselves. It assesses employee performance constantly across each of their KPIs and uses behavior science to nudge them to improve. All this with no data entry by the employee!
worxogo’s AI engine Mia is now deployed across 40+ corporations across 6 countries. Some of India’s largest and global corporations use it to drive performance and initiatives across their teams like-
- Helping a large retail organization drive sales through their distribution and retail channels
- Boosting productivity for frontline sales and customer service teams of a leading bank
- Improving CSAT and NPS performance of a global corporate’s customer servicing team
- Building a successful innovation program across three countries for a global conglomerate.
Today, worxogo continues to develop its AI engine, leading the move to use AI to augment rather than replace employees. We’re eager to see it become a part of every employee’s performance journey for many more forward-looking organizations.