An Interview With Chad Silverstein
We use AI-powered analytics tools to process large datasets and extract actionable insights. For one of our clients, we designed and built a solution that delivered insights from conversations happening on the contact center floor. This solution helped identify a simple and cost-effective way to address customer challenges.
In the ever-evolving and never-ending landscape of business, staying ahead of the curve is a prerequisite for success. Artificial Intelligence (AI) has gone from being a futuristic concept to a daily business tool that executives can’t ignore. In this interview series, we would like to talk with business leaders who’ve successfully integrated A.I. into their operations, transforming their companies in the process. I had the pleasure of interviewing Igor Epshteyn.
Igor Epshteyn founded Coherent Solutions in 1995 in Minneapolis, MN, driven by a zeal for technology and innovation. He steers the company’s strategic trajectory, vision, and expansion while fostering a dedication to excellence and innovative solutions. Under Igor’s guidance, the company has expanded its global presence to 10 countries and has been recognized in the Inc. 5000.
Thank you so much for doing this with us! To set the stage, tell us briefly about your childhood and background.
I grew up in Minsk, Belarus, where my early passion for technology and innovation was sparked. Before immigrating to the United States, I started my first business ventures in Minsk, which laid the foundation for my entrepreneurial spirit. Moving to the U.S. allowed me to pursue further education, culminating in an MBA from the University of Minnesota’s Carlson School of Management, and eventually leading to the founding of Coherent Solutions.
What were the early challenges you faced in your career, and how did they shape your approach to leadership?
The first significant challenges we faced at Coherent Solutions were in 2000 during the dot-com crash and during the economic downturn that followed September 11. These days taught me the importance of building a resilient and adaptable business. As a result, Coherent focused on innovations, keeping our clients at the heart of our business operations.
During the global financial crisis of 2008, we had to enforce stringent cost controls while running lean and efficient operations. More recently, the COVID-19 pandemic disrupted global operations and forced us to quickly switch to remote work and ramp up our digital collaboration. Yet, we successfully opened new development centers across Europe and Central America and kept growing our team and client base.
I learned that building strong, long-term relationships with clients and employees is at the heart of our business success. It’s also crucial to keep evolving the business model to meet the market’s changing needs.
We often learn the most from our mistakes. Can you share one mistake that turned out to be one of the most valuable lessons you’ve learned?
One valuable lesson early on in Coherent’s history came from losing our major client. This setback taught us the importance of diversifying our client base and led to the development of new products and services, which ultimately strengthened our business model and broadened our market reach.
A.I. is a big leap for many businesses. When and what first sparked your interest in incorporating it into your operations?
Artificial intelligence captured my attention since it has huge potential to make operations more efficient and improve our decision-making.
Neural networks behind AI solutions allow the crunching of vast amounts of data with unprecedented power and help unearth actionable insights. That prompted me to integrate AI-driven solutions into Coherent’s operations.
The turning point came when I saw firsthand how AI helped our teams achieve more efficient and accurate outcomes. I realized that AI would become our crucial instrument to drive innovation, better serve our clients, and stay ahead of the competition.
AI can be a game-changer for individuals and their responsibilities. Can you share how you personally use AI and what are your go-to resources or tools?
I use AI-driven project management software to stay organized and prioritize my daily tasks. AI also helps me keep abreast of market trends and monitor business performance. It is crucial for me since I’m responsible for defining the strategic development of Coherent Solutions. Also, I create multiple reports, brainstorm solutions, and draft communications, and AI has become a great helper for me in these areas.
On the flip side, what challenges or setbacks have you encountered while implementing A.I. into your company?
Some team members were apprehensive about the changes AI might bring to their roles. We invested in comprehensive training programs to upskill our workforce and show them that AI could augment their capabilities and help them become more productive.
We also faced some initial difficulties integrating AI systems with our existing infrastructure. One challenge related to the sensitive customer data we handle, necessitating measures to ensure data privacy and address security concerns.
Let’s dig into this further. Can you share the top 5 A.I. tools or different ways you’re integrating AI into your business? What specific functions do they serve and what kind of result have you seen so far? If you can, please share a story or example for each.
- We use AI-powered analytics tools to process large datasets and extract actionable insights. For one of our clients, we designed and built a solution that delivered insights from conversations happening on the contact center floor. This solution helped identify a simple and cost-effective way to address customer challenges.
- Our customer support systems leverage natural language processing (NLP tools that enhance service efficiency. AI-driven chatbots help our human agents handle routine queries, allowing them to focus on more complex issues, significantly reducing response times and improving customer satisfaction.
- For our manufacturing clients, we deploy AI-based predictive maintenance systems. These tools analyze equipment data and predict failures before they occur, minimizing downtime and reducing maintenance costs.
- We incorporate AI in our software development lifecycle to automate code reviews and testing. AI tools help make automated tests easier to write, more reliable, and more resilient to changes in software.
- AI-driven marketing tools help us create personalized marketing campaigns for our clients. They assist our marketing team with analyzing customer behavior and preferences, support targeted marketing strategies, and contribute to higher engagement and conversion rates.
There’s concern about A.I. taking over jobs. How do you balance A.I. tools with your human workforce and have you already replaced any positions using technology?
We view AI as an enabler rather than a replacement for human talent. AI handles repetitive and mundane tasks, freeing up our employees to focus on more strategic and creative work. We have not replaced any positions; instead, we have upskilled our team to work alongside AI This approach has fostered a culture of continuous learning and innovation, which is important to make our employees feel empowered and valued.
Looking ahead, what’s on the horizon in the world of AI that people should know about? What do you see happening in the next 3–5 years? I would love to hear your best prediction.
We can expect AI to significantly advance natural language understanding, enabling more intuitive human-machine interactions. Efforts in AI ethics and governance will be focused on implementing responsible and transparent AI practices. In healthcare and finance, AI will enhance personalization. Ultimately, AI will be pivotal in shaping a future where technology and human ingenuity work in harmony to solve the most complicated global challenges in ways that would be difficult to uncover without AI.
If you had to pick just one AI tool that you feel is essential, one that you haven’t mentioned yet, which would it be and why?
It would be an AI assistant that provides my team and me with a recap of our meetings by summarizing key discussion points and action items. Instead of taking notes, we can focus on sharing our opinions and listening to our colleagues, and can quickly revisit specific decisions and concerns when needed.
For the uninitiated, what advice would you give someone looking to integrate AI into their business and doesn’t know where to start?
The initial step is to identify specific business use cases to clearly understand the questions and challenges AI can address for your organization. The success of AI applications in business also hinges on data quality. It’s not merely the volume of data that counts but its relevance, accuracy, and security.
For AI to truly revolutionize your business, it must be woven into both technological workflows and the organizational culture. To achieve the highest impact, AI should not only streamline tasks but also inform business strategies and decisions. This requires a culture that champions innovation and optimized processes, and employees should be ready to use new AI tools. Also, remember to address AI bias, ensure ethical AI uses, and foster responsible AI practices.
Where can our readers follow you to learn more about leveraging A.I. in the business world?
https://www.linkedin.com/company/coherent-solutions/
https://www.coherentsolutions.com/insights
This was great. Thanks for taking time for us to learn more about you and your business. We wish you continued success!
About the Interviewer: Chad Silverstein, a seasoned entrepreneur with over two decades of experience as the Founder and CEO of multiple companies. He launched Choice Recovery, Inc., a healthcare collection agency, while going to The Ohio State University, His team earned national recognition, twice being ranked as the #1 business to work for in Central Ohio. In 2018, Chad launched [re]start, a career development platform connecting thousands of individuals in collections with meaningful employment opportunities, He sold Choice Recovery on his 25th anniversary and in 2023, sold the majority interest in [re]start so he can focus his transition to Built to Lead as an Executive Leadership Coach. Learn more at www.chadsilverstein.com
Igor Epshteyn Of Coherent Solutions: How We Leveraged AI To Take Our Company To The Next Level was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.