Tech pioneer Xineoh has developed a platform for predicting customer behaviour with AI, which allows businesses to out-predict their competition, allowing them to maximise efficiency and customer satisfaction.
Bespoke AI solutions with similar functionality were once monopolised by larger tech giants. Xineoh is now bringing this predictive capability to all businesses.
Xineoh’s platform can be implemented rapidly without the cost, complexity and consulting required by other solutions.
While every company has data, good data scientists unfortunately are few and far between. This means that the ability to assist a business with accurate predictions using its data is difficult, expensive and it can take up to two years to implement a bespoke AI solution with this functionality.
The platform’s deep learning capability is used to match people with products, match inventory with business opportunity, match prices with spending propensity and match people with usage patterns.
“Our algorithm has been designed to find key commonalities within data sets, allowing it to uncover latent patterns amongst consumers, suppliers and within the business itself,” says Xineoh CEO, Vian Chinner. “By better understanding the reasons behind business trends and predicting potential shortfalls, our platform enables organisations to cut costs and optimise overall efficiency.”
Xineoh’s new solution is reconstructing the entire realm of consumer behaviour prediction, because it not only predicts and makes recommendations on a business to consumer level such as what consumers will buy, but it helps build up the business by predicting where to market and how to target its story.
By precisely predicting what products consumers will buy, Xineoh enables the business to minimise unnecessary inventory, maximising the efficient use of working capital.
In real terms, business owners are given the tools to take corrective steps within their organisations, using Xineoh’s platform to identify and exploit patterns. Businesses will be able to match customers currently cancelling their service, with remaining customers, helping them realise who is most likely to cancel next. Businesses can ensure that they maximise satisfaction from these customers, preventing them from cancelling. Ultimately, it’s all about understanding how consumers are likely to act and intercepting their actions accordingly.
“The consumer is undoubtedly the key to any business and by understanding not only their past actions, but also identifying their likely future behaviour, organisations can ensure they’re always delivering the optimal product or service to market,” says Chinner.
To be truly effective as a business and stay ahead of the competition, it’s important to act fast on consumer insights and maximise available information to better optimise future results. Traditionally, algorithms of this nature have been used by the likes of Amazon and Netflix to cross-sell products, utilising behavioural similarities to offer up curated customer recommendations. And while this has proven undeniably effective, there’s much more to predictive analytics than well thought-out playlists.
One of the keys to unlocking incremental revenue is understanding which customers have different propensities to spend. Using the Xineoh platform businesses can bundle and price their offerings such that it maximises business revenue. In addition to maximising revenue it also increases the consumers perception of value and usability.
Putting its predictive abilities to the test, Xineoh is so confident in its ability to provide swift and effective business analysis that it’s promising its customers valuable data insights in two weeks or their money back. In the past, this type of comprehensive ‘feature audit’ might have taken months or even years, but Xineoh’s team of in-house data scientists isn’t interested in repeating this pattern, but rather in redefining it.
“With the right algorithms and teams in place, data interpretation needn’t be a long and arduous undertaking,” says Chinner. “Provided the data is relevant and the business issue clearly identified, there’s simply no reason to wait months for an outcome. We encourage organisations to take us up on our money-back offer and predict that once they’ve had a glimpse of the future, there won’t be any looking back.”