A few decades ago, if you were to think of artificial intelligence, you would most likely automatically think of robots taking over the world or machines that can talk to you. This is probably due to the way AI is depicted in pop culture, as movies such as 2001: A Space Odyssey and iRobot have become international box-office hits. Although we won’t necessarily see robots walking in the street next year, or be fighting wars against cyborgs, Hollywood did get one thing right: AI is officially taking over.
Artificial intelligence has extraordinary capabilities of being able to complete tasks that humans just cannot do. We are starting to see AI be incorporated into mainstream business models, due to its vast capacity to be able to process large amounts of data in a fast and efficient way. Canadian-based Xineoh is harnessing the power of AI by providing businesses with a tool that predicts consumer behavior. Grasping consumer behavior is at the heart of any business that wants to provide top-notch customer satisfaction. Being able to predict the wants and needs of your customer is an essential tool for customer satisfaction, and hyper-specific targeted marketing is one of the most in-demand features for businesses looking to do this.
Xineoh’s solution involves processing mass amounts of raw data through their platform and returning a mathematical encoding of the customer, item, date, time and any other valuable information. Businesses are then left with a clear and accurate market segmentation that gives them with the opportunity to better target their audience. The results provided can be used on a macro level, helping businesses to optimize production and pricing strategy, and to improve inventory management, logistics management, and target marketing. Additionally, the Xineoh solution can be used on a consumer level, helping to predict customer behavior and to recommend products and services.
Xineoh’s automated predictive analytics platform can be used for any business looking to understand their customer better, whether that be understanding what type of movies a customer is interested in, or what type of banking service a customer is looking for. Xineoh recently paired up with VideoLlama to provide users with a “personal shopper for movies and TV shows.” Xineoh is also working with various different sectors, including retail, real estate, and financial services.
Traditional approaches to consumer behavior involve creating customer segments through experience and intuition, which places customers into a predefined mold. A big no-no for businesses today. The value AI holds in being able to personalize decision-making could be substantial, but there has been a lot of recent talk regarding user privacy. The recent data leaks on Facebook and the current changes in GDPR could cause somewhat of a halt for Xineoh; but, the extreme advantages that AI has will most likely overthrow any of these concerns.
Xineoh’s algorithm is really exciting for the world of AI, as it has proven to provide people with personalized and better experiences when it comes to decision-making. We might not know how the world will react to AI and its ability to process people’s digital footprint so easily, but we will have to wait and see the value that Xineoh provides to businesses. Either way, the positive use of AI might finally convince people that robots aren’t actually looking to take over the world, but they do want to help you choose what movie to watch on a Friday night!