Long gone are the days of companies just collecting massive amounts of data. Today, businesses in every industry are relying more heavily on data analytics to drive their decision-making and goals. Many also have begun to lean on AI to deliver automation and machine learning in an effort to increase productivity and scale.
Companies understand that in order to compete in a highly digital world they must utilize and discover insights from both structured and unstructured data to help inform their strategies around efficiency, inventory, the creation of new products or services, customer loyalty, and more.
For physical retailers such as QSRs, c-stores and apparel stores, competition is fierce and customers’ expectations are at an all-time high. Brands recognize that loyalty is critical to their success. They need a true 360-degree view of their customers to deliver the type of sophisticated personalization that builds meaningful relationships. They need the ability to not only know and recognize the same individual across all touchpoints, but also recognize patterns in their behavior to deliver relevant messaging.
Creating lasting customer loyalty is essential for physical retailers, who must blend a physical presence with an online presence. Yet many brands do not have the technology infrastructure to support structured and unstructured data and AI initiatives. They have outdated legacy systems that have been slow to move to the cloud, leaving them unable to connect and understand their customers and their purchase-related transactions and behaviors in real-time.
Additionally, organizations lack the technical expertise needed to develop and execute an AI strategy. Businesses need the help of data scientists, who organize and analyze large amounts of data using specifically designed software for the tasks. A data scientist requires business domain expertise to translate a brand’s goals into data-based deliverables such as prediction engines, behavior pattern detections, optimization algorithms, and the list goes on.
At Punchh, our AI-powered platform is driven by the work of data scientists, dedicated to delivering the type solutions that drive meaningful personalization for brands to build valuable loyalty in the new digital economy. Interested in understanding more about the impact data scientists can have on business? Check out Punchh’s VP of Data, Xin Heng’s, thoughts as seen in Information Week.