Punchh, a software startup that creates digital marketing tools for physical retailers like restaurants, announced the release of its new machine learning-based "Predictive Customer Lifetime Value" (PCLV) application this week. But will this new technology just be another avenue for data darwinism? CLV is a metric companies use to predict how much money they will reasonably get from any one customer. The concept certainly makes you wonder whether restaurants are feeding you meat, or if you're the meat feeding the restaurant. Regardless, it's something restaurants are using more.
Apple is slowly but surely growing the list of places where you can pay hands-free with your iPhone and Apple Pay. The latest addition: Smashburger, which announced that it will begin accepting Apple Pay later this year. SEE ALSO: This could be our first look at the iPhone 8's glorious edge-to-edge screen Once it's live in store, you'll be able to tap-to-pay just as you would at any other business or retailer that takes Apple. Additionally, Apple Pay will also be integrated with Smashburger's loyalty program. Once you've paid, your phone will prompt you to join the restaurant's loyalty program, which lets you earn discounts and credit toward future orders.
In 2019, companies looking to gain an edge on competitors and insight into customers and trends have come to rely more heavily on data scientists to inform their business decisions. A good data scientist is invaluable to a company with any online presence. They will assess and interpret complex information and build out machine learning algorithms. Data volume keeps growing, and the amount of skill and effort needed to create data-driven initiatives is certainly keeping pace with that growth. Mistakes can produce huge consequences and, while the tools may change, the mistakes stay the same.
Forward-thinking companies are already looking back at the AI-driven strategies they have been using for years to find ways to get even more out of smart technology. The fact is, customer experience is the top priority for 71% of B2B businesses. Not that you need any more pressure, but you aren't only racing against your competitors to harness the power of AI for enhancing customer experience. What AI can do for personalization, customer engagement, and wowing your customers with a great experience today is remarkably more sophisticated than what companies were using AI to do a few years ago. If you aren't using AI intelligently to build better customer relationships, how can you compete with the companies who have been leveraging this technology for years?