Upside, a Washington-based startup, works with gas stations, grocery stores, and restaurants to offer consumers personalized discounts.
The application displays a map with offers tailored to each user from 30,000 partners, mostly American retail chains. The user pays the full price for the product and then uploads a photo of the receipt. The app applies a discount on the user’s app balance, which can be transferred to a bank account (for a fee) or exchanged for digital gift cards.
Upside says its services reach 30 million users in the US.
The machine learning system calculates discounts based on anonymous data (user location, credit card number and previous purchases). The discount is also influenced by external factors such as prices offered by competitive establishments nearby.
However, Upside’s algorithmic approach to calculating rebates can make some customers feel left out.
It’s more profitable for partners to offer larger discounts to newer or less frequent customers, Upside CEO said.
Many families, individuals and employees are looking for ways to reduce their expenses and may consider providing personal information as a fair trade. However, the terms of the contract should be transparent and easy to understand. It is deceptive to offer discounts that do not end or decrease without warning when a random customer becomes a regular customer.
Pinterest takes over the AI-based startup The Yes, co-founded by the former director of Stitch Fix
As Pinterest focuses on improving the online shopping experience on its platform, the company announced that it is acquiring an AI-powered shopping service known as The Yes, founded by e-commerce veteran and former Stitch Fix chief operating officer Julie Bornstein and technical associate, founder of Amit Aggarwal. The acquisition will help create a new strategic organization on Pinterest that will help guide the company’s purchases.
The Yes comes as Pinterest tries to change the way people shop online. Where once users looked for inspiration on the Pinterest image board, today they are more interested in content from creators, videos, and highly personalized channels.
Founded in 2018, The Yes has created a personalized daily shopping channel that learns the user’s style while shopping from hundreds of fashion retailers. It offered a wide selection of brands ranging from Gucci and Prada to everyday brands like Levis.
Pinterest has learned that the Yes system can be further developed to go beyond clothing and reach into other categories such as home, beauty and food.
All of this is also likely to be related to Pinterest’s growing efforts to attract creators to their platform who are now posting videos and live streaming aimed at encouraging Pinterest users to buy the products they recommend.
Pinterest saw the deal as a way to combine the best talent, knowledge, and technology to accelerate its vision of making Pinterest the new home of taste-driven shopping.
As a result of the acquisition, The Yes will close its app and website and focus solely on Pinterest.
The company expects the transaction to close in the second quarter of 2022.
Oracle has completed the acquisition of medical records software company Cerner.
Therefore, it plans to create a national database of medical records that could be used to develop better AI models in medicine. Currently, electronic healthcare data is fragmented into thousands of hospital databases in the US. Oracle wants to create a unified system on these databases, which would only contain anonymous data, unless the patient gives consent.
According to Oracle president and CTO Larry Ellison, a unified database would help clinicians to access patient records faster. Oracle, the second-largest software vendor by revenue, completed its $ 28.3 billion purchase of Cerner earlier this week. Cerner is a software developer for medical centers for data storage and processing.
Ellison said Cerner’s central service will be updated with disease-specific AI models and other features. A national database could provide data for the creation of AI models that help diagnose cancer and other diseases.
How AI Reduces Churn and Overhead
Intelligent automation is the process of using AI to make decisions and automate processes. Intelligent automation can help reduce churn for your business by automating the decision-making process and helping you to identify at-risk customers. In this article, we will discuss how intelligent automation can help reduce churn for your business and improve customer retention rates.
What is Intelligent Automation, and How Does It Reduce Churn
Intelligent automation is the combination of AI and traditional automation techniques to perform tasks that have previously required human intervention. By automating repetitive and time-consuming tasks, businesses can free up employees to focus on more strategic work. Intelligent automation can also help to improve accuracy and efficiency and reduce costs.
One area where intelligent automation can be particularly beneficial is in reducing churn. Churn refers to the rate at which customers discontinue the use of a company’s product or services. A high churn rate can be damaging to a business, as it costs more to acquire new customers than to retain existing ones. Intelligent automation can help to reduce churn by identifying customer risk factors and taking automated actions to prevent cancellations. For example, if a customer shows signs of disengagement, the system can automatically reach out with a personalized offer or incentive.
By reducing churn, businesses can boost retention rates and grow their customer base. Intelligent automation is, therefore, a powerful tool for reducing churn and driving long-term growth.
How Intelligent Automation Helps Identify At-Risk Customers
Intelligent automation is a powerful tool that can help businesses to identify at-risk customers. By analyzing customer data, AI can identify patterns and trends that may indicate that a customer is at risk of churning. This information can then be used to take proactive steps to retain the customer. For example, the customer may be contacted proactively and offered incentives to stay with the company.
Intelligent automation can also be used to create targeted retention campaigns that are designed to address the specific needs of at-risk customers. A company called ChurnZero provides a platform that uses intelligent automation to help businesses reduce churn. The platform analyzes customer data and identifies at-risk customers. It then creates targeted retention campaigns that are designed to address the specific needs of each customer.
According to the chart above, the main reason a customer leaves a company is that the customer believes the company does not care about them. Therefore, the targeted retention campaigns that intelligent automation generates can make the consumer feel valued and want to retain the business’s services. Overall, businesses that make use of intelligent automation can experience a significant increase in customer retention rates.
The Benefits of Using Intelligent Automation to Reduce Churn
Intelligent automation is touted as a revolution in business efficiency. The primary benefit of automation is the reduction of redundancy and inefficiency. By automating repetitive and low-value tasks, businesses can free up employees to focus on higher-level work that drives growth.
The second most important benefit is the improvement of metric-based decision-making. Intelligent automation improves decision-making by providing the rapid and accurate processing of data. In addition, intelligent automation can help to reduce churn by providing consistent and personalized service to customers.
Another benefit of automation is the ability to obtain and maintain a competitive advantage against competitors. Intelligent automation can help businesses to identify and address consumer needs quickly and efficiently. In addition, intelligent automation can help businesses to scale their operations with limited time and resources.
A company called Blue Prism provides a software platform that helps businesses to automate their operations. The platform works by integrating with existing business systems to automate repetitive tasks. Therefore, it is easy for well-established companies to adopt automation technology into their existing infrastructure. Intelligent automation technology is already being used by leading companies from a range of industries including EY, Deloitte, and Coca-Cola. It is clear that the benefits are far-reaching. As businesses strive to remain competitive, intelligent automation is likely to play an increasingly important role.
How to Get Started with Intelligent Automation
While the benefits of intelligent automation are clear, many businesses struggle with getting started. Implementing intelligent automation can be a complex and daunting task, but there are a few key steps that any business can take to get started.
First, it’s important to define what tasks can be automated and what goals you hope to achieve with automation. Once you have a clear understanding of your goals, you can begin to implement intelligent automation solutions.
Second, it is important to keep in mind that intelligent automation is not a one-time event; it’s an ongoing journey that requires continuous monitoring and refinement. Therefore, it’s important to have a team in place that is dedicated to overseeing the automation process and adapting as needed. The graph below shows that automation will deliver small benefits at first. However, intelligent automation practices will continuously improve and become highly effective with continuous adaption and refinement.
Third, it is important to partner with a reputable intelligent automation provider. A good provider will have a team of experts who can help you to implement and refine your automation solution. One of the top intelligent automation software providers is Kofax. Kofax is one of the leading providers of intelligent automation technology and has worked with a number of well-established companies from a range of industries. The company’s software is best known for helping businesses to automate their operations and improve decision-making.
Fourth, intelligent automation should be integrated into your existing business processes. This will help you to realize the full benefits of automation and avoid any disruptions to your business.
Finally, it is important to remember that intelligent automation is not a panacea; it will not solve all of your business problems. But when used correctly, it can be a powerful tool that can help you to drive growth, efficiency, and customer satisfaction.
Conclusion
Intelligent automation is a powerful tool that can help businesses to improve their operations and reduce their churn. However, it’s important to keep in mind that intelligent automation is not a one-time event; it’s an ongoing journey that requires continuous monitoring and refinement. In order to get started with intelligent automation, businesses should define what tasks can be automated and what goals they hope to achieve. Furthermore, businesses should partner with a reputable intelligent automation provider and integrate intelligent automation into their existing business processes. By taking these steps, businesses will be well on their way to realizing the full benefits of intelligent automation.
References
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