PREDICTIVE MODEL FOR ANALYZING BUSINESS STRATEGY
We have earlier discussed the importance of customer satisfaction in service industry and how it is important in making up the revenues of the industry.teh customers who have used us in past are the best brand ambassadors of our product and services, we have discussed earlier as well the unsatisfied customer is the most urgent problem to be handled and getting him back to our services and product is the utmost priority.
Now with technology in hand it is much easier to handle these, we collect data through artificial intelligence and interpret it to our advantage. Collecting the data could be through various resources as explained under
Collection of data-Earlier days there were means of collection of data though various manual forms and the analysis was manual and could be related to certain aspects, with artificial intelligence coming in sphere the analysis is multi dimensional and can lead to much better strategic improvement plans
The relevant data to business could be generated through Short message service links, like the message we get from bank after using any of the branch or ATM, this is generated through the linking we have done of our mobile numbers with our bank accounts. The emails we get after every transaction online or offline or many such resources. Some companies collect the data over digital forms or digital links send to our unique digital addresses after every such service or product transaction.
Most of the data collection is through primary interface of the Artificial intelligence. Now the bigger picture lies in defining the strategies related to the interpretation of such collected data. How AI does helps in effective decision making and utilizing the data.
DATA SEGREGATION The first and foremost task is to segregate the data in accordance to the unique interests like Age group, preference , vegan or non vegan preference , preference of location, gender, vicinity, ease of deliverance, level of education. With every such segregation we are able to read what is the brand impact of the business on different groups, and who are the actual users and where does the business establish its target.
Let’s put and example to this for elaborate understanding- for instance we talk about the restaurant conducting a market research with help of AI for future advertisement.
One general data collection form like below can answer many questions and hence aid the strategic planning for the business
1 WHAT CUISINE DO YOU WANT US TO CATER IN THIS AREA
INDIAN ORIENTAL CONTINENTAL LEBANESE ANY OTHER
2 HOW WOULD YOU LIKE TO SEE OUR SERVICES
FINE DINE CASUAL DINING TAKE AWAY ANY TWO
3 WHAT IS YOUR PREFERENCE OF CUISINE
VEGETARIAN NON VEGETARIAN BOTH
4 PLEASE SUBSCRIBE ON BELOW LINK TO KEEP YOU UPDATED
XXXXXXXXXXX
We get to interpret what price bracket, and dining options are people looking forward to , if it is fine dine ,be ready for valet parking services if it is casual dining just ensure quick pre platted recipes
We get to know of the preference of being vegetarian and non vegetarian or both , now here we can interpret do you want to go vegetarian only if over 75% responses say this or do you want to go for non vegetarian or both depending on the quantum of responses
Other than above we would get some subscriptions to our email to create our subscriber list
Now what more we get from this is amazing
Segregate the data to age group and you could see your potential clients, are they youngsters or mid aged or retired community.
Gender cumulative also play important role, are you preparing for house makers or working executives
Now with these available interpretations, it becomes very easy for any establishment to gauge the future and peep through extended SWOT analysis.
IMPLEMENTATION OF DATA
Now with this gathered data we are all ready to apply this to our business model, right from the THEME OF INTERIORS [differentiate from fine dine to casual dine to take away], DESIGNING KITCHEN in accordance to the cuisine and the defining the saleable menu on the offerings.
Implementation of the data thus helps in key strategic management, not only the way capital is induced or the way capital is applied, developing the key business perspective models in details with the help of the artificial intelligence we can fetch the investors with key interests in particular business and these detailed studies would be helpful in developing trusts.
The above is a simple business model of the restaurant we have considered for discussions, the same applies for apparel brands, people oriented businesses where mass retail is targeted for success. Artificial intelligence is deep and is developing everyday with new techniques
Automated voice call representatives
One such gem of AI is automated voice call reps, no matter which part of the world is business and where the consumer comes from these automated call reps give you liberty of any time call answering, call recordings and with ease of language options. These call get automatically captured and inverted to data detailing provide the business with framework of reports for easy discretion.
So summarizing it , we can say AI is the future and every business needs bench marking in the process involving AI to its advantage. When we are getting customer oriented in the market situations of perfect competition where product, service and after sales relationship management play equal important role, we cannot overlook at any aspect.
