Potentiate, an Australian based data intelligence company, focussed on customer experience measurement and management, employee engagement; and market insights is pleased to announce their joint venture with Veriluma Software, one of Australia’s leading artificial intelligence companies providing prescriptive analytics software solutions.
Veriluma's prescriptive analytics software will be used with Potentiate’s customer experience (‘CX’) software to predict future purchase intention within specific categories using industry data. Veriluma's analytics algorithms are based on subjective logic, which is suitable for analysing situations involving uncertainty and incomplete information.
The prescriptive software was initially developed for the use of the Australian Department of Defence. With the joint venture, Potentiate’s CX software and commercial data expertise will be used in combination with Veriluma’s technology to expand the use of the prescriptive analytics software beyond Defence to the commercial sector across multiple industries.
"The software can deal with what we know and can also consider what we don’t know," Henry Cheang, Group CEO for Potentiate says. "It can handle quantifiable data and combine it with qualitative, unreliable and uncertain information to arrive at an outcome of confidence and likelihood.
"The software extends the results of big data tools, descriptive and predictive analytics as well as business intelligence solutions to deliver assessments with actionable outcomes. Despite the quantity or quality of information available at that time, whether objective or subjective, the road ahead and its challenges are laid out," Cheang explained.
A first test case assessed the accuracy and validity of the model, which resulted in 83 per cent accuracy when predicting an individual’s future purchasing behaviour. According to ASX-listed Veriluma, this provides confidence that a fully realised model will have "impressive predictive power".
"Veriluma’s prescriptive analytics approach is a game-changer for companies, offering one of the most highly validated models for informing business decisions," Cheang said. Cheang said that customers have already previewed the solution and are "eager" to start using it.
Veriluma Software CEO Elizabeth Whitelock says "Veriluma brings another dimension of understanding for Potentiate’s clients by increasing their insight for focused, effective action. "We are delighted to work with a pioneering data company. Together, we will develop solutions for industries and clients that, traditionally, Veriluma has not targeted."
The partnership also sees Henry Cheang being appointed as a member of Veriluma’s newly-formed Advisory Board. The members of the Advisory Board bring, access to networks, mentoring and advice; strategic feedback on business plans, proposed transactions and strategic relationships; views on opportunities and risks; introductions to deals and sources of capital. “We are honoured to have such distinguished and successful people serve on our Advisory Board,” says Veriluma’s Chairman, Andrew Grover. “The company can only be enhanced by their collective experience and calibre.”
Veriluma has developed and patented an advanced algorithmic approach to deliver decisive insight to decision makers. Veriluma’s software, Intelfuze, augments the available data and human knowledge with artificial speed and unbiased accuracy. Intelfuze is a form of advanced, forward-looking analytics, which provides assessments about future outcomes and a preferred course of action.
Originally developed for the Australian Defence Intelligence Organisation, Veriluma’s software provides a rapid and accurate assessment about situations of national interest. In complex decision making situations, the ability to comprehensively manage incomplete or uncertain inputs is highly valuable for businesses, governments and individuals. Orbis Research estimates that the Artificial Intelligence/Prescriptive Analytics market is currently worth US$4.6b, and will grow at a CAGR of 22%, to reach an estimated US$20b by 2020. Currently, 10% of organisations have some form of prescriptive analytics and this is expected to grow to 35% by 2020. ¹Source: Gartner Forecast Snapshot: Prescriptive Analytics, Worldwide, 2016; 5 February 2016.
Veriluma’s software has wide application across multiple industries including banking and financial services, insurance, defence and national security, legal and health.