Australian software vendor Veriluma has announced a joint venture between its subsidiary, Veriluma Software, and data intelligence provider Potentiate to predict customer behaviour.
The deal will see the Australian companies work on customer experience measurement and management, employee engagement and market insights.
Veriluma's prescriptive analytics software will be used with Potentiate’s CX software to predict future purchase intention within specific categories using industry data.
The 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.
Veriluma's analytics algorithms are based on subjective logic, which is suitable for analysing situations involving uncertainty and incomplete information.
"The software can deal with what we know and can also consider what we don’t know," Potentiate Group CEO Henry Cheang told ARN. "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. Assessments highlight what has contributed to the likelihood, indicate potential risks, opportunities and conflicts.
"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.
Established in 1992, Potentiate has two offices in Australia – Sydney and Melbourne –, plus bases in Japan, Malaysia and the US. With 130 consultants across its global offices, it claims to connect with more than 14 million customers across 90 countries.
"Potentiate specialises in data intelligence," Veriluma Software CEO Elizabeth Whitelock said. "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."