It is hard to imagine McDonald’s leaning towards data-focused investments. In 2019, in a significant step, the much-loved fast-food chain did just that by reaching an agreement to acquire Dynamic Yield for a whopping $ 300 million, a start-up which provides retailers algorithm-based technology which provides personalization, recommendations, auto-optimization etc. McDonald’s has a strong customer base of 68 million fast-food consumers per day, most of whom don't exit their cars and order at drive-thru windows.
While McDonald's may have already gone 'digital’ with its app (with Uber Eats) the acquisition of Dynamic Yield is being seen as their first big step towards mass personalization. Instead of the previously used up-selling techniques (Thanks for ordering Fillet-O-Fish. Would you also like fries and cola on the go?) Dynamic Yield will implement a data-driven sales strategy (during rush hours the digital menu could perhaps flash quick-to-make items). By using predictive tech, not only can the front-end be better managed, but the back-end too can benefit in areas such as stock-levels, cutting back on food waste and so much more.
In marketing everything ultimately boils down to customer preferences and desires.
If you remember the Porsche ad which used neuroscience imagery to liken its driving experience to that of flying a jet, it was an attempt to ascertain what stimulates the brain.
The current trends indicate personalization as a major stimulant of the customer's brain.
Continuing the same line of thought we compiled a list of five AI-powered gadgets you or your customer will love. From Samsung's smart washing machines that fix minor glitches on their own, know the user well enough to know their laundry cycle preferences, to the Smart Button Controller i which allows you to switch off gadgets through voice command, we have a fabulous list up for you to read.
This week we deep dived into the growing relevance of external data in the altered reality - a world dealing with the ongoing pandemic. The relevance of internal data as we knew it stands changes. We talk about what approach to follow with external data to get the most out of it and how. You can read about it here.
And last but not the least, leaving you with something that all of you look forward to! Signing of with a dose of humor 😊
Video editing and film-making
If you have ever been in the business of video editing, especially when a famous celebrity was involved, and no matter how much you try to salvage the video, you cannot; deepfakes will help with that clip and your video will be made uninterrupted. Earlier, movie directors would spend millions on creating the perfect location for their movies. This is now achievable with a far lesser sum using deepfake and AI. Deepfakes can be real game-changers in film-making. Imagine new movies starring Charlie Chaplin opening to full houses. This, ofcourse, after all the copyright issues are taken into consideration..
What is the brand which comes to people's mind when they think about purchasing consumer electronics- is it Reliance Digital Retail Ltd.? Has Xiaomi Technology finally positioned itself as a premium brand? What is common between multi-brand electronic retailers and the people who visit them? What is consumer mindset of someone who wants to purchase consumer electronics and what other places these people go to and what are their brand affinities like?
Sherlock AI (powered by Infinite Analytics) looks into all the people who visited consumer electronics stores in the month of October and connects the dots. Take a 3 minute journey and understand consumer mindset of electronics buyers analytically!
Did you know that jewelry stores’ visitation went up by 125% during the Dhanteras weekend? Sherlock AI analyzed all consumers who visited jewelry stores pan-India and revealed that though typical weekend footfall surges in Jewelry shops is around 16%, the Dhanteras weekend contributed to a whopping 125% surge! WHOA!
Indians have always preferred gold as an asset class and an investment vehicle. With Dhanteras being among the most auspicious occasions to buy gold, Indians did indeed flock to the ‘market’ to buy gold.
It’s most obvious in the digital media space, from click buys to personalized web experiences. For marketing, the AI journey has just kick-started, while in the tech sector it has been applied for a while now. We are still at an early stage where inroads are being made into AI content via chatbots and even some explanatory content creation but what will make anyone jump up and embrace it is when we will start seeing a lot of mainstream content being created by AI.
Prior to joining Infinite Analytics, Richard served as the CFO of CrowdFlower, COO and CFO of Phoenix Technologies, as a member of the board of directors and chairman of the Audit Committee at Intellisync, and previously as CFO and executive vice president strategy and corporate development at Charles Schwab.
Pravin Gandhi has over 50 years of entrepreneurial operational and investing experience in the IT industry in India. He was a founding partner of the first early stage fund India - INFINITY. Subsequently a founding partner in Seedfund I & II. With over 18 years of investing experience, he is extensively well networked in investment and entrepreneurial scene and is an active early stage angel investor in tech & impact space. Pravin holds a BS in Industrial Engineering from Cornell University, and serves on the board of several private corporations in India. He is on the board of SINE, IIT Mumbai Incubator.
Puru has his Masters in Engineering and Management from MIT. Prior to MIT, he worked with Fidelity Investments building electronic trading products and high volume market data processing applications. He has completed his BE from VJTI, Mumbai.
Deb Roy is Professor of Media Arts and Sciences at MIT where he directs the MIT Center for Constructive Communication, and a Visiting Professor at Harvard Law School. He leads research in applied machine learning and human-machine interaction with applications in designing systems for learning and constructive dialogue, and for mapping and analyzing large scale media ecosystems. Deb is also co-founder and Chair of Cortico, a nonprofit social technology company that develops and operates the Local Voices Network to surface underheard voices and bridge divides.
Roy served as Executive Director of the MIT Media Lab from 2019-2021. He was co-founder and CEO of Bluefin Labs, a media analytics company that analyzed the interactions between television and social media at scale. Bluefin was acquired by Twitter in 2013, Twitter’s largest acquisition of the time. From 2013-2017 Roy served as Twitter’s Chief Media Scientist.
Erik Brynjolfsson is the Jerry Yang and Akiko Yamazaki Professor and Senior Fellow at the Stanford Institute for Human-Centered AI (HAI), and Director of the Stanford Digital Economy Lab. He also is the Ralph Landau Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR), Professor by Courtesy at the Stanford Graduate School of Business and Stanford Department of Economics, and a Research Associate at the National Bureau of Economic Research (NBER).
Akash co-founded IA while studying for his MBA from MIT. Prior to MIT Sloan, he co-founded Zoonga. Before this, Akash was an engineer with Oracle in Silicon Valley. He has completed his M.S from University of Cincinnati and B.E from the College of Engineering, Pune.