MAW has learned that ZyloTech (formerly DataXylo) will introduce the first artificial intelligence-powered platform for advanced customer analytics.
Based on the details shared, the platform is designed to help companies solve data quality issues and “analyze all customer data continuously and in near real time for superior insights in support of omni-channel marketing operations.”
According to a provided statement, Zylotech’s award-winning customer analytics platform could abate several critical marketing challenges, including:
- Acquiring a new customer is five to 25 times more expensive than retaining an existing one; yet only 16 percent of companies put their primary marketing focus on growing existing customers.
- Without automated tools for data curation and analytics, marketers must rely on IT and can’t know or interact with their customers on a meaningful, personal basis.
- Omni-channel customer data moves too quickly, perishes easily and is too varied for today’s resource-intensive big data approaches relying on armies of data scientists.
- Marketers are forced to throw big money at new customer acquisition: $68 billion in digital ad spends and $9 billion in direct mail ad spends per year, including to their existing customers.
The new platform was developed by Abhi Yadav, an MIT-trained data scientist serial entrepreneur, and Iqbal Kaur, an enterprise analytics expert. The ZyloTech platform uses two layers of machine learning to continuously, and in near-real-time, identify, unify, cleanse, enrich, and analyze all customer data from hundreds of data sources.
“In the rapid-fire direct marketing world where improvements are measured in fractional percentage points, ZyloTech clients, who have been using our solution for more than a year, have frequently reported a 4-6X lift in their customer retention and monetization efforts,” Yadav explained.