SYDNEY: Veriluma Limited, one of Australia’s leading Artificial Intelligence companies providing prescriptive analytics software solutions, announced that its subsidiary Veriluma Software will enter a joint venture with Potentiate, an Australian based data intelligence company, focused on customer experience measurement and management, employee engagement; and market insights.[the_ad id=”31605″]The first application of the joint venture involves using Veriluma’s approach to predict future purchase intention within a particular category using robust industry data. The test case assessed the accuracy and validity of the model. The result was an astounding 83% accuracy predicting an individual’s future purchasing behaviour.

This outcome provides confidence that a fully realised model will have impressive predictive power, at an individual customer level, well above what is generally possible using “look alike” methodologies. The two companies are finalising the development of the application with a view to launch later this year.

Potentiate Group CEO, Henry Cheang said: “At Potentiate, we constantly seek to challenge the status quo in the way we do things for our clients. Veriluma’s prescriptive analytics approach is a game-changer for companies, offering one of the most highly validated models for informing business decisions. We are delighted to be partnering with Veriluma, and look forward to sharing their approach with our clients. Those who have had a preview are already eager to get started.”

Elizabeth Whitelock, CEO of Veriluma Software commented: “Potentiate specialises in data intelligence. 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. Potentiate is a leader in customer experience and we are excited to work with them.”