Retailers, Financial Services and Fintech providers (payments, generosity/loyalty programs, vouchers, insurance etc) struggle to harness and derive value from big and real-time data. Opportunities to increase revenue, value-add and enhance their customers’ experience are missed. Using legacy technology to try and solve the problem puts them at a disadvantage relative to pure-play online competitors.
Everyone is now asking increasingly complex questions of their data, and expecting the answers to be accurate, immediate and valuable. One will struggle to get those answers in a timely, ready-to-use format if you don’t have the right tools in place to do so.
The Retailers, Financial Services and Fintech providers know their business however. They know their customer, their data and are the industry experts who have the human context, knowledge and motivations. This rich knowledge and intelligence can’t however be exploited and applied to best effect without the technology to achieve what they instinctively know and want. The human needs the machines if they are going to achieve their full potential.
What do we do?
Why we do what we do?
We love to help businesses navigate the challenges to thrive in a rapidly changing world. We believe using new disruptive and game changing software should be accessible to all and using it shouldn’t be a painful or difficult experience.
How do we do it?
We develop and provide graph (technology) based AI and Event Processing software to achieve Augmented Intelligence. This translates into solutions for real-time analytics, recommender systems, Customer360, fraud analytics, HVTM, and automated responses to identified or triggered events.
What stands Locstat out from the crowd is our unique approach to providing this ‘Augmented Intelligence’. This uniqueness comes from the way we have combined the powerful next generation technologies of Graph, Event Processing, Streaming Analytics, Geospatial Processing, AI/ML and NLP/NLR. This is offered as one (Big Data) capability, providing impactful solutions to solve customer need. What’s especially powerful is our unique tripartite combination of Recommender Systems, Customer 360 View and Complex Event Processing to enhance customer experience.
Gartner ‘s AI business value forecast states that “Customer experience is the primary source of AI-derived business value”.
This makes perfect sense, and was aptly articulated by Gartner’s Svetlana Sicular: “Augmented Intelligence reduces mistakes while delivering customer convenience and personalisation at scale, democratizing what was previously available to the select few. The goal is to be more efficient with automation while complementing it with a human touch and common sense to manage the risks of decision automation.
The excitement about AI tools, services and algorithms misses a crucial point: The goal of AI should be to empower humans to be better, smarter and happier, not to create a ‘machine world’ for its own sake”. Thanks Svetlana!
At Locstat, we love this approach and we follow it in the solutions we deliver to our clients. Our capabilities all work to ultimately enhance your customers’ experience. The combination of human expertise and context and the power of very capable (AI/ML/CEP) technology is axiomatic if one wants to succeed.
Get in touch to find out more https://www.locstat.co.za/contact-us/.
Augmentation from Locstat
At Locstat we firmly believe in AI’s assistive role in advancing and enhancing human capabilities and intelligence. If you think of it logically, whereas computers are very powerful and AI makes them ‘smarter’, the human component cannot be replaced.
When engaging with a new client, we follow a journey approach. We recognise the need for the (very human) expert knowledge and context that only the client can bring. So this journey with the client is essential. Such an approach ensures that Locstat’s graph powered AI and event-processing capabilities are brought to bare to meet and exceed the client’s needs.
So what next?
Our world is still changing at a very rapid pace. The global digital transformation continues unabated and as we learn more, we innovate more. We are going to keep pushing the envelope by asking more and more of those complex questions from our data. We are going to insist those answers are immediate, contextual, accurate, at scale and beneficial. Its exciting. Its going to need organisations to complete and continue transforming their digital environment.
This will include migrating from legacy systems to more advanced and ‘next gen’ technologies. Organisations are going to have to break down their data silos and adopt the #OnlyTogether approach that e.g. a ‘Data Lake’ environment offers. All the time, organisations must continue to ensure that the combined approach of human and machine (computer) remains.
Perfectly positioned to be at the forefront of this fast moving digital transformation is Locstat. Locstat thrives on providing solutions to our clients to ensure the experience their customers receive is always first class. This then translates into increased revenue, greater opportunities and less risk. We love it when our clients can seize previously hidden opportunities. We love it even more when they can mitigate and remove previously unseen risk to their continued growth and success.
Win by ensuring your organisation is set-up for future success. Get in touch and come on board.
Ready to unlock your businesses potential?
Do you want to leverage cutting edge data and AI technology to give your business the competitive edge it needs? We’ll evaluate your system, your data needs, budget and any custom features you may require and suggest the ideal package to suit all your data and business needs.
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