Artificial intelligence

PREDICTABILITY WITH AI/ML


When Covid-19 impacted the market, we saw many companies taking control of what they could and one of the main actions was to freeze costs.

Even during these challenging times there are still many areas to explore, we see that the patterns of the customers have changed and provides the possibility to invest and develop new revenue streams and in-turn increase turnover and profitability in the short and long-term basis.

This is what we would like to share in this blog and also exemplify.

Lesson from the Airline industry, they work with the data which is internal and external. Internally from the point of view that we have X % booked seats for a certain flight and need to discount or increase costs due to high or low availability. Combining this with external factors such as, which weekday it is, Christmas, New year’s Summer holidays etc. which will impact the price for the customer and of course the other way around in low season when many aren’t travelling the airline tickets tend to be lower.

There are so many industries who have the data but don’t always use it to be able to fill capacity.

I will exemplify:

Imagine the last time you had dinner at a restaurant, you sat down with your friends or family received the menu and ordered your food and drinks. You are next to a big wide window with a fantastic view. You look around the restaurant and see that not everyone has the same view, however everyone is paying the same price. 

If you eat at a restaurant on a Monday or a Friday, it’s usually the same price, right?

Ask yourself would you be willing to pay a bit more for having a great view and booking when it’s Friday or Saturday evening and being sure to get a table? I’m sure in many cases you would. The same thing goes the other way around to also provide an incentive for customers to pay a little less to come before the peak hours or other day of the week at a lower cost. This is something the pubs and bars around the world invented a long time ago and named “Happy hour”.

It’s about collecting the data, analyzing and adjusting and the technology to make this happen has been developed.

This is just one example how to in these challenging times it’s possible to increase revenue and profitability with help of AI/ML.

What would you like to predict and would have an impact on your business to increase revenue and profitability?

Please feel free to reach out to us and we would be happy to listen to your idea and how to turn that idea into a solution.  

Sales and Marketing

“Ingen spaning, ingen aning”

This is a saying that my late father-in-law used to say to me. He was a high ranking Colonel in the Swedish Army. When in war he argued, you need to constantly adapt to what the enemy does to avoid casualties and gain advantages and that’s why scouting is an important part of military activities. Even if it’s hard to do a direct translation, the essence is “if you don’t scout your environment, you don’t have a clue of what’s going on”.

However, you don’t need to be at war to see the value in scouting the environment to be able to adapt. It’s equally important in sales and marketing. If you don’t understand your customer, you can’t evolve your offerings and be relevant. In the tech industry, many start with the technology and work from there to figure out how the tech can attract customers. There is a famous youtube video of Steve Jobs returning to Apple and explaining why that doesn’t work and argues that you have to start with the customer and work backwards from there. Jeff Bezos and Amazon shares the same thinking and practice the “working backward process” which starts with a specific customer need instead of in product features.

This seems very logical and given for most of us but surprisingly few practice it. At TIQQE, we talk to a lot of potential customers every week and the reason we do that is not because we want to convert all of them to buying customers. The main purpose of our outbound sales is to try to understand where the market is, what kind of challenges they’re facing right now and how we can help. We use that intel to develop offerings and capabilities that really address potential customers current challenges. A simple but good sales strategy and it enables us to be as relevant as possible to our target market – today and tomorrow.

Many companies tend to loose focus and interest on the market over time and spend most of their time and focus on internal enhancements and organizational redesigns. That’s a dangerous path which many companies have suffered from during the years. Kodak, Blockbuster and Borders are just a few common examples but the list is growing, even in the Nordics. Once the market has moved beyond your offering, it’s downhill from there and many are left with cutting prices as the only competitive strategy.

It’s even more important to understand the market today as technology is disrupting industry after industry. There’s a quote from Bill Gates saying “we always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten”. I believe that’s true and that scouting your environment is an important part of understanding the change ahead to be able to adapt in time.

“Ingen spaning, ingen aning” – Ingvar S Klang, former Colonel in the Swedish Army