I’ve been riding Enduro motorcycles for 15 years. If you too are a motorhead, then you already understand that, when you buy, you immediately start thinking about modifying it from stock components to high-performance aftermarket components that better meet your custom requirements. Before you have even driven it out of the shop, you are probably thinking about changing the handlebars or adding some cool graphics or even installing a new exhaust system. What’s available off the shelf might perform well enough for most riders, but almost never meets all of your high performance, custom requirements, especially if you are entering the race to win.
The same choices apply to enterprise software procurement. Off the shelf suites and bundles are good at most things but not really great at anything. When working with global data platform providers, this is all too true as customers unenthusiastically tolerate compromises including:
- Standardization due to high operational costs.
- Data restrictions resulting from privacy policies.
- Lack of dashboard customization due to high prices.
- Lack of access to competitive data.
The leading brands and manufacturers are all too familiar with the “one size fits all” approach and have long since realized that, to outperform their CPG competitors, they need to design a custom marketing architecture, including data management and analytics, with extra horsepower provided by best of breed components, connectors and applications. Even in stock car races, there are few actual “stock” components used. Companies must architect and optimize their own data management stack in order to accelerate actionable insights if they expect to pass and remain ahead of their competition.
But, in the CPG/FMCG oval, “Know Your Customer” (KYC) is the race plan and receipt data is the fuel injection to earn your way into the winner’s circle. Purchase receipts, also known as “tickets” in Mexico and other countries, are an operating manual that explain the customer. Receipts contain the data that fuels insight into the customer’s product preferences, payment preferences, household size, price elasticity and budget.
In many cases, DTC companies go to great lengths to acquire customer data they may already have but can not access. Their outdated data extraction systems and processes simply perform too slow in time trials to positively impact the race, outperformed by modern, precision driving technologies that place their companies in a better starting position.
In comes the computerized, fuel injection system with an instant ignition, improved fuel efficiency, accelerated throttle response and minimal service requirements. Veryfi is a pre-trained, AI-driven solution that rapidly integrates into your DTC technology stack. Veryfi instantly captures and extracts data from receipts with industry leading Day 1 Accuracy™ of 97%, fueling actionable insights. Veryfi recognizes more than 80 fields from a receipt down to the line item level. Twist the throttle and Veryfi will accurately extract unstructured data as much as 60X faster than traditional solutions, accelerating time to insight.
But, you wouldn’t start a race without first having tested and trained on your new ride to fully understand and take advantage of its new high-performance, precision-driving capabilities. Veryfi’s pre-trained artificial intelligence instantly identifies duplicate entries, correcting images and more. Without shifting gears, Veryfi will also detect fraudulent claims and submissions from promo hunters.
Veryfi gives DTC channels and campaigns the extra horsepower needed to know your customers and learn their shopping habits before your competition does. Consumer companies and international brands with Veryfi use these insights to build stronger customer relationships. Don’t lose the race at the start. Upgrade to a modern, high performance architecture that accelerates your time to insight.
Take Veryfi for a test ride at veryfi.com/demo.