MUMBAI: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that its enterprise personalization solution, TCS Optunique™, has won the Artificial Intelligence Breakthrough Award in the category Best AI-based Solution – Retail.
The AI Breakthrough Awards recognize industry leaders that build innovative AI solutions based on an evaluation of the innovation, performance, ease of use and manageability, functionality, value, and impact of the products. TCS Optunique was recognized for its ability to deliver unified and contextualized experiences across the omnichannel journey by evaluating customer intent in real time.
With its patented retail-specific meta model, TCS Optunique autonomously creates enriched customer feature dictionaries that facilitate better decisioning. By leveraging over 40 curated ready-to-use personalization use cases powered by 100+ algorithms, TCS Optunique maps the short term intent of shoppers with their long-term preferences and drives personalization for both known and unknown shoppers in real time. Explainable AI allows the business teams to easily validate outcomes and optimize business strategies.
TCS Optunique™ can help retailers increase their customer base by 10%, reduce customer churn by 75% and reduce page exists and cart abandonments by 20%. Patented reinforcement algorithms continuously optimize personalized recommendations aligned with business goals such as Customer Lifetime Value thereby ensuring content, offers, and products are of the highest relevance for customer engagement. This is accomplished without the need for A/B testing which is not only expensive but also slows down decision-making.
“AI is defining the new frontier in personalization and enriching customer journeys. Our AI-powered TCS Optunique, with its outcome-based approach to real-time personalization and decision orchestration is helping retailers create omnichannel personalization journeys to improve the overall experience and drive growth,” said Shankar Narayanan, Business Group Head, Retail, CPG, Travel & Hospitality, TCS. “We are delighted to receive the AI Breakthrough Award that recognizes our innovation in delivering personalized and unified shopping experiences for every customer, every time.”
TCS Optunique is a part of the TCS Algo Retail™ suite of products and platforms that enables retailers to seamlessly integrate and orchestrate data across the retail value chain, harnessing the power of analytics, AI and machine learning to unlock exponential business value.