Industry & REACH by Octopi Specific Terms
Artificial Intelligence - AI
Artificial intelligence (AI) is an area of computer science that emphasizes the creation of intelligent machines that work and react like humans. Some of the activities computers with artificial intelligence are designed for include: Speech recognition, Learning, Planning, and Problem-solving. Artificial intelligence (AI) allows you to make decisions based on those data points. It’s how Amazon, Netflix, and Spotify are able to make such on-point recommendations for what you should buy, watch, or listen to next.
This refers to large, complex datasets that can be difficult to organize and analyze. Modern technology and the internet of things (IoT) mean we’re able to collect more data than ever before.
The practice of using a network of remote servers hosted on the Internet to store, manage, and process data, rather than a local server or a personal computer.
Customer Data Platform - CDP
Also known as CDP, A customer data platform (CDP) is a type of packaged software that creates a persistent, unified customer database which is accessible to other systems. Data is pulled from multiple sources, cleaned, and combined to create a single customer profile. This structured data is then made available to other marketing systems.
Customer Relationship Management - CRM
Customer relationship management is an approach to managing a company's interaction with current and potential customers. It uses data analysis about customers' history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth. Wikipedia
Human-Machine-Interface - HMI
An HMI is a software application that presents information to an operator or user about the state of a process, and to accept and implement the operators’ control instructions. Typically information is displayed in a graphic format (Graphical User Interface or GUI). An HMI is often a part of a SCADA (Supervisory Control and Data Acquisition) system.
Intelligence-driven Last-Minute Appointment - LMAi
Intelligence-driven LMA communications sent to unbooked clients seven days before an anticipated appointment based on individual history and preferences, i.e. REACH enhanced algorithms.
Internet of Things - IoT
The Internet of things is a system of interrelated computing devices, mechanical and digital machines provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
Key Performance Indicators - KPI
A Key Performance Indicator is a measurable value that demonstrates how effectively a company is achieving key business objectives. Organizations use KPIs at multiple levels to evaluate their success at reaching targets.
Last-Minute Appointment - LMA
Standard Last-Minute Appointment communications are sent to all unbooked clients weekly based on available appointments, i.e. LEgacy product, WebOpenings.
Something that is or represents the most advanced or innovative aspect of a field, activity, profession: the leading edge of technology. See also cutting edge and bleeding edge.
Machine Learning - ML
Machine learning is a method of data analysis that automates analytical model building. Using algorithms that iteratively learn from data, machine learning allows computers to learn without being explicitly programmed where to look. The result? High-value predictions that can guide better decisions and smart actions in real-time without human intervention.
Machine learning is an application of AI and takes it a step further, allowing computers to continuously perfect those decisions, honing in on what works and letting go of what doesn’t.
Combining or coordinating separate elements, POS and AI, so that both units function cooperatively and harmoniously.
REACH Guest History
Unknown Guest History – Guest with no transactions within the previous 12 months.
Known Guest History – Guest with at least one transaction within the previous 12 months.
REACH Results Dashboard
Customized portal access to real-time reporting on profits accrued via all REACH activity (mobile and desktop access).
Recency, Frequency, and Monetary - RFM
Transaction analysis used to create valuable insights for LMAi communications. RFM (recency, frequency, monetary) analysis is a marketing technique used to determine quantitatively which customers are most valuable by examining how recently a customer has purchased (recency), how often they purchase (frequency), and how much the customer spends (monetary).
A flexible service that is responsive to changing patterns that are often technical or economic.
Software as a Service - SaaS
Software as a service is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. It is sometimes referred to as "on-demand software", and was formerly referred to as "software plus services" by Microsoft.
User Interface - UI
What a product looks like when you engage with it. User Interface is the specific asset users interact with. For example, UI can deal with traditional concepts like visual design elements such as colors and typography.
User Experience - UX
What a product feels like to use. User Experience is what users of a product experience when using that product. A UX designer's job is thus to create a product that provides the best possible user experience.