CIVITTA Lithuania is taking part in creating an artificial intelligence-based tool for projecting and managing the customer lifetime value.
Today, business strategies are becoming increasingly consumer-centric and the attraction for AI digital solutions is growing rapidly. CIVITTA Lithuania was granted EU investment and started implementing research and development project “Artificial intelligence-based tool for projecting and managing the customer lifetime value”.
Activities for scientific research and experimental development will be done with a purpose – to create an innovative product. CIVITTA has a unique opportunity to become a lead consulting company providing the most versatile tool for an optimal price.
During the project world-wide innovation - artificial intelligence-based tool for projecting and managing the customer lifetime value will be created. To date, there is no widely accepted and used customer lifetime value model and, similarly, there are not any analogous AI solutions. Rival products are far from perfect and they often fail to create the desired return on investment. In contrast, CIVITTA product will have a clear specialization, will be cost-effective, easy to use. It will be capable of solving many client-related problems and leveraging strategic customer value creation. The target audience includes companies and organisations that have a target frame for its customers (e.g. registration account or loyalty card) which can be linked to their actions overtime period (e.g. subscription value and duration, shopping frequency, spend on each transaction, etc.).
This tool is mainly developed for small and medium-sized enterprises, who cannot afford expensive consulting services or advanced client management solutions. It will address main needs of target customers: to optimise marketing resources, improve new customers acquisition, identify key factors leading to CLV variations, systematically elicit higher customer spending and profitability, identify customer intention to leave and take precautionary actions accordingly.
Project is funded by European regional development fund according to 1st priority “Strengthening research, technological development and innovation” tool „Intellect LT joint science-business projects“ of 2014-2020 m. European Union investment funds. Project funding reaches 508 012, 20 Eur.