Pico X, the innovation unit of Pico Group, has expanded the Group’s data services into analytics, machine-learning and applied artificial intelligence with the release of a proprietary ExQ Experience Analytics platform.
ExQ Experience Analytics is a new AI-powered data analytics solution designed to bring data-driven decision-making and measurement into the events industry, which has been deeply impacted by the Covid-19 pandemic. It effectively measures, compares and optimises audience experiences to drive return on experience and return on investment.
In today’s big data environment, with data points proliferating as the events industry moves towards virtual and now metaverse events, the costly resources needed to process and make sense of this data increase exponentially and can be out of reach for many companies.
By using Pico’s ExQ Experience Analytics, event planners will be able to pinpoint project weaknesses using a scoring system based on comprehensive data points. By leveraging first-party data sets, ExQ helps clients understand their data, and improves their brand experiences. Data can now be fully integrated into brand activations and always-on engagement strategies.
Other benefits of ExQ Experience Analytics include access to ExQ Score benchmarks; the live monitoring of audience engagement and experience optimisation insights; insights into data-informed content programming; using machine-learning and AI to identify potential issues; and provide execution transparency to clients and internal stakeholders.
In its soft launch during the last 24 months, ExQ Experience Analytics has been applied to some 70 projects from a wide spectrum of business sectors globally.
To illustrate how the ExQ Experience Analytics platform helps users leverage first-party data to create experience scores and benchmarks, the Pico X team has developed an ExQ Lite Calculator that lets users experiment with project variables and see their outcomes. It quantifies the impact of experiences using the metrics of ‘Relevance’, ‘Attention’ and ‘Interest’.