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Predictive Analytics

Author: Pete Langlois/Wednesday, August 05, 2015/Categories: SNI Companies, SNI Technology

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“I wish I knew then what I know now.” We have all had this thought. Whether it is after a product launch or system failure, it seems we often get the information we need far after we needed it. But, predictive analytics technology can change the information cycle by providing what you need before any action is taken.

Predictive analytics is business intelligence technology that gives a score for each customer or other organizational element. Assigning these predictive scores is the job of a predictive model which has, in turn, been trained over your data - learning from the experience of your organization. This helps organizations to truly learn from their mistakes and leverage intelligence to benefit future action. If you saw the movie Money Ball, then you are already familiar with this concept.

Predictive analytics optimize marketing campaigns and website behavior to increase customer responses, conversions and clicks, and decrease churn. It can be used to inform everything from staffing patterns to a product launch. Through a series of case studies the team at Predictive Analytics World has demonstrated that any organization, large or small, can benefit from predictive analytics. Benefit is one thing, but can predictive analytics really impact the bottom line? Here are a few ways big brands from Visa to Charles Schwab are using analytics to cut costs:

Using Predictive Analytics to:

Response modeling for direct marketing
Uplift response modeling

Targeted retention with churn modeling
Churn uplift modeling

Risk modeling
Call center and customer service prediction Predict online ad bounce rate
Application processing

 

 

 

 

Saves organizations money because they:
Don't contact those who won't respond
Don't contact those who would respond anyway
Don't waste expensive retention offers on those who would stay anyway
Don't trigger those who'd otherwise stay to leave
Don't acquire "loss customers"
Allocate/triage premium VIP customer care resources
Don't pay for clicks that will bounce
Don't spend as much time on likely denials; don't make approved customers wait too long

To over simplify, predictive analytics delivers relevant information to decision-makers which enables them to move from hindsight to insight. For businesses like Experian or Match.com, predictive analytics is their business. But for organizations like yours, it helps you reduce costs, predict customer need, and better position yourself for success.

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Pete Langlois
Pete Langlois

Pete Langlois

Pete Langlois is the Chief Sales Officer at GEE Group. His blog leverages his decades of experience in hiring, training and retaining top talent and covers trends and issues of interest to employers and job candidates alike.

Other posts by Pete Langlois
Contact author Full biography

Full biography

Pete Langlois is the Chief Sales Officer at GEE Group. His blog leverages his decades of experience in hiring, training and retaining top talent and covers trends and issues of interest to employers and job candidates alike.

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9 comments on article "Predictive Analytics"

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12/12/2018 12:52 AM

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