In the age of convergence, customer churn is a concern for service providers, challenging most retention techniques...
From the time off the shelf products sounded the death bell for bespoke customised software development a whole new industry sprung up trying to build products for virtually every aspect of a business. Each product tried to differentiate itself based on technology, flexibility, ease of use, experience, service delivery, pricing, industry specialisation, country specialisation etc. to name a few, the fact still remains that not a single product till date has been able to fulfil the needs of its end-user to a 100% without being customised. Moreover, in their quest to get into a one size fits all mode most product companies packaged all features into the product without bothering to find out if the end-user needed those features or not.
The concept of predictive analytics has two aspects attached to the word “predictive” in a business scenario. One is to give us the probability of an event occurring based on past data within the confines of situations that are current today or to some extent with changes in the situation based on the historical variations of the various parameters that define the situation to arrive at results. The second aspect is to provide business with an insight as to what can actually happen if the paradigm of business complete changed.