Customer Value Optimization
Help service providers understand their customers to serve them better, thus Analytics is a step ahead of business intelligence (BI).
Used often as an indispensible tool for planning and decision support, Forecasting is one of the most powerful techniques for managing performance to provide indications of future performance. This provides an opportunity to companies to take corrective actions with appropriate timing. Forecasting is based on historical data, statistically called Time Series (a set of observations measured at successive times or over successive periods), as the basis of futures outcomes. This approach makes an assumption that past patterns in data can be used to forecast future trends accurately. Therefore, its application in any business is simple and practical: Know the past, prepare for the future!
It has become imperative for every business to identify, collect and understand their data to have the ability to support decisions and enable forward planning with forecasting. Predictive analytics aids the decision makers to anticipate future outcomes so that the strategies could be planned to improve prospects. Utilizing the power of predictive analytics it would be possible to uncover hidden patterns in data and generate models that can model the various interactions and predict accurate future outcomes. Some of the possible scenarios where this can be applicable could be predicting potential customers likely to churn, identify fraud to minimize risk, estimating the demand for product lines, etc. Predictive analytics provides the decision makers information to forecast future and ability to act in time.
- Demand and Sales Forecasting by discovering drivers of product sales and quantifying impact.
- Predicting component failure based on utilization
- Customer Churn modeling by predicting customer defection and attrition.