Learn from historic data to accurately predict future trends and outcomes that drives efficiency and productivity
Predictive Analytical Modelling is process by which historical data is assessed, statistical and analytical patterns are discovered, trends are observed or monitored and then the data is used to make analytical predictions for future trends to occur. Some of the predictive models include Classification models, Time Series models, Forecasting models, Clustering models, outlier models etc. The predictive analytical modelling process can be divided into these sections in the process pipeline below:
01. BUSINESS PROBLEM
Losing customers is a business reality and every business need to put in place a predictive plan and measures to avoid it. We train a machine learning predictive model that predicts customer churn and serves as a trigger mechanism to improve services. A model will analyse your clients’ experience and make recommendations on how to reduce clients leaving. Some of the models we use include Forecasting models, Time Series models, Classification models, Clustering models, Outlier models etc.
The benefit of these predictive models is that they can be reusable and trained using algorithms to suits business objectives. The problem is how do we use predictive models to assess the historical data, observe the trends, discover patterns and be able to make the future prediction for your business case? Or how does churn prediction improve your subscription business?
02. BUSINESS SOLUTION
Most businesses need to improve their services in order to optimise revenue. Some strategies obtained may include Increase client retention, acquire more clients or upselling existing clients. We use predictive modelling as an end-to-end customer churn business management solution to help your business retain clients. Our predictive models will identify high risk customers based on negative usage alerts, trends and triggers from customer scorecard and recommend action taken. Or predict which clients are most likely to cancel a subscription for service or product and place them in a risk scorecard prompting immediate action be taken.
03. BUSINESS DELIVERABLES
We generate and provide you with a classification algorithm (pseudo code), the life cycle project flow pipeline, personalised business predictive models to predict whether a customer is likely to leave your business and reports using your desired metrics. In addition, we provide customer training and support during the integration and set-up processes.
04. BUSINESS OUTCOME
As most business is heavily focusing on retaining their existing customers instead of acquiring new ones so that they save costs, Churn prediction analysis is giving most businesses confidence. This is because it predicts customer churn rate easily, satisfaction rates, product or service competitive threats, reducing attrition rates, potential negative issues and their experiences with the service or product. The business outcomes will include keeping your customers loyal and engaged with your services or product, reduction of acquisition costs, improve retention by segmenting clients based on demographics and customer behaviours and in turn increase revenue.