LONDON: Quantzig, a leading analytics services provider, has announced the release of their latest storyboard on predictive modeling techniques and how it can help businesses in proactive decision making and pre-emptive planning. With the availability of data in enormous volumes, it has become quite difficult for businesses to rapidly identify, objectively evaluate, and confidently pursue new market opportunities.
By using predictive modeling techniques, companies can enhance decision making and gain the ability to optimize, direct, and automate decisions, on demand, to achieve defined business goals. By applying predictive analytics models, businesses can not only better manage the present, but can also improve the probability of success in the future. In doing so, such companies become predictive enterprises.
The goal of predictive modeling techniques is to turn data into information and information into insights.
Quantzig’s analytics solutions have helped more than 55 Fortune 500 companies to make data-driven decisions and augment revenues. Below, we have rounded up some of Quantzig’s recent success stories for this week and have also highlighted ways in which predictive modeling techniques have helped businesses to become market leaders.
#1: Predictive modeling techniques improved 85% accuracy in demand forecasting: Providing seamless customer experience and complete customer satisfaction is a challenging task for any business. Don’t you agree? But predictive modeling techniques can help as it helped one of Quantzig’s clients. By utilizing predictive modeling techniques, companies can conduct analysis on historical information on sales, products, and inventory levels. Furthermore, it can reduce irregularities and streamline order management, resulting in better demand forecasting.
#2: Predictive modeling techniques precisely forecasted the roll-out of a new initiative: Predictive analytics models are the best way to improve business operations and predict future trends. This is clearly evident in Quantzig’s latest success story, where the client managed to make accurate predictions about the success and failure points of their new initiative. Moreover, it enabled optimal budget allocation.
#3: How can clustering algorithms uncover relations between invisible variants? If you are looking to upsell your products, this predictive modeling technique can certainly help. Clustering algorithms use data mining techniques to find out the relation between different invisible variants. Furthermore, this helps businesses to obtain desired outcomes.
#4: Predictive modeling techniques optimized inventory management: Optimizing inventory for better customer service is very essential for the success of any business. By leveraging predictive modeling solutions, companies can build better inventory and can discover capabilities to drive continuous market excellence. Furthermore, predictive modeling techniques can be successfully implemented, either independently or in tandem, to offer actionable insights into the performance of the inventory.
#5: How predictive modeling techniques can boost business outcomes? : Changing customer dynamics poses critical challenges before businesses such as managing customer demands. Don’t you feel the same? This is where predictive analytics plays the role of a savior. By leveraging predictive analytics solutions and utilizing predictive modeling techniques, companies can deal with a humongous set of data, which can aid decision-making.
#6: Utilizing predictive modeling techniques to boost customer retention dramatically: Managing the huge amount of customer data is not an easy task for businesses and we understand that. This success story is an excellent example of that as one of our clients faced the same issue and approached Quantzig to leverage its expertise in offering predictive analytics solutions to reduce customer churn rate. Also, our predictive modeling techniques proved beneficial for the client in integrating traditional and digital data sources to correlate the data and identify potential churners.
#7: Why you can’t afford to ignore predictive modeling techniques? No matter which industry you are in, retail, transport, or healthcare, you cannot ignore the importance of predictive modeling. It helps you to gain a comprehensive understanding of the market trends, customer behavior, or competitor’s approach. Furthermore, by utilizing predictive analytics models, companies can easily track the volatility of different categories, brands, and products. This can result in better business outcomes.
#8: Predictive modeling models identified inefficiencies and improved ROI: Analyzing customer lifecycles to devise better marketing strategies and improve customer service is one of the common issues that every business faces, so don’t be surprised if you are facing the same challenge. If you have a proper predictive modeling technique in place, you have nothing to worry about. A leading firm in the healthcare industry was facing the same issue but witnessed a great change in their approach to risk assessment after leveraging Quantzig’s predictive modeling solutions. Moreover, it reduced inefficiencies drastically and improved their ROI.
#9: Predictive modeling techniques enhanced fraud detection and customer satisfaction: For some businesses, anticipating fraud risk is a herculean task. This impacts their customer service and the customer ends up having a bad experience. So, for such companies, utilizing predictive modeling techniques is a necessity as these techniques can help anticipate potential suspicious claims and fraud risks.
#10: How can predictive modeling increase accuracy and improve efficiency of marketing strategies?: Accuracy in forecasting the impact of several factors on the business outcomes is essential if you want your business to grow. Predictive models, in this context, hold the key to success. These models have the potential to assess and predict the performance of different components and their tentative impact on the future of the business. Furthermore, this can allow companies to make smarter decisions and exit declining markets.
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With the shifting key values of every industry from customer-focused to customer-centric, there is an immense growth in data and information. This has changed customer dynamics and as a result, every business is facing numerous challenges such as market uncertainties, driving efficiency, and effectiveness in their marketing productivity, immense competition, customer demands, fraud detection, and risk management.
Many businesses across all industries, in order to cater customer demands, are trying to utilize the data that their customers leave behind while interacting with the company. Harnessing this pool of data can offer several benefits to organizations. However, many companies still have not realized the importance of data mining and have not gone beyond gathering and storing their data. Although it is difficult to deal with an unstructured set of data by leveraging predictive analytics solutions businesses can fetch optimum results from such data.
At Quantzig, we understand the impact that predictive analytics solutions can have on your business. And to help companies derive actionable insights from large and complex data sets, our team of experts has highlighted three important ways in which predictive analytics solutions can help in managing large volumes of data and setting up analytical frameworks to derive real-time insights that facilitate more informed and wise decisions.
There is an unprecedented amount of information available in the transportation industry today, which contains immense potential for deriving insights that aid in planning and managing transportation networks. This data is captured from various sources such as onboard sensors and data collection points introduced by passenger counting systems, systems scheduling, asset management systems, ticketing and fare collection systems, and vehicle location systems. Players in the transportation industry can leverage advanced analytical techniques such as predictive analytics to use the available data to improve operations, reduce costs and better serve travelers.
How can predictive analytics help?
Any technology that can improve efficiency on a “more is less” paradigm has the capability of making things much easier for both transit agencies and the passengers they serve. Predictive analytics can fill that role to some degree. With the help of predictive analytics, transportation companies can answer the question of “What’s the best possible outcome?” instead of explaining prior history. In this manner, it can help them with many different capacities, from vehicle fleet maintenance to planning new lines of services. Let us explore some of the critical areas in which predictive analytics will help the transportation industry players:
- Predictive analytics can help companies to determine the impact of unplanned events such as a transit labor strike on transportation utilization and the local economy.
- Transit agencies can also understand how subway line closures, planned road-works or transit maintenance projects can affect public transport. They can then use this insight to plan the optimum change in transit schedules and communication strategy to deal with the impact.
- Identify and predict the likely occurrence of routine unplanned service incidents like a traffic accident or vehicle breakdown, and suggest optimum responses.
- Predictive analytics can model the impact of various proposed urban development projects to transportation and help in the identification or alteration of the projects to achieve sustainability objectives while supporting the need for mobility.
- Companies in the transportation industry can pinpoint events such as bus breakdowns, late-arriving buses, or signal outages that have the highest economic impact to a transit agency and recommend ways to eliminate the events or reduce the effect.
- Predictive analytics can help transportation players to predict the impact of the planned expansion of transportation networks by having a clear understanding of the patterns of usage.
- Transportation agencies can understand when the vehicles require maintenance well in advance with the help of predictive analytics. Such advanced analytics capabilities help to identify irregularities and forecast a range of asset performance risks before trouble arises in the case of vehicles owned by the transportation agency.
- With the help of predictive analytics, public transportation companies can predict significant events or days during which they would experience high demand for services. They can adjust or supplement their facilities accordingly to accommodate visitors better and avoid putting additional cars on the road that cause congestion.
In the healthcare sector, consumers’ preferences are changing, and the customers are looking for fast, cost-effective, and convenient care options. With the growing popularity of healthcare retail, the number of retail clinics is expected to increase in the coming years. With customers becoming more informed than ever before, it becomes vital for businesses in the retail space to improve the supply chain visibility – right from the manufacturing stage to their final destination. In the healthcare retail space, supply chain visibility helps businesses streamline their logistics plan to combat issues pertaining to disruptions and supply chain complexity. In many large organizations, managing inventory becomes a primary concern. Supply chain visibility can address this issue by maintaining an all-transit inventory. Moreover, effectively gauging the supply chain visibility helps retailers gain real-time information about the production status and determine the actual costs of the products. In this patient-centric environment, supply chain visibility helps businesses compare the performance of the products.
To effectively address the market challenges, leading healthcare retail clients are approaching renowned solution providers such as Quantzig. Quantzig’s supply chain process is tuned to provide a seamless and efficient flow of materials. The solutions offered by Quantzig help businesses reduce potential bottlenecks associated with supply chain and improve lead times and the overall performance. Leading businesses in healthcare retail can further identify shortage and quality problems in the supply processes.
The Business Challenge
A leading healthcare retail client was facing certain predicaments reducing costs and improving operational performance. The client wanted to identify best practices in revenue management and improve profit margins to enhance visibility and reduce supply chain complexity. With the help of our supply chain visibility study, the client wanted to enable faster and more efficient responses to changing customer demands. The primary concern of the client was to reduce costs associated with the supply chain and inventory management. Furthermore, the healthcare retail client wanted to outsource, optimize, and manage logistics services in an efficient manner.
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Benefits of Quantzig’s solution
The solution offered helped the client address issues pertaining to logistics and combat supply chain complexities and disruptions. The engagement also focused on identifying shortage and quality problems to improve lead times and performance. Moreover, the engagement completely focused on identifying the visibility blind spots to respond to disruptions in a timely manner. The engagement also focused on satisfying the future demand of the customers in an effective and efficient manner.
Additional Benefits of Quantzig’s Engagement Include:
- Gained a unified view across the enterprise and gained an accurate understanding of current business realities
- Retail players were able to expand their service portfolio and enhance patient experience
- Identified the bottlenecks in the healthcare retail space and revamped the continuum of care
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In the current business scenario, technology plays a pivotal role in the sustenance of any business organization, and for the same, organizations are implementing IT services across their platforms. While IT services, assist individuals and enterprises in implementing, managing, and operating process, it becomes important to understand the customers and their business requirements. In any service-level organization, customers are the king, and to effectively reach out to them; organizations in the financial industry require a rigid and robust sentiment analysis solution. In the IT services space, sentiment analysis helps businesses analyze customers’ feelings, attitudes, and opinions and how people are responding to these services. Moreover, sentiment analysis also helps businesses adapt to different strategies if the touch points are resonating with the customers. With the help of sentiment analysis, leading IT services providers can understand the impact of their media campaigning efforts by tracking customers’ opinions in terms of comments, shares, likes, and re-tweets.
To better understand the brand’s perception and analyze quality metrics, renowned IT services providers are approaching companies like Quantzig. With years of expertise in offering a plethora of services, Quantzig’s sentiment analysis solutions help IT services providers analyze social media channels in terms of opinions, feelings, and satisfaction levels and further generate leads for the brands and businesses.
The Business Challenge
A renowned IT services provider with a considerable number of service offerings spread across the globe was facing certain predicaments analyzing the customers sentiments and profiling potential target segments. The client wanted to actively listen to the audience and identify the initiatives which would deliver the desired outcomes. With the help of sentiment analysis solution, the IT services provider wanted to uncover new insights to better understand their target audience. Furthermore, the client also wanted to efficiently track the competitors and devise effective marketing campaigns to improve business outcomes.
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Benefits of Sentiment Analysis
The sentiment analysis solutions offered by Quantzig helped the IT services firm effectively manage and measure the social networks and gain valuable insights into the online channels. Moreover, the client was able to measure their performance at each stage and analyze how the content is shared across different platforms. Also, the engagement further helped the client keep track of the inbound marketing initiatives and gather, analyze, and manage conversations.
Sentiment Analysis Predictive Insights
- Gain an overview of the wider public opinion and make agile and informed decisions
- Quickly understand customer attitudes and measure the brand’s reputation
- Monitor social media posts and discussions and analyze the reaction of customers to the specific brands
- Improve revenues by 10% and enhanced market shares
- Stay relevant in the business and expand their customer base by 20%
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In today’s disruptive healthcare environment, organizations in the healthcare industry are shifting toward a value-based model by delivering the most affordable healthcare to patients. Additionally, with the increasing patient awareness, renowned players in the health care services space are looking out for solutions to go on par with the consumers preferences. To deliver cost-effective medical assistance while promising quality, leading service providers in the health care services space are facing the need for patient engagement analysis. With the help of patient engagement analysis, health care services providers can gain real-time insights on the patients and ultimately improve the healthcare experience. Moreover, in the health care services space, devising a patient engagement analysis study helps the patient effectively connect with their physicians and can gain easier access to health records
To help manage chronic disease and improve the quality of health care services, renowned health care services providers are approaching companies like Quantzig. With years of expertise in offering a plethora of services, Quantzig’s patient engagement analysis solution helps manage patients and assess their needs and wants accordingly.
The Business Challenge
A renowned health care services provider with a considerable number of service offerings spread across the globe was facing predicaments gaining insights pertaining to disease management. The client wanted to seek ways to effectively build support systems and create feedback loops. With the help of patient engagement analysis, the client wanted to improve health delivery and patient satisfaction levels. The primary focus of the engagement was to define the role of the patient in terms of the health behavior and the interaction with the health care system.
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Benefits of the Patient Engagement Analysis for Health Care Services
With the help of the patient engagement analysis solution offered by Quantzig, the client was able to improve the overall health outcome and increase patient engagement. Also, devising patient engagement analysis helped the client better understand the health conditions and proactively make better-informed decisions. Moreover, with the help of our solution, the client was able to improve the process of care and ultimately patient satisfaction.
Predictive Insights for the Health Care Services CLient:
- Educated patients about their responsibility and improved quality and safety
- Enhanced financial and operations efficiency
- Effectively managed patient health data and communicated with physicians
- Maintained robust health records and improved the overall patient experience
- Leveraged tools and technology to provide improved health results
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In the current fast-paced environment, organizations are facing robust challenges in accurately forecasting sales, reducing the loss of revenue, and streamlining their inventory levels. A recent survey projected that a considerable number of manufacturers consider sales forecasting as an effective strategy to achieve their business objectives. In the water filter products space, sales forecasting helps organizations understand the product demand, develop an on-hand inventory, and further shape the pricing strategy. Effectively implementing sales forecasting helps in developing better financial forecasts, in turn, enhancing bottom line performance. From the suppliers’ perspective, organizations can improve lead-time, increase revenues, and streamline production.
With years of expertise in offering a plethora of services, Quantzig’s sales forecast solution provides better visibility to the client in terms of sales performance and the future buying behavior. Our solution also delivered superior product pricing while improving service levels and customer loyalty in the water filter products space. Through a robust engagement, the client could further automate the data entry process, demand volatility, and ensure better supply chain visibility. Quantzig’s solution also helped the client monitor accuracy in sales and improve financial planning.
The Business Challenge
A renowned water filter products supplier with a considerable number of offices across the globe was facing predicament forecasting their sales and meeting the right target audience. The client wanted to effectively track their sales performance and predict the future performance at the volume, revenue, and profit level. They also wanted to effectively analyze the sales data based on products and by customers.
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Sales Forecasting Solution Benefits
Through a robust engagement, the client was able to gain a clear and accurate view of customers’ demands and optimize inventory levels. The engagement also further assisted the client improve their lead times, increase revenues, unit sales, and SKU projections. Furthermore, the client was able to collaborate in real-time with the sales and demand teams and gained better visibility into the sales performance. Sales forecasting solution further assisted the client to robustly resolve supply chain complexities and deliver superior product pricing without compromising their margins and cash flow.
Sales Forecasting Solution Predictive Insights
- Determine how to best allocate the resources and optimize financial performance
- Improve product scheduling, inventory management, and financial planning
- Improve service levels, reputation, and customer loyalty
- Effectively monitor accuracy and forecast sales performance