Tag: predictive analytics trends

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Predictive Analytics in Marketing: Key to Drive Business Profitability in 2019

What is Predictive Analytics?

Predictive analytics is an approach that helps in predicting unknown future events. There are many techniques that are used in predictive analytics such as machine learning, data mining, data modeling, and artificial intelligence to examine current data and make future predictions. Also, it helps in finding patterns in both structured and unstructured data sets, thereby assisting in the identification of future risk and opportunities. Furthermore, predictive analytics has the potential to integrate management and technology together to drive better business outcomes. By leveraging predictive analytics solutions, businesses can become dynamic and can anticipate behaviors and outcomes based on the known facts and data and not merely upon assumptions.

How can predictive analytics solutions help businesses derive successful outcome and boost ROI? Read Quantzig’s recent blog to find out.

3 Ways Predictive Analytics Solutions Can Help Businesses Derive Successful Outcomes

Leveraging Predictive analytics in marketing can help businesses refine their marketing strategies and provide personalized services to customers. Want to know how? Get in touch with us right now!

Predictive Analytics in Marketing Realm

How can predictive analytics in marketing drive profitability for business? Are you thinking the same? The answer to it is, any tool, process or technique that can guide marketers to identify the buying habits of consumers is nothing less than a boon to their business. This is because if the past buying habits of a customer are identified and analyzed well, it can help in projecting the future buying habits, thereby helping in future decision-making based on those projections. Predictive analytics in marketing helps to ensure that these predictions are precise and accurate.

Here are a few things that a business can do when the available data is mined and predictive analytics in the marketing realm is applied:

Analyze and predict the seasonal behavior of customers

Today most of the products and services are sold online. Application of predictive analytics in marketing especially helps in this case. It helps in highlighting the products that are on high demand and those that customers prefer to buy at any given time.

Target the most profitable product category

The second benefit that businesses gain by applying predictive analytics in marketing is that they can target the most profitable products and services.  By administering the technique of artificial intelligence and machine learning, it is easy to identify affluent customers who prefer high-end products. This is an integral part of effective and predictive marketing strategy too.

By applying predictive analytics in marketing businesses can gain insights into new profits streams, better ways to conduct the business, and ultimately lead the game. Request a free proposal to know more.

Employ the most suitable marketing strategy for winning repeat business

Predictive analytics in marketing can inform businesses about customers who are most likely to be repeat customers. Owing to the high competition, businesses need to allocate resources on targeting such customers that are likely to profit the business the most. And applying predictive analytics in marketing is the best step to achieve this.

How can predictive analytics help in forecasting consumer demand precisely? Read our latest success story here to gain better insight.

Forecasting Consumer Demand with the Help of Predictive Analytics – A Quantzig Success Story

Prioritize customers

Finally, predictive analytics in marketing helps in prioritizing customers. It helps in identifying factors that indicate that a particular customer s most likely to become a repeat customer. It guides to recognize customers who buy the highest-margin products and are most likely to initiate returns.

Use-Cases of Predictive Analytics in Marketing

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Use Case #1: Refine segmentation for better campaigns

Applying predictive analytics in marketing helps in refining customer segmentation and creating customized campaigns. It allows to mine behavioral and demographic data to push quality leads further down the sales funnel.

Use Case #2: Improves content distribution strategy

Sometimes even the good content fails to drive business and the reason behind this is an ill-defined content distribution strategy. By applying predictive analytics in developing a marketing strategy, this problem can be tackled head-on. Using predictive analytics in marketing makes it easier to analyze the types of content that resonate most with customers of certain behavioral or demographic backgrounds. Furthermore, this helps in distributing similar content to such customers sharing the same demographic or behavioral habits.

Request a FREE demo below to know how our predictive analytics solutions can help your business.

Use Case #3: Precise prediction of customer lifetime value

Artificial intelligence and machine learning can make predictive analytics in marketing more efficient. It can enable businesses to gauge the historical lifetime value of existing customers that match the backgrounds of new customers. Consequently, this can help in making a fair and precise estimate of the lifetime value of new customers.

Use Case #4: Better insight into the propensity to churn

Protecting your bottom-line becomes much easier by leveraging predictive analytics in marketing. How do you ask? By analyzing and learning from the mistakes committed in the past. By applying predictive analytics in marketing, businesses can analyze the behavioral patterns of previously-churned customers. Furthermore, this can help in identifying the warning signs from current customers. Consequently, businesses can take measures to plug such customers into a churn-prevention nurture campaign.

Use Case #5: Optimization of campaign channels and content

By leveraging predictive analytics in marketing, businesses can optimize their campaign channels as well as the content. With the entry of new customers in the business pipeline, there is an availability of their data which can be utilized for the various purpose. These purposes include identification of most suitable marketing channels, content type and even data and time to target specific and potential customers.

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Weekly Round-up: A Storyboard on the Benefits of Predictive modeling Techniques

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.

85% accuracy in demand forecasting achieved by a leading computer hardware manufacturer through predictive modeling techniques

#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.  

Leveraging Predictive Analytics to Forecast the Roll-out of a New Initiative for a Leading Grocery Retail Chain

#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.

Top 3 Predictive Modeling Techniques That You Must Know

#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.

Improved inventory management achieved by a leading oil and gas company through predictive modeling techniques

#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.

3 Ways Predictive Analytics Solutions Can Help Businesses Derive Successful Outcomes

#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.

Telecom company improves customer retention through predictive churn model

#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.

Is Predictive Analytics All Set to Drive Success in the Transportation Industry?

#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.

Claims predictive analysis delivers reduction in frauds and enhanced customer satisfaction for insurance company

#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.

How Healthcare Industry is Leveraging Predictive Analytics to Improve Patient Outcome

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3 Ways Predictive Analytics Solutions Can Help Businesses Derive Successful Outcomes

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.

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The Future of Predictive Analytics – Vision 2020

Predictive analytics has recently gained momentum as organizations seek market and consumer insights to assess the value of their businesses in the future. Organizations across several industries such as retail and consumer packaged goods and healthcare are already leveraging the benefits of predictive data analytics to drive profitability and improve operational efficiency.Predictive data analytics has helped retailers and marketers understand the consumer buyianalystng pattern, follow the clickstream of the users, and display relevant ads to their target customers. The healthcare industry is using predictive analytics to predict illnesses and forecast potential medical conditions to enable preventive care and diagnosis.

Predictive Analytics – It’s All About Data

Organizations are turning to predictive analytics to predict the future of markets and consumer trends. The market insights gained through forward-looking analysis are based on one simple thing i.e. data. Businesses have access to vast amounts of information through various sources such as point-of-sale terminals, browsing history, financial statements, and revenue records, etc. Predictive data analytics utilizes this untapped pool of information also known as big data to analyze and gain actionable insights on the market landscape, consumer trends, and competitor scenario in the industry. The organizations should leverage advanced analytics solutions such as predictive analytics and big data analytics to predict the future, identify patterns, and build new strategic models instead of dwelling over their past mistakes.

Predictive Data Analytics – What Does the Future Hold?

Predictive data analytics leverages statistical modeling, machine learning, and data mining techniques to analyze the past and present data to predict the future. Businesses that have integrated predictive analytics within their processes and systems gain a competitive advantage over the other players in the market. For example, e-commerce players can leverage predictive data analytics to vary their pricing strategy based on shopping patterns, achieve optimal search outcomes, and undertake promotional and marketing activities by targeting the right customer. Predictive analytics find application in finding the right person for the right job by using past performance data. In the future, three to five years down the line, predictive analytics tools and solutions are anticipated to be more context specific, accessible, and flexible in terms of customization.

To know more about predictive analytics and its impact on your organization

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