Predictive Analytics Use Case: Marketing Optimization!

Predictive Analytics Use Case: Marketing Optimization!
Using marketing and advertising dollars to target the general market is not a wise use of funding. Every business today is challenged to do more with less and marketing budgets are no exception. In order to reach the right target and convert prospects into sales, a business must create and distribute messaging to the right target audience, in the right way, at the...

Predictive Analytics Use Case: Loan Approval!

Predictive Analytics Use Case: Loan Approval!
Perhaps the greatest risk to a lending organization is that presented by loan applicants who are unprepared to fulfill the long-term obligation of paying off a loan. Banks and other lenders spend a lot of time and energy trying to identify the perfect profile for a borrower so they can make the right decision and avoid costly loan defaults and the expense and resources required to...

Predictive Analytics Use Case: Human Resource Attrition!

Predictive Analytics Use Case: Human Resource Attrition!
You probably know how much it costs to recruit and hire a team member but, do you know how long that team member is likely to stay in your employ and what factors will cause them to stay with the company or seek greener pastures? If you can’t anticipate the need for resources, you are likely to be short-handed at the wrong time, or to experience frequent turnover...

Predictive Analytics Use Case: Customer Targeting!

Predictive Analytics Use Case: Customer Targeting!
Even with an unlimited budget, it would not be a wise decision for a business to target every customer in the market. If an enterprise is to succeed, it must understand its products and services and it must know the profile of the customer it is targeting.
###
If an...

Predictive Analytics Use Case: Maintenance Management!

Predictive Analytics Use Case: Maintenance Management!
Businesses do not want to be surprised by downtime, equipment failure or the cost of unanticipated equipment replacement. If the enterprise can anticipate the need for equipment maintenance and downtime, it can plan more effectively for product output, resource requirements and expenses.
###
For...

Predictive Analytics Use Case: Product and Service Cross-Selling and Upselling!

Predictive Analytics Use Case: Product and Service Cross-Selling and Upselling!
If you want to make the most of your product and service portfolio, you must look for opportunities to cross-sell and upsell your clients and to bundle services to attract new clients. With the right information, business managers can leverage customer satisfaction to cross-sell and upsell products and services, and...

Predictive Analytics Use Case: Demand Planning!

Predictive Analytics Use Case: Demand Planning!
If a business wishes to optimize inventory, production and supply, it must have a comprehensive demand planning process; one that can forecast for customer segment growth, seasonality, planned product discounting or sales, bundling of products, etc. In order to predict and forecast and assure product or service availability, the business must also look at the dependability of...

Predictive Analytics Use Case: Quality Control!

Predictive Analytics Use Case: Quality Control!
It is easy to understand the importance of producing quality products and services and the impact of poor quality on business reputation. If your business does not have adequate quality controls in place, it will lose market share and may even expose the enterprise and its team to legal liability.
###
Anticipating...

Predictive Analytics Use Case: Fraud Mitigation!

Predictive Analytics Use Case: Fraud Mitigation!
Fraud costs businesses millions of dollars per year, and the resources and effort required to mitigate fraud can take precious focus way from core business initiatives. But enterprises must address this critical issue, if they are to protect their interests and the interests of their partners and customers. While one may think of fraud most commonly associated with financial...