Predictive analytics can transform any type of organization
If your organization knew which business outcomes would likely occur, how would that impact your firm’s success? Predictive analytics can be a huge game-changer in transforming many organizations of any size across industries.
Watch this one-minute video about the many ways predictive analytics is being successfully applied today.
Now that you’ve seen the video, you know how predictive analytics is transforming organizations in areas from marketing and sales applications to fraud and crime prevention—even increasing student retention. Predictive analytics helps enhance operations processes, improve customer relationships and boost fundraising efforts. And new applications are on the horizon.
Successfully anticipating upcoming actions is critical, along with knowing how to take advantage of predictive analytics. It can add value in at least three ways.
- Optimize: Improve operations and streamline processes. IBM recently worked with an auto insurance company that was seeking to reduce fraud. The company knew 80 percent of claims were minor and the risk was negligent. The goal was to determine which cases fell into the precious 20 percent of major claims so they could be prioritized. To that end, IBM built a system that could determine, in real time, which claims to fast-track. When customers called in, the claims person had all their pertinent data, which made for a more positive interaction. This had an amazing impact on customers, so the company modified the call-center process, which improved customer relations, closed claims faster with less staff and reduced fraud. All of this resulted in huge cost savings.
- Prescribe: Make helpful recommendations for your customers and clients. For instance, if a customer receives an email indicating his or her flight was cancelled, this is not good news. But airlines using predictive analytics can offer a few choices for immediate rebooking. Predictive analytics can help turn frustrating experiences into satisfactory solutions.
- Automate: Adopt automation to help simplify processes and improve customer relations. For example, what if a bank realizes a customer is using a credit card in an atypical place? This could be fraud. However, the bank doesn’t want to embarrass the customer, so it determines whether the customer’s mobile phone and credit card are in the same location through an automated system. If so, this means it’s likely not fraud. In this case, automation eliminated the need for customer involvement.
How can you make the most of predictive analytics? Let us help you get started.
IBM offers innovative solutions:
- IBM SPSS Modeler Gold: Helps you build and deploy predictive models to improve business processes so people and systems can make the right decisions every time.
- IBM SPSS Predictive Analytics Enterprise: Brings together the full set of predictive analytics and deployment capabilities needed to optimize decision-making at the point of impact.
To learn more about applying predictive insights to your business processes, see the 30-minute on-demand webcast, Putting Predictive Models to Work: Deploy, Embed and Prosper.
Get predictive analytics working for you. Contact an IBM expert or visit our predictive analytics website.