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1. What is Predictive Analytics?
At its core, Predictive Analytics answers the question:
• WHAT will happen, WHEN?
By doing so, Predictive Analytics helps businesses run their key processes and initiatives, looking forward. Think about how you drive your car - you drive by looking ahead through your windshield,while using the rear view mirror only occasionally.Unfortunately, mostbusinesses, including some of the largest corporations in this planet, still drive many of their key processes and initiatives by looking in the rear view mirror.
Let's take a Contact Center example. Predictive Analytics can give you, along with many other insights, the following answers:
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What will be my Customer Satisfaction next month for Center A, supporting Product B? What will be my corresponding First Contact Resolution, Average Handle Time, Cost per Contact, Up-sell/Cross-sell Revenue, and so on? |
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Which Up-sell/Cross-sell offer is most likely to be accepted by a particular caller?
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Which customers are most likely to detect to competitors? When? |
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2. What is Root Cause Analysis?
Root Cause Analysis, as the name suggests, is usually done to identify, quantify, and rank the primary drivers responsible for an issue or an opportunity. Doing so, lets you focus on the levers with the most impact and the ones you can actually control.
DataInfoCom's patent-pending technologies enable Root Cause Analysis for a predicted issue or opportunity, thus facilitating proactive decision making to preempt upcoming issues and/or to benefit from upcoming opportunities.
Let's take a Contact Center example. Root Cause Analysis, done the DataInfoCom way (in a predictive environment), can give you, along with many other insights, the following answers:
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The "Top 3" factors that will adversely affect Customer Satisfaction next month (knowing that Customer Satisfaction is predicted to deteriorate next month, for example) in Center A, supporting Product B.
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The corresponding "Top 3" influencers that will affect First Contact Resolution, Cost per Contact, Average Handle Time, Up-sell/Cross-sell Revenue, etc. |
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3. What is Optimization?
Simply put, Optimization lets you maximize or minimize a metric by focusing on levers under your management control, while staying within your constraints. Your constraints can be cost, other metrics, actionability, etc.
DataInfoCom uses the word Optimization, loosely, to also describe the technology to suggest decisions to bring in a metric within a desired range by adjusting the levers under management control, while staying within the constraints.
DataInfoCom's patent-pending technologies allow for Optimization to preempt a predicted issue or to benefit from a predicted opportunity, leading to actionable decisions to leverage the value of predictive analytics in a timely fashion.
Let's take a Contact Center example. Optimization, done the DataInfoCom way (in a predictive environment), can give you, along with many other insights, the following answers:
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How to improve upon your Customer Satisfaction next month (knowing that Customer Satisfaction is predicted to deteriorate next month, for example), without increasing your Cost per Contact.
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How to increase Up-sell/Cross-sell likelihood, per call, without adversely affecting Customer Satisfaction and without increasing Cost Per Contact. |
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4. What is What-If Simulation?
As the name suggests, What-If Simulation is usually employed to understand the effect of proposed changes on interrelated items, prior to actually making these changes in real life. What-If Simulations can enable effective decision making by holistically taking into account many factors and metrics whose interrelationships may be difficult to understand and/or quantify.
DataInfoCom's patent-pending technologies allow for What-If Simulations to address predicted issues and/or opportunities, holistically. This enables proactive and fact-based decision making, upon consideration of the major pros and cons, to preempt an upcoming issue and/or to benefit from an upcoming opportunity.
Let's take a Contact Center example. What-If Simulation, done the DataInfoCom way (in a predictive environment), can give you, along with many other insights, the following answers:
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How would a predicted decrease in Average Handle Time affect First Contact Resolution, Customer Satisfaction, and Up-sell/Cross-sell revenue.
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How would a planned training initiative, to help agents resolve a specific set of customer issues, affect First Contact Resolution. How would the same training affect Cost per Contact, Customer Satisfaction, and Up-sell/Cross-sell Revenue. |
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6. How much does this stuff cost? Is there going to be a proven ROI?
Believe it or not, you can start benefiting from these technologies for much cheaper than you may think (and much quicker than you may think).
Let's take a Contact Center example. Here are some ballpark numbers and timelines so you can have realistic expectations. For $250,000 and within 8 weeks, DataInfoCom can Predict, Analyze, Optimize, and Simulate:
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Customer Satisfaction;
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First Contact Resolution;
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Cost per Contact;
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Up-sell/Cross-sell Revenue; and
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Average Handle Time
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DataInfoCom will also tell you "exactly how" to improve upon each of the above metrics, in your particular scenario, before these 8 weeks are over (at no extra cost, of course).
There is going to be a proven ROI. These technologies are all about data-driven, fact-based decision making - you should never work with a partner who can't quantify (and help justify) a ROI for you for any initiative in this space.
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11. What kind of processes and initiatives can benefit from this stuff?
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Examples of Processes:
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Contact Centers
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Field Service
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IT Services Engagements
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Human Resources
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Marketing & Advertising
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Supply & Demand Chain
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Retail Operations
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IT Operations Performance
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Insurance Underwriting |
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Examples of Initiatives (Focus Areas):
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Customer Satisfaction
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Problem Resolution
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Loyalty & Customer Value
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Up-sell & Cross-sell
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Customer Churn
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Customer Segmentation
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Cost Control
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Revenue & Profitability
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Personnel Recruitment, Development, & Management
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Outage/Downtime, Defect
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Marketing Effectiveness & Management
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Collections |
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