Put the Power of Predictive Analytics to Work to Attract and Retain Key Accounts

What’s all the buzz about “big data” and predictive analytics—and what does it mean for you?

It could mean big profits, if you put data science to work keeping key accounts and attracting more accounts like them. This is the same data science that underlies the success of companies like Amazon and Facebook. But now, that power lies within your reach.

Let’s start with “big data.” The term simply refers to large, complex datasets that come from an array of sources—records from your CRM, data on individuals or companies that you append to those CRM records, contextual data (e.g., data on the environments in which companies operate), data from Google and social media—the list goes on and on.

But “big data” only bring big value if the data can yield actionable predictions:

The ultimate use of data is to learn to predict. Focusing on data or how much of it there is can overlook the point. What is the value, the function, the purpose? The most actionable win from data—to more effectively drive organizational operations—is prediction,
(Predictive Analytics World).

Coupled with predictive analytics, big data can transform the way in which you attract, convert, and retain key accounts. In the “old days,” even the best predictive models could only tell you what kinds of customers are more likely to buy or to defect to your competitors. Predictive analytics or “machine learning,” which is grounded in artificial intelligence, changes the game by showing you exactly which customers stand at highest risk of defection or which prospects are more likely to become key accounts.

But beware, because not all “big data” and predictive analytics are created equal. If predictive analytics uses “off the shelf” models, rather than creating custom algorithms, the results can be disastrous. It’s equally important to ensure that you harness the right data from the right sources in your predictive models. Our internationally-recognized data scientists, who bring decades of experience in data and analytics, combine individual-level and contextual data from multiple sources, then use cutting-edge predictive science to yield actionable results.

Case Study: Major University Saves $30 Million using Predictive Analytics

Our data scientists worked with a major university that stood to lose over $30 million if it could not increase its student retention rate dramatically — in just a few short months. Unfortunately, the leading “off-the-shelf” predictive analytics product had failed miserably in predicting the university’s student retention, leaving the institution in peril.

We combined data on student preferences, behavioral data, and a wide range of appended data — data that tapped not just individual characteristics but also aggregate or contextual characteristics — and crafted careful, creative measures that identified the students most at risk of dropping out. We then worked with the university to provide appropriate intervention for those at-risk students.

The Results:

  • By combining these data sources, we predicted overall student retention with 99.5% accuracy. We also predicted each individual freshman’s probability of retention with 96% accuracy.

  • Student retention increased from 82% to nearly 85% in just 2 months, sparing the university the $30 million penalty.

Case Study: Life Saving Results

The city of Baton Rouge, LA, which had one of the highest crime rates in the nation, contracted to use predictive analytics to determine which offenders were most likely to commit crimes again after release from prison.

The city called on our data scientists, who harnessed a methodology that combined artificial intelligence, pattern recognition, and a proprietary neural network method to identify a “hotlist” of likely repeat violent offenders. Baton Rouge police then used that list to intervene with those likely offenders, to prevent future crimes.

The Result: The murder rate in Baton Rouge declined by an incredible 38%. In context, 66 lives were spared and 66 likely offenders did not repeat their crimes, avoiding a repeat prison sentence. Further, hundreds of people were prevented from having their lives shattered by crime.

We can use the same methodology for your business, to predict prospect and customer behavior. Whether you want to know which customers stand at risk of defection, which prospects are most likely to become key accounts, or what areas are most likely to yield profitable customers, we can harness the power of predictive analytics to give you actionable results. Contact a representative at Hurlbert Consulting Group today to learn more about how predictive analytics can help your company.

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