By: Eric Siegel, Founder, Predictive Analytics World for Business
In anticipation of his upcoming conference presentation at Predictive Analytics World for Business Las Vegas, June 16-20, 2019, we asked Dan Sarkar, Director of Data Science at Insight Que Solutions, a few questions about their deployment of predictive analytics. Catch a glimpse of his presentation, Targeting Email Marketing and Selectively Buying Third-Party Records, and see what’s in store at the PAW Business conference in Las Vegas.
Q: In your work with predictive analytics, what behavior or outcome do your models predict?
A: In our context, we predict consumer behavior and machine behavior using predictive analytics.
Q: How does predictive analytics deliver value at your organization – what is one specific way in which it actively drives decisions or operations?
A: We add value by using predictive models to determine various types of marketing campaign performances (campaign ROI) and operational resource planning. We have applied predictive models on consumers’ propensity to buy into the market and also identifying certain machine characteristics or state of the machines, boundary conditions.
Q: Can you describe a quantitative result, such as the predictive lift of your model or the ROI of an analytics initiative?
A: Applying predictive models, for a specific use-case we were able to reduce consumers’ churn by 30% compared to the last three-quarter.
Q: What surprising discovery or insight have you unearthed in your data?
A: We were surprised to see certain demographic indicators such as customers’ schooling had strong influence with respect to their response for an email campaign.
Q: Sneak preview: Please tell us a take-away that you will provide during your talk at Predictive Analytics World.
A: We developed predictive models on sample marketing lists. The process allowed us to gain access to precise marketing lists from a 3rd party data source, improving the performance response 25%-30% from the previous campaigns on average.