With the fast progression of Predictive Analytics, we supported Econsultancy in running a crucial survey on the industry’s thoughts on the benefits and challenges in this rapidly evolving arena. What are the key drivers for adoption? Where successes are being achieved? What challenges are organisations facing? Investment is growing as accessibility to data improves. Technological advances are now enabling organisations to derive more value from the volume and variety of the data they collect. The need to meet increasingly higher consumer expectations that drive this desire for in-depth customer insight.
Whilst it does feel that Predictive Analytics has been around for a long time, it’s only now that
many companies are in the position to actually start reaping the benefits. It is perhaps no surprise then that 99% of the survey respondents agree that Predictive Analytics will be crucial in the future, with both client-side and agency respondents highlighting ‘using data to provide strategic insight’ as a top priority. Decision making based on predictive modelling now offers us the opportunity to take a great leap forward in the way we address the customer experience.
It is clear that Predictive Analytics will also have a huge impact on the results we see when it comes to conversion rates, customer churn and ultimately on the customer lifetime value. This paper sets out RedEye’s thoughts on the best ideas for adoption, how to overcome the most common challenges, and the benefits you’re likely to see.