Many organizations are leveraging big data these days. They mostly use predictive analytics to grow their businesses and enhance their future profits.
The use of the applicable call center software in the process makes things simpler and smoother for entrepreneurs during the entire predictive analytics process.
In its simplest term, predictive analytics refers to the process of recognizing historical and current data in sync with the advanced statistical methods to make astute predictions about the future business strategy.
The latest marketing research survey has claimed that around 70% of the entrepreneurs make the best use of the customers’ feedbacks for upcoming prospects.
Predictive analytics discloses why things are happening and what is likely to be the outcome of the same in the future.
It uncovers the hidden business opportunities and presents the same to entrepreneurs in a meaningful way.
1) Enhance Current and Future Sales: Incorrect data often leads to flawed sales forecasts, which is totally irrelevant for planning and budgeting of resources. In fact, such misreporting could shake the confidence of the investors and customers too.
Business leaders need to use predictive analytics to forecast insight that will help them stay ahead of their competitors.
The use of social media has emerged out as the most effective way of analyzing customers’ choice and preferences.
Around 90% of the customers are likely to buy from a company that has attractive social media profiles as revealed in the latest market intelligence report.
2) Customers Responses and Trends: Many firms also use predictive analytics to know customer responses or purchases while promoting cross-sell opportunities.
It helps the entrepreneur know his customer base. Predictive analytics helps the sales team to see customer’s latest trends and preferences and draws key insights for better decision-making.
3) Analyzing Customer’s Churn Rate: Predictive analytics helps organizations to know what went wrong. It also let the entrepreneurs know that why customers shift to competitors’ brand and under what situations.
The data gives the owner better idea of customer’s ever-changing behavior.
4) Detection of Fraud and Other Discrepancies: Predictive analytics can also improve the detection technique and prevent the criminal behavior from staff or customers within a particular region.
High-performance behavioral analytics detects any discrepancy in real time. The role of predictive analytics becomes more important due to the rising cases of cyber security threats and online hacking.
5) During the New Product Launch: Business insights could be of immense help to the firms. The recent survey on customer behavior has revealed that around 66% of the customers are likely to buy a new and improved product.
An entrepreneur can take the help of predictive analytics to launch similar products in the future.
Case Study
A call center, established two years back, was running smoothly. One day, the management decided to enhance the business prospects of the firm.
Despite installing the best call center software in the office, it receives very few calls daily.
The company asked its IT heads to increase the business revenue of the firm.
The IT admin (head) advised the owner to install the predictive analytics and advanced call center solutions in the network for effective results and greater frequency of calls from customers.
The owner gave a free hand to the IT admin asking him to install whatever necessary for enhancing the business prospect of the firm.
The IT head’s decision to install the predictive analytics in the office and integrating the same into the system network proved to be a brilliant idea.
Now, it became quite easier for the firm to know whether a customer is seriously interested in buying the company’s product or know by analyzing his historical voice data already stored in the call center software solutions.
Just within a month, the call center saw a sharp growth of around 30% increment in calls in comparison to his rivals. Moreover, the use of such outstanding calling devices started yielding a positive result for the firm.
Another advantage of installing predictive analytics is its strong anti-hacking techniques.
The business owner can simply make all communication and customer data safe by installing the online call center software and attaching the same to the predictive analytics options for better inbound and outbound marketing purposes.
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