Digital Foresight - Preparing for the Future

Abstract

What innovative ways should marketers use to understand, collaborate, and influence consumers in the next generation of business? We believe the answer is digital foresight. We help our clients gain digital foresight by using advanced predictive analytics that enable them to understand, see, and anticipate the specific needs of their customers. It is equally important to understand that companies need to tap their Big Data for offering products and services that help customers spend smarter, rather than merely upselling.

Know Today Your Customer for Tomorrow

Consider this scenario: You receive an important email from a high-value customer who is important to your business. Unfortunately, by then, the firm is no longer your customer.

Why does this come as a surprise to your business? Why did your team not understand in depth the value you should bring to your customer? How can you reduce customer churn and let your business run as planned?

Digital Foresight, a ready-to-implement solution, informs you about a high-value customer’s likelihood to defect and enables you to take the next best action to retain the existing customer.

Digital Foresight uses advanced predictive analytics to fuse customer data with external data—enabling clients to understand, see, and anticipate correctly which customer is likely to move to the competitor. It will not only help you understand which customer is likely to defect to your competition, but why, when, and most importantly how to engage with them so that they do not move away.

Digital Foresight is not a platform or a shrink-wrap software or a data warehouse mapping software; it is business intelligence as a service. In order to apply business intelligence to understanding customer churn, the information needs of the client’s customer must be fused with data and sound signals, and with insights that are found in the fusion of customer data with external information.

Use digital foresight to:

• Know your customer better
• Know when your customer is likely to leave and why
• Know how, when, and where to engage with your customer in order to retain the relationship

Digital foresight is customer intelligence like you never had before!

It is true that customer data decays constantly. This is because customer experiences are never mapped to the actual customer data and there are no plausible means to keep it updated and aligned with the present. Recorded customer data often fails to reflect your customers’ job, income, marital status, economic needs, and economic stress. In short, it does not help in knowing today your customer for tomorrow.

Imagine the power of retaining your customers, expanding your relationship with them, and bringing to table products and services they want today. Imagine the power to know the risks your business might experience from losing customers to covert fraud or internal compromise. Imagine the power of your company’s reputation as that drives your customers to you, and away when gone astray.

Digital Foresight arms you with contemporaneous understanding focused on the events of today and what that means for tomorrow.

Mining Customer Gold

Information is harvested from the vast universe of external sources and fused with internal customer data. Advanced data science is applied to this information to bring a real-world understanding of the customer’s behavior, and his actions, needs, and perspectives for tomorrow.

Armed with digital foresight, the enterprise can gain actionable insights into the causes of customer churn. For example, progressive enterprises bolster products for market success by identifying clients, merging clients’ customer sentiments, needs, and points of influence, and matching clients’ activities to their customers’ behavior.

Organizations fusing clients’ customer data through advanced data science with tools that develop customer “signature” are able to discern a “Behavior Trajectory”—a distinct pattern of behavior based on an applied science that illuminates customer needs, bias, and points of influence. The end result is clarity on which customers are likely to move from one provider to another.

Digital Foresight is the ability to discern customers’ life patterns. Life events are identifiable if you take time to listen to the information shared in external venues. These patterns drive the customer to buy, have access to the capital for investment, flee to a competitor, and much more.

In this paper, you will learn how:

• Digital Foresight can be optimized for understanding your customers using advanced data science-driven services
• You can focus precisely on developing actionable insights around specific client behavior
• You can identify high-value customers and their immediate or rapidly emerging predispositions
• You can streamline dissemination of actionable insights to your team in real-time and achieve relevant outputs to stem the tide of customer defections

From Hindsight to Insight to Foresight

Silver Bullets—Core Components of Digital Foresight

The core components of Digital Foresight enable enterprises to stay ahead in the digital race by optimizing budgets and customer relationships.

• Geospatial statistical analysisprovides a foundation in understanding the client’s environment, and structural conditions of communities and individuals within those communities. This activity is dependent on overlaying multiple layers of spatial data to provide deep and rich context around why certain customers are about to churn. Digital Foresight can help analyze both current and future spatial conditions to provide insights about key factors that define potential opportunities, challenges, and socio-economic trajectories of local communities.
• Open domain information collection, assessment and, disseminationare core enablers of all aspects of Digital Foresight’s contribution to target market research. This initiative leverages the Digital Foresight expertise in identifying target clients, and the vast information and intelligence that is tied to the market and members of the market.
• Social Network Analysis (SNA)enables researchers to identify close-knit structures of small communities and congregations. It identifies key sub-groups and families, characterizes their interests and critical needs, and quantifies their potential market value. SNA provides insights into the powerful influence sub-groups and families have on individuals and groups in the community either directly or as a result of a pattern of life events.
• Behavioral analysisprovides the ability to identify potential customers as new or as predisposed to have the share of expanded wallet. It leverages discernable understanding of the customer’s pattern of life, direction and, attitudes, and most importantly what the customer thinks of your value proposition, market reputation, and market distribution—all applied against that of your competition.
• Monitoring Digital Foresight customer and competitive metricsallows enterprises to identify not just the client needs for products and services but also enables them to understand how well the distribution partner or channel partner is meeting client expectations at the right time through the right channels.

Success Hinges on Applying the Right Technology

Digital Foresight applies advanced cloud computing capability to harvest an extraordinary quantity of information and fuse it seamlessly to gain real-time understanding of what tomorrow presents, today. It also helps you to know and understand customer churn potential from a customer perspective.

Leap Ahead with Open Data Science Environment

Digital Foresight is not based on “black box” type algorithms. It is an open data science environment that can work with inputs from experts, market research, and other sources to incorporate the best knowledge and produce optimal actionable output.

We Make a Difference

The Digital Foresight delivery team at Coforge continuously reviews and collaborates on the output. Our team uses advanced machine learning attributes that constantly refine today’s understanding by identifying change in the customer, market, and competition. This helps improve the accuracy of predicting customer churn tomorrow. We also provide clients with the next best action to mitigate churn and enjoy the benefits of customer relationship.