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