Companies in all sectors are operating in an increasingly competitive business environment. One answer to this challenge is to optimise the use of the existing data universe. Thanks to the exponential growth of information and advanced technologies and techniques for generating, managing and analysing data, there are more ways to do this today than ever before.
However, in addition to a lot of helpful information, the data explosion also harbours risks. There is a danger of relevant data being lost in the overall data volume or being overlooked as irrelevant. Managing the flood of data to make the best use of existing information requires innovative analysis procedures. Effective data management in compliance with data protection regulations is therefore of crucial importance. Companies’ analytical departments are also seeing growing demands on a daily basis: in addition to classic tasks such as the development of score cards, new procedures and data sources as well as necessary regulatory adjustments pose enormous challenges.
The advantage of Advanced Analytics
Advanced analytics solutions help companies optimise day-to-day decisions, improve sales and marketing performance and increase their revenues. Depending on the client’s requirements, sources of information include databases from modern information service providers such as CRIF, the Internet, devices used by the target customer or existing environmental data.
Advanced analytics technology enables, for example, the mapping of different data sets to create intersections. This is particularly relevant when searching for prospects that have to fulfil conditions in various categories, such as income, creditworthiness or a good connection to the road network. Predictive analyses can also be made on the basis of existing data. These can be used to forecast the development of asset levels or customer loyalty, or to make predictions about prospects for whom detailed information is not yet available.
In the White Paper entitled “Vom Perlentauchen bis zur Dating-App für Unternehmen – Innovative Ansätze von Advanced Analytics und Machine Learning zur Kundenaktivierung und –akquise in Unternehmen” (From pearl diving to dating apps for companies – Innovative advanced analytics and machine learning approaches for customer activation and acquisition in companies) you can read about best-practice examples in which the new methods of machine learning and predictive analytics are already being applied.
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