Organizations today face increasing pressure to derive maximum value from their customers. Information technology is employed widely to achieve this goal. The science of predictive analysis can be incorporated into information technology systems to empower organizations to maximize ROI for each customer.
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Predictive Analysis in Pegasystems’ Better Business Software®
In Pega’s CRM software suite, predictive analysis is incorporated into Pega’s Next-Best-Action marketing technology. It uses predictive analytics to allow marketers and sales representatives to interact with customers intelligently across all channels by personalizing offers to up-sell, cross-sell, and deep-sell. It uses predictive and adaptive models derived from historical and real-time customer data to project customer interests and behavior. Next-Best-Action is also used in Pega’s CRM software for customer support. Automated, real-time predictive analysis of individual customers empowers support representatives to anticipate problems and promptly resolve them with personalized solutions.
Predictive Analytics in Pegasystems Industry Solutions
Predictive analysis is a key feature in Pega’s industry solutions. Here are some examples of how predictive analysis can be applied in today’s digital enterprise:
- Finance: Pega’s financial services solutions use Next-Best-Action to support personalized marketing, customer service, and risk management in retail banking (predictive analytics in banking), lending, card services, wealth management and brokerage, commercial banking, and institutional capital markets. Pega also provides business process management (BPM) solutions to streamline and automate onboarding of newly acquired customers.
- Insurance: Insurance policies are not one-size-fits all. Age, sex, health history, and other factors contribute to the dynamics of insurance coverage. Using predictive analysis, Next-Best-Action allows insurance companies to individualize policies for various market segments (predictive analytics for insurance).
- Healthcare: Healthcare plan providers have traditionally been product-centric. As member and provider needs become more unique, healthcare organizations can refocus marketing and support for customer centricity by using Pega Next-Best-Action technology to individualize plans for customers.
- Telecommunications: The telecom industry servicing consumer and enterprise customers is notorious for customer churn. Predictive analysis in Pega’s communications and media industry solutions enable telecommunications companies to maximize customer value through retention and revenue. Next-Best-Action technology is used to predict customer interests and behavior. The results can be used to devise preemptive and proactive strategies to market retention offers during customer interactions.
- Travel and Hospitality: Companies offering travel and hospitality services benefit from using Pega’s Next-Best-Action technology to cross-sell products through inbound and outbound channels. For example, an airline customer booking travel passage on the airline’s website can be shown offers for hotels and car rentals at the travel destination. If the customer doesn’t purchase any offers at that time, email offers can be sent to him or her at a later date.