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In insurance industry, the risk management department indulges in activities related to finding the probability of claims that can be filed by their policyholders in future. Weak and inaccurate prediction of claims can result in huge losses. For example, imprecisions in car insurance firm's claim predictions might lead to rise in premium for good drivers.
Most organizations lack consistent and holistic view of their workforce. Absence of HR analytics to perform workforce optimization is a major reason behind it. This loss of valuable employees costs heavily to the organization in long term.
Lack of product sales forecasting is a crucial problem which leads to piling up of unnecessary products resulting in overstock. It also results in harmful understock situation further causing revenue loss. The problem becomes more complex as retailers add new locations with new products, ever transitioning seasonal tastes when the sales are at its peak.
In current era, the choice for music is never ending for a user. To prevent the problem of information overload, there is a need to efficiently filter the content to deliver the relevant information at the right time.
For telecom firms, minimizing network downtown is a constant challenge. More than often, equipment failure at various locations and rectification works are required on ad-hoc basis. Due to highly competitive industry, the providers needs to be deliver uninterrupted, high quality connectivity to its customers. Hence, huge budget and resources are allocated to avoid network failures.
Churn prevention is a necessary business activity to make informed actions towards customers that are likely to get churn in near time period. Identifying unhappy customers early on gives you a chance to offer them incentives and retain them.
Sales team of many organizations is equipped with CRM systems to help them identify leads to act upon them. But with the advancement of machine learning, prediction of good and relevant leads can save a company both valuable time and money; further improving lead conversion rates.
Alzheimer’s disease (AD) is a chronic neurodegenerative disease which affects life of numerous people yearly. The cause for most Alzheimer's cases is still mostly unknown except for 1% to 5% of cases where genetic differences have been identified.
During promotion of new products, identifying potential loyal customers is advantageous to offer them discounts on products. As these customers will return after this initial incented price, it becomes very essential to know their shopping pattern before they make any purchase on a new product. .