Common Use Cases
How It Works
It’s not generally a good idea to ‘set it and forget it’ when launching predictive analytics. Consistently measuring your results is crucial to long-term success.
Measuring the process is four-fold. Using the same customer cancellation example as before:
- Does the prediction of ‘cancel' still have a high enough accuracy rating?
- As you influence the behavior of your customers through predictive analytics, how do the old cancellation metrics compare to the new cancellation metrics?
- Have customers figured out how to ‘game the system’ to get special offers?
- How do you plan for the gray areas?