Glossary · Customer Satisfaction
- Predictive Analytics
- Using historical data and statistical models to anticipate what customers will do next.
Predictive Analytics in Practice
Common CX Applications
- Churn prediction at customer level
- Next-best-action recommendations for service agents
- Demand forecasting for contact centres
- Personalised product recommendations
- Lifetime-value prediction for acquisition decisions
The Rule of Actionability
A prediction without an owner and a timeline is merely an observation. Therefore, before investing in predictive models, define the workflow the prediction will trigger. Furthermore, start with one or two high-value predictions done well, not ten done badly.
Frequently Asked Questions
When the predicted outcome is valuable enough to act on, AND you have the process to act in time. A churn prediction is only useful if someone intervenes within days, not weeks. Without the action loop, the prediction is decoration.
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