did just that. After providing an initial set of historic sales transactions and anonymized customer data, the IBM lab created and hosted predictive models that produced more than 1,600 recommendations for the most profitable combinations of Johnny’s products ranked by profitability and expected lift. Other models identified customers who were candidates for value growth and segment migration.
Now, all Johnny’s has to do is upload a set of recent sales transactions to a simple, web-based user interface, and it’ll get back a .csv file containing a very prescriptive answer: offer these products to this customer. And, because the predictive model – the genie in the lamp – dynamically learns, the answers get better over time as new sales transaction history is introduced.
Available by subscription, Analytic Answers aims to make analytics accessible to organizations like Johnny’s that might not have the deep pockets to invest in software licenses, specialized resources, or large-scale infrastructure.
Retailers aren’t the only ones that benefit from these “Answers.” Besides Retail Purchase Analysis and Offer Targeting, three additional Analytic Answer apps are currently available:
· Insurance Renewals: Which of my policy holders are unlikely to renew next month and how could I persuade each one to stay loyal?
· Student Retention: Which of our students are performing below their predicted potential? How should we intervene to get them back on track and avoid the possibility of their dropping out?
· Prioritized Collections: Which of my overdue debtors are likely to pay? How much can I recover from them, and which treatment will be most effective for each?
By bringing the flexibility, scalability and simplicity of cloud infrastructure together with predictive analytics solutions, midmarket line-of-business users can get up and running quickly and tap into the power of predictive insights for better decision making.
Ask a question. Get the answer. Change the game.
For more information:
· Learn more about IBM Analytic Answers
· Watch the video of IBM’s Colin Shearer explains how IBM Analytic Answers provides solutions to business questions quickly and cost effectively