Applying predictive analytics in your application
Predictive analytics is a business intelligence technology that makes it possible for you to differentiate among customers based on their likely future behavior. What is more, it can help you make decisions about which actions to take with a particular customer or customers. Predictive analytics can optimize marketing campaigns and decrease the churn rate among customers.
The following business cases are examples of how you can utilize the predictive analytics capabilities of the Pega 7 Platform:
- Retaining your customers with predictive analytics
- Avoiding loan default with predictive analytics
- Maintaining your investment in predictive models
Most companies save money and retain their customers because they understand the value of retention. Pega goes one step further by providing proactive retention tools. The Pega 7 Platform includes data capture and analysis tools that provide insight into the history of every customer's behavior and help to anticipate potential churn problems early.
The Predictive Analytics Director portal gives you the ability to build powerful and reliable predictive models. Design options on the Strategy canvas allow you to include predictive analytics into next-best-action strategies. The Decision Manager portal facilitates change requests to any rule instances.
To learn more about customer retention and how to anticipate and deal with potential churn situations, you can enroll in the associated course on Pega Academy: Retaining your Customers with Predictive Analytics (7.1).
With the Pega 7 Platform, business users no longer need a data scientist to build predictive models for their business processes. Find out from a use case, in the associated course, how a small local bank used the predictive modeling functionality of the Pega 7 Platform to reduce the number of late loan payments.
To understand the process of building predictive models in the Predictive Analytics Director portal, you can enroll in the associated course on Pega Academy: Avoiding Loan Default with Predictive Analytics (7.1).
There is a good chance that your company already uses predictive models on a small scale. With the Pega 7 Platform, you can use the PMML-compliant models that you already have and speed up the implementation of Pega Decision Management projects.
From the Designer Studio portal, you can upload third-party predictive models and save them as rule instances. Design options in the Strategy canvas allow you to include predictive analytics in next-best-action strategies.
To learn about the PMML standard and how to use the PMML-compliant models on the Pega 7 Platform, you can enroll in the associated course on Pega Academy: Third Party Predictive Models (7.1).