Predictive analysis encompasses techniques like statistics, data mining (process of extracting patterns from data) etc to analyze present and historical events to make predictions about the future. Predictive analytics is used in business, financial services, insurance, telecommunication, retail, pharmaceuticals etc. This helps in understanding the market with the help of patterns obtained which help in decision making and caution us about the risk factor involved in the venture.
Now imagine if such kind of an analysis is made readily available on your iphone or ipad. That’s exactly what Medallia, a provider of customer feedback and data software aims to provide. This software can be installed in many gadgets which are easy to operate and carry. Medallia gets its information from all the survey requests one receives from hotels, retailers, banks and other consumer services.
According to Medallia CEO and co-founder Borge Hald, this data when mined properly can tell a company or a brand as to what the customers feel about their new release or services that they offer. It also helps in communicating this information to different branches or to the head quarters so that it can be used to analyze the current position in market and make decisions to enhance customer satisfaction.
This is profoundly called as Customer Experience Management (CEM). It has many other names like customer intelligence, enterprise feedback management. It is a practice of using the feedbacks from customers to improve operations and sales. Few companies have already invested in CEM, Hald says that most of the companies concentrate in preventing their customers from switching brands but this method has also helped them to increase revenue.
The advantage of having such software on a portable device like iphone is that the process of decision making can be fast forwarded and implemented soon. Of course, there are call centres, social networking sites, online forums, receipt based surveys etc but the advantage of former technology is that its instantaneous in approach and also in terms of result. Another advantage is that it can give you real time updates on performance and customer sentiments.
Thus, new technologies like these are providing platforms for businessmen to enhance their performance. Every time a software is developed it only intimidates other programmers to come out with a better one. So, now we have one of the best lets wait and see whether we get something better.
C.Pavan Pramod for YourStory