Eric Siegel, PhD, Conference Chair for Predictive Analytics World and Text Analytics World, expands on the innovative approaches of using social data, text analytics and net-lift modeling in this video. He says that analyzing social data – or “what people’s friends are doing” – improves predictive models. He also explains that structured, tabular data from applying text analytics to unwieldy unstructured data is a significant source to better predict customer behavior. Lastly, Siegel says that net-lift modeling offers a more complex approach than traditional modeling, as it tells organizations which customers will be receptive to retention offers.
Hear more about these innovative analytical concepts in this video.