Go BackVarolii unveils next-generation predictive analytics
Varolii Corporation announced Varolii Predictive AnalyticsT an on-demand service that helps organizations understand, analyze and strategically target more effective customer outreach for collections, customer service and loyalty programs. Varolii unveiled Predictive Analytics at Interaction '08, the company's inaugural customer conference.
Combining client data with the behavioral insight gleaned from billions of Varolii-led customer interactions, Varolii Predictive Analytics helps companies identify who to contact, when to contact them, through what channel, using which treatment, and how frequently in order to generate the greatest response.
This combined data offers much more than a simple success or failure measurement; it's a complete record of customer interaction and response on an individual level. The application is designed to gain intelligence from these conversations and progressively "learn" to predict customer behavior.
In a weak economy, where many companies compete for mind- and wallet-share from the same pool of customers, understanding customer behavior-and knowing how to turn that understanding into actionable results-is critical. Unlike third-party analytics, Varolii Predictive Analytics is unified with Varolii's on-demand automated communications platform.
It takes full advantage of other Varolii technology innovations and best practices-including message mastering and application tuning-to deliver higher response rates than typical automated notification providers.
"We're seeing many companies start to re-examine their customer contact strategies to identify where efficiencies can be gained or better service delivered," said Nicholas Tiliacos, CEO of Varolii. "Whether they consider in-shoring to improve customer perception or look to automation to reduce costs, Varolii Predictive Analytics offers companies a fairly simple, cost-effective methodology to test models, analyze results and implement the strategies that prove most effective."
At the highest level, Varolii Predictive Analytics can help companies analyze contact strategy options (e.g., automated communications, an in-house call center, outsourced agents, or a combination of them) and select which will work best to solve their specific needs.
At a more tactical level, it can help decide such things as an appropriate collection strategy based on Varolii and customer history, including probability to pay, days delinquent, and other metrics for improved results. Varolii Predictive Analytics measures, and then recommends:
The optimum messaging (e.g. a friendly female voice with a reminder, a stern male message with penalty warnings, or both in a series)
The correct calling frequency to use, and Appropriate self-service or agent-interaction options to offer for maximum customer interaction.
Independent research firm Forrester writes that predictive analytics can facilitate decision optimization at the most strategic level, noting it can not only predict behavior but also customer profitability, satisfaction levels, and contact fatigue.
The firm recommends that companies ".start by investing in technologies that collect and aggregate behavioral and transactional data from disparate channels and source systems." ("Eight Marketing Technologies that Enable Customer Centricity", Forrester Research, Inc., June 2007).
Varolii Predictive Analytics is now generally available. For more information, visit www.varolii.com.
About Interaction '08
Varolii Corporation is hosting its inaugural customer conference, Interaction '08, May 12-14, 2008 at the W Hotel in Chicago. More than 100 Varolii customers are gathering to share best practices for using automated communications technology to develop stronger relationships, combat current economic pressures and effectively address unplanned events. These customers are leading many of the 40+ sessions, presenting real-world case studies and innovative ideas that can be turned into concrete action.
About Varolii Corporation
Varolii Corporation provides the on-demand software and services that help organizations create intelligent, automated conversations with their customers and employees over whichever combination of communication channels will generate the best response. Each message is carefully designed and continually optimized to improve service, increase revenue or manage unplanned events; for example, flight cancellation notices, fraud detection alerts, outage notifications, customer surveys, medication adherence notifications, payment reminders, and emergency alerts.
More than 350 organizations, including many of the largest U.S. banks, airlines, wireless carriers, utilities, and pharmacy benefit management companies trust Varolii to send more than 3.5 million messages every business day. Varolii is headquartered in Seattle with offices in the Boston and Denver metropolitan areas. For more information, visit www.varolii.com
Date - 19/05/2008
