Business success today is predicated on knowing your customer, and companies must leverage analytics to do so. But the array of methods available makes it difficult for firms to determine which methods will maximize business value.
In a new report evaluating the life cycle of predictive analytics technologies, Forrester found:
- Contextual insights are in early stages. Methods such as sentiment analysis, location analysis, and device usage analysis are in early stages of development but have the potential to provide valuable context around behavior.
- Personalization will enjoy significant success. Analytical methods that drive personalization, such as next-best-offer analytics, will enjoy more success in the future because they enable insights in real-time and on a one-to-one basis.
- Well-known analytics methods will gain more adoption. Behavioral customer segmentation, customer churn, and attrition analysis will gain more adoption due to their potential to leverage big data and data science.