There’s a common misconception that big data analysis is driven purely by the innovation of new data mining and machine learning algorithms. And although these are critical components of big data, they’re just one piece of big data analysis.
Most businesses are focused on acquiring new customers. But what about retaining existing customers? The rate of customer loss, or your churn rate, is how companies keep track of customer retention. As Dan Schoenbaum, COO or RiskIQ explains, even a five percent monthly churn rate, compounded annually, could amount to a loss of almost half your customers.
Artificial intelligence and machine learning are fundamentally changing the consumer packaged goods and food and beverage industries. Though they’re adept to capture consumer and product data, these companies often struggle to obtain meaningful insights and improve their bottom line.
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