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How Data Science Helps In Churn Prevention?
The prominence of Big Data in the enterprises development process can never be ignored. As Big Data has become the new oil for businesses, enterprises are exploring new ways to use data for their benefit. This is where Data Science has become crucial for the enterprises. Having the presence of advanced analytical models & data prediction tools, Data Science is well capable of interpreting with Big Data any of volume, size or type.
The use of Big Data & Data Science isn’t limited to any one particular field. Apart from the IT & business sectors, Data Science is extensively used by Healthcare, Baking, Automobile, Defence, Insurance, Government & across several other sectors.
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Now, in this post, let’s understand how Data Science helps the businesses in preventing Churn.
Data Science For Churn Prevention:
With the help of Predictive analytics in Data Science, enterprises can analyze their users behavioural pattern & are now able to predict when exactly a user is going make the next product purchase. Apart from this, enterprises also need to predict when exactly a customer would stop making purchase.
Customer churn represents the percentage of customers who have ended their association with the business over a particular period of time.
To accurately predict the churn rate, Machine learning algorithms are used for analyzing the customer data to identify the behavioural patterns. Based on this analysis, enterprises can clearly identify those set of customers who are more likely to end their relationship with their business or service. The data which is analyzed in the process is collected from various sources like customer feedback, their purchase history, changes in the price of the products or service & the competitor price for the same product or service.
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