Contact: Amresh Kumar
Country: India
Award Category: Innovative Problem Solver
Tell us about the business problem you were trying to solve.
We needed a model to help us project business renewals. This would allow us to forecast future revenue and identify areas for improvement in our customer retention strategy.
What SAS products did you use and how did you use them?
SAS Studio and SAS Visual Analytics for dashboarding
What were the results or outcomes?
We needed a reliable way to forecast future revenue from renewals. To address this, we built a predictive model that analyzes historical renewal trends. This model incorporates key parameters such customer churn rate, policy duration, sourcing channel, age etc. and pricing revision in case for any products. successfully built it
By leveraging this model - Accurately forecast future revenue with the accuracy of 98%: This allows for better financial planning and resource allocation also Identify trends and patterns by understanding the factors driving renewals, have proactively address the potential issues and improve our overall customer retention strategy.
Set realistic KPIs for the sales team using Data-driven targets help motivate the sales team and ensure alignment with company goals. This model has become a crucial tool for our business, enabling data-driven decision-making and improved sales performance.
Why is this approach innovative?
This approach to revenue projection is innovative for several reasons:
A key reason was high accuracy: Achieving 98% accuracy in renewal forecasting is significant. Many traditional methods rely on simpler calculations or gut feelings, which can be less reliable.
Data-driven insights: By incorporating key parameters and analyzing historical trends, the model provides valuable insights into customer behavior and renewal drivers. This allows for a deeper understanding of the business and more effective strategies for improvement.
Actionable KPIs: The model's ability to define data-driven KPIs for the sales team is a key innovation. This ensures targets are realistic and aligned with overall business objectives, leading to improved sales performance and motivation.
Proactive approach: Instead of simply reacting to renewal outcomes, this model enables a proactive approach to customer retention. By identifying potential churn risks early on, businesses can take steps to mitigate them and improve customer satisfaction.
