Made for each other: Celebrus and Data SciencePublished: Thursday, 9th August 2018 by Pragati Jain, Data Analytics
The rich breadth of data that Celebrus captures makes it one of the best sources for use in more advanced analytics and data science initiatives such as real-time propensity scoring, predicting purchase behavior or serving personalized offers to customers. Capturing data in real time and using Machine Learning models - along with the ability to execute without involving too many additional systems - means that while other data science initiatives are still on the drawing board, our clients can test and implement real world projects such as:
- Real-Time Scoring: Already used in multiple areas such as detecting fraudulent credit-card transactions and product recommendations to customers while browsing products online. These use machine learning algorithms like Random Forests, Support Vector Machines, Naive Bayes among others.
- Predicting Customer's Purchase Behavior: Celebrus captures a lot of relevant information from retail websites like pages visited, products browsed by customers online and products added to baskets. Considering customer's historical data related to product purchase, we can predict whether the customer will make a purchase in the future or not, or what kind of sales will happen at a later date, and whether sales will increase or not. Learning algorithms like Logistic Regression, Decision Trees, Neural Networks, etc. are typically used to predict purchase behavior
- Product Recommendation to Customers: offers related to products already purchased or browsed by customers are typically provided by using clustering algorithms like K-Means. Implementation of this can be seen in areas like telecommunication, where companies try to target customers with similar monthly usage of data plans, for sending out targeted offers based on their monthly usage
A typical process looks like -
A suggested approach would be to start simply and iterate towards a more complex model to improve accuracy and confidence while at the same time proving its business value. Once you have done this, you can calculate the return-on-investment and if appropriate migrate it to a production ready environment.
To find out more about how Celebrus data can be used to underpin data science initiatives, why not speak to our Celebrus Customer Success team – contact us now.