By: Steven Ramirez, Conference Chair, Predictive Analytics World for Industry 4.0
In anticipation of his upcoming conference presentation at Predictive Analytics World for Industry 4.0 Las Vegas, June 16-20, 2019, we asked Greg Stevens, Manager, Advanced Analytics at Vistra Energy, a few questions about their deployment of predictive analytics. Catch a glimpse of his presentation, Leveraging Analytics to Optimize Customer Experience, and see what’s in store at the PAW Industry 4.0 conference in Las Vegas.
Q: In your work with predictive analytics, what behavior do your models predict?
A: Our team is responsible for providing advanced analytics insights for the entire retail part of our company’s operations, which means we have the task of predicting matters as diverse as (including, but not limited to): customer energy usage, how customers will respond to changes in their bills, who is likely to respond to marketing treatments, who poses non-payment risk, how the total energy usage of our customer base will respond to weather events, which customers will provide the most value if signed up on a particular product, and so on.
Q: How does predictive analytics deliver value at your organization? What is one specific way in which it actively drives decisions?
A: We use predictive models to guide decisions that allow us to improve customer experience in a way that optimizes the value our customer portfolio provides for our organization. The often means combining survival models, transaction-propensity models, and energy usage models to determine how our business decisions will impact customer lifetime value.
Q: Sneak preview: Please tell us a take-away that you will provide during your talk at Predictive Analytics World for Industry 4.0.
A: Majority of Competitors in the very crowded retail energy space, as with many commodity verticals like cable, wireless, compete primarily on price. Our Advanced Analytics capabilities have allowed us to move beyond that and find ways to increase the value proposition for the customer, by improving the overall customer experience while also increasing the profitability and long term value of our portfolio.
Q: Can you describe a successful result, such as the predictive lift (or accuracy) of your model or the ROI of an analytics initiative?
A: Come to our presentation at Predictive Analytics World for Industry 4.0 2019 and you will hear several examples!
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Don’t miss Greg’s presentation, Leveraging Analytics to Optimize Customer Experience, at PAW Industry 4.0 on Wednesday, June 19, 2019 from 3:30 to 4:15 PM. Click here to register for attendance.
By: Steven Ramirez, Conference Chair, Predictive Analytics World for Industry 4.0
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