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MARKET BASKET ANALYSIS – THE TOOL TO PREDICT CUSTOMER BUYING PATTERN

February 19, 2020 | Artificial Intelligence, Big Data, Predictive Analytics | 1 Comment

To be honest, designing business marketing campaigns for existing customers is as difficult as nailing jelly to a tree. That’s given.
To accomplish this feat of tough analysis, access to a list of customers, email addresses, and purchase data is imperative, but the tricky part remains unattended- sending meaningful insights that will boost a customer’s lifetime value and trigger a repeated purchase.

This trick of accurately targeting customers has been cracked by big enterprises with the help of in-house Data Science teams using a particular approach. The name of their approach is- Market Basket Analysis (MBA).
It is one of the key approaches adopted by renowned retailers to unravel the link between items. One of the basic principles of this approach is to track the combination of items that occur together repeatedly in the transactions.
In simple words, it enables retailers to determine the relationship between the items that consumers purchase. Let’s dig deep for a better understanding.

At the core

The very base of MBA, popularly known as Affinity Analysis, is depended on Data Mining, which uses Association Rule Learning to determine the bond between customers and the attributes associated with them.

The more common and stronger a relationship is, the quicker you can put your customers into segments for future analysis. All that is needed for this initiative is customer and order data.

A scenario– In a grocery store, there are numerous products, out of which consumers can lay their hands on any particular group of things. Say Peanut butter and jelly, cream cheese and turkey, etc. Using Market Basket Analysis on the grocery store data, it will be a piece of cake to determine which products are brought together by customers. Adding a feather in its cap is- discovering new bonds between customers and newer product combinations.

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To comprehend the relationship between Customer Buying Behavior and MBA in detail, read on.

Comprehending Customer Buying Behavior using MBA

With MBA comes the good news of unearthing the connections between the purchasing pattern of customers, by determining the products or menu items that appear frequently in transactions.

Smart retailers can evaluate this relationship between the products, which consumers purchase and can use this data to come up with new products or pricing models for maximum revenue.

Here are some smart ways to make use of such insights from MBA:

Cross Selling - Up sell - Market Basket Analysis

  • Cross-Sell: Group products which customers buy often from the store
  • Marketing promotions: Focus marketing campaigns to customers and lure them to buy products for an item recently bought
  • Web stores- Propose associated items that are frequently purchased together (“Customers who purchased this product, also viewed this product”)

To read the maximum benefits of this analysis, hiring the services of an expert in the field is the only option.

How SPIN’s MBA Analysis expertise helps

It comes as no surprise that MBA is applied to different segments of the retail sector to pump up sales and open new streams of revenue sources by determining the requirements of the customer and making purchase offers to them.

Banking on this theory, SPIN uses MBA to help its clients with:

Cross-Selling: A sales technique that enables the seller to suggest a related product to a customer after the first purchase is made. With SPIN’s MBA, retailers can comprehend consumer behavior and pitch the right product for cross-selling.Up Sell Cross Sell Market Strategy

Product Placement: It is a technique to place complementary and substitute goods together for the customer to buy them together. Using SPIN’s MBA, retailers can determine the goods, which a customer is more likely to buy together.

Detection of fraud: MBA contains credit card usage details and it can be used to determine the purchasing behavior to detect fraud possibility. SPIN’s MBA will prevent your retailer business from such adversities too.

Customer Behavior: SPIN’s MBA helps to comprehend customer behavior under a host of different conditions, enabling the retailer to determine the connection between two products, which people purchase, and get the knowledge of the customer’s buying behavior.

SPIN’s MBA is the combo of AI and ML

Businesses want to evaluate the different angles of customer behavior inside a store. With the right data sets to determine customer behavior of retail stores, businesses can categorize data to define the :

  1. Right product association
  2. Trip types
  3. Point of sale and marketing

Artificial Intelligence and Machine Learning

After analysis of the consumer behavior inside a retailer store, AI and ML techniques powered by SPIN Strategy algorithms are applied to reap the following benefits for the retail business:

  1. Develop lucrative combo offers
  2. Place associate products together in the store
  3. Customize the layout of the eCommerce site catalog
  4. Manage inventory based on the products with better demand
  5. Categorize different shopping trips to generate the best shopping experience
  6. Create customer profiling and apply segmentation using buying pattern
  7. Determining the best product association

To wrap it up

Market Basket Analysis is used by some of the biggest companies in the world to make informed and strategic business decisions. 

Here at SPIN Strategy, our professionals can help you perform such an analysis on your customer base to drive your market growth and design your product.

Interested in exploring MBA? Visit: https://www.spinanalyticsandstrategy.com/

Artificial Intelligence – Leading the way towards global development!

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Is Data Analytics and AI the future of hassle-free Banking services?

November 14, 2019 | Artificial Intelligence, Big Data, Data Analytics | No Comments

In an era of machines and Artificial Intelligence, the traditional form of banking has taken the back seat, when compared with tech-savvy Fintech players of the industry who are keen to adapt latest technologies to keep up.

As per market experts, it goes without saying that AI will empower Banking Services, redefining operations by innovating products and services beyond the conventional norm. This eventually perks up customer experiences. Leveraging advanced technologies, human workers will be replaced with sophisticated algorithms.

Such a competitive edge can only be achieved by banking corporations by embracing AI and weaving it into strategic business decisions for maximum profits. 

AI can double Business Profits

AI professionals quote; there are three primary ways the introduction of AI in the Banking Sector can shoot business profits.

Here they go:

  • Enhancing contemporary Profits and Loss levers
  • Identifying new growth patterns
  • Delivering the Digital bank

But the question is: How AI can achieve this objective? The answer to it is by:

  • Profiling and Customer Segmentation– Being aware of the financial profile of all the customers helps banks to jack up the expenditure and income for next month, and maximize revenue.
  • Customer Spending Pattern Analysis- Typically, banks have adequate data about a customer’s flow of income every month, net savings and utility expenses. With the help of this model, banks can conduct a risk assessment, loan screening, cross selling of financial products, and mortgage evaluation.
  • Evaluating Creditworthiness- Determining whether an individual is likely to be a defaulter and estimating the amount that can be offered to him/her.
  • Transaction Channel Identification- With the help of AI, banks can determine if a customer is likely to keep or withdraw money on payday. The latter customers can be pitched for short-term investments.

All the above-mentioned objectives have one thing in common- SPIN Strategy AI Models.

SPIN’s AI models are banking Operation-Focused

At SPIN, we provide a range of AI and ML learning tools for a host of operational applications for financial institutions. Such tools include:

1. Risk assessment, compliance & reporting 

Comprehends the spending pattern and analyzes previous credit history to assess the risk of issuing a loan to a customer.

2. Sentiment Analysis: 

Customer view and market rumors play a significant role in business, and with NLP it is easy to comprehend customer sentiment and its impact on the enterprise.

3. Propensity Modeling

Uses historical data to make business predictions by directing consumers to the right messages and website locations.

If that’s not all, here are a few factors to conclude the fact that SPIN  Models are a boon for the banking sector.

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SPIN for Banking Services: Here is why

  1. Communication: We keep our customers in the loop with necessary and crisp data, perfecting the art of delivering the right solution to the right clients at the right time.
  2. Minimal expenses: No fluctuating invoice rates for our clients. We maintain a simple flat monthly rate.
  3. Rate: Simple monthly pricing for your business requirements at easy rates.
  4. Experience:  Maintaining optimum performance standards, our experts use AI-models for Data Integration, Conversion Optimization, Data Analysis, etc.
  5. Data Integration: We combine data from multiple digital marketing platforms to prepare customized reports to generate a holistic understanding of your brand’s ROI and growth.
  6. Predict Churn: Using AI and ML, SPIN identifies segments of the customer base who are about to leave you for your competitor brand.

The result of using SPIN AI Models for Banking Decisions- Improved decision making for credit and loans.

Here is a real-life scenario- Case Study

The Client-  The client offers financial services and technical support in a bid to increase productivity, boost innovation, and add economic integration. 

The Issue– The bank officials have diverse knowledge on various topics, and have shaped themselves as SMEs of certain topics. They share their knowledge from different geographical locations. The client wanted a single integrated knowledge management platform for individuals to reach out to these SMEs for a certain project in hand.

The Solution- SPIN worked with the client to deploy a cognitive computing application that would include a virtual agent to comprehend Natural Language request inputs and utilizes cognitive deductions to answer the queries.

In a bid to simulate human-like conversations between the systems and the users, SPIN leveraged Advanced Text Analytics including entity extraction, keyword extraction, emotion analysis, sentiment analysis, etc. 

The Result- The bank now has the faith that productivity across the globe will hit the roof due to the easy availability of SMEs. This will boost operational efficiency by 30%-40% and expand cross-broader collaboration and employee management too.

To conclude with

We are more than happy to help Banking Organizations with AI and Data Analytics services. Guaranteeing a solution that caters to clients’ needs and budget, at SPIN we ensure to provide excellent value for businesses. 

For more info, visit: https://www.spinanalyticsandstrategy.com/

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AI MARKET IN AGRICULTURE – GROWTH, TRENDS, AND FORECAST

November 8, 2019 | Artificial Intelligence, Data Analytics, Predictive Analytics | No Comments

In the true sense, Farming is by far one of the oldest lines of work in the world.

But, with the passage of millennia, Humanity has come a long way and so did agriculture. From conventional methods to grow crops to the usage of AI in Agriculture, Humanity has indeed taken a big leap.But with land getting in short supply and population growing by leaps and bounds, using creative methods to produce crops and boost productivity in limited space has become the need of the hour. 

Change has stepped in. And this can be testified by the fact that the worldwide agriculture industry which is roughly estimated to be around $5 trillion, is stepping in the shoes of other sectors, shifting to what is known as Precision Farming. 

For instance, adopting AI technologies to reap healthy crops, monitor soil, control pests, accumulate data for farmers etc. and eventually perk up a number of agriculture-related errands in the food supply chain.

Artificial Intelligence in Farming

Digital Agriculture: Farmers are using AI to increase crop yields

Artificial intelligence holds the promise of driving an agricultural revolution at a time when the world must produce more food using fewer resources.

Artificial Intelligence has various applications in agriculture ranging from rural automatons, facial acknowledgment, computerized water system frameworks, and driver less tractors. These applications are done in relationship with an alternate sort of sensors, GPS frameworks, radars, and other cutting edge contraptions dependent on AI.

Innovative progressions and the modernization of GPS are making ranchers and the agriculture specialist co-ops anticipate that additional upgrades will increase the profitability.Increasing adoption of the mechanical technology and IoT gadgets in agriculture is additionally assessed to drive the AI in agriculture.

Agriculture is slowly becoming digital and AI in agriculture is emerging in three major categories, (i) agricultural robotics, (ii) soil and crop monitoring, and (iii) predictive analytics.

Agricultural Robots – Companies are developing and programming autonomous robots to handle essential agricultural tasks such as harvesting crops at a higher volume and faster pace than human laborers.

Crop and Soil Monitoring – Companies are leveraging computer vision and deep-learning algorithms to process data captured by drones and/or software-based technology to monitor crop and soil health.

Predictive Analytics – Machine learning models are being developed to track and predict various environmental impacts on crop yield such as weather changes.AI With Agriculture Farming

How Analytics and AI steps in actually

Intelligent farming practices that have eventually transformed into knowledge-based agriculture, increases production levels and product quality to significant numbers. 

With trained professionals in this art, companies like SPIN Strategy extracts insights from numerous data sources that are integrated into an Advanced Big Data Framework with data analysis decision-making, and automated data recording. 

Result- Customized data for better plant health.

At SPIN, with the combination of smart farming and AI, we assemble, analyze, and digitize massive amounts of data to aid farmers to optimize their production systems. And, that’s why we like to be termed as the Farmer’s Little Hand.

With the use of technology, we:

  • Determine the ripeness of the crop
  • Help farmers preserve water
  • Customize production

Let’s dig deep to understand how ML and AI make a difference in Smart Farming using IoT.

Role of Artificial Intelligence in Agriculture

The agricultural industry is just like any other industry beginning to show interest in implementing the best-in-class technologies to save on resources and create more efficient processes. Agriculture is responsible for the survival of human beings, and the industry has made steady technological improvements in the last few years.

IoT in Smart Farming

How SPIN’s ML and AI programs make the difference in Agriculture: 

Machine Learning in Farming: 

Provides faster and precise results by evaluating the Leaf Vein Morphology that has more data about the leaf properties.

Artificial Intelligence in Farming: 

Uses algorithms and previous field data to determine crop performance in different environments, and builds a Probability Model to forecast the genes beneficial for the plant.

Here is a detailed overview, how SPIN’s AI programs turn the tables for agriculture:

1 . Water Management:

An AI-based application that can be connected with more successful use of irrigation systems and forecasting of daily dew point temperature, which is the base to determine any weather phenomena and analyze evaporation and transpiration.

Water Management with AI

2. Yield Prediction: 

Moving beyond the traditional prediction of historical data, SPIN incorporates computer vision technologies to supply data on the go and conducts a thorough multidimensional analysis of weather, crops, economic conditions, etc. to reap the maximum benefit of the yield for farmers and the population.

Yield Production

3. Crop Quality:

The precise detection and categorization of the crop quality can shoot up the product price and cut down waste. Compared to human counterparts, machines avoid meaningless data to determine the quality of the crops and any possible anomalies.

Soil Management

4. Disease Detection:

At SPIN, we evaluate field images with Conventional Neural Networks to classify pests and diseases, track agro-technical activities, and gather data. To be more efficient, this approach needs more pesticides that lead to huge environmental expenses. ML is used as a general agriculture management to determine diseases and cut those costs.

Disease Detection

5. Monitoring Crop’s health: 

Hyper spectral imaging, together with sensing techniques and 3D laser scanning are vital to establish crop metrics across the land. SPIN crop health monitoring agent has the potential to change farmland monitoring by farmers and can significantly cut down on the effort. 

Monitoring crop’s health

How SPIN Contributes to Smart Farming

Confirmation and extensive testing of emerging AI applications in the Agriculture sector is estimated to be quite vital, since agriculture is affected by environmental factors that cannot be tamed, unlike other sectors where the risk is easy to predict.

At SPIN, we ensure a steady adoption of AI in agriculture with the help of Image Sensor Technology that helps in:

  • Real-time monitoring, analysis, and control of pest & disease
  • Pollination, Phrenology, Fertilization, Irrigation
  • Pollination, Phrenology, Fertilization, and Agri-Technical activities
  • Monitor and forecast yield performance in real-time to optimize results
  • Using Support Vector Machines to predict yield and crop quality
  • Using Artificial Neural Networks for crop management and weed detection

Scenario

Issue-One of our clients, a Colorado-based organization, wanted a preventive measure for defective crops, and optimize the potential for healthy crop production.

Solution– The trained AI professionals at SPIN conducted a comprehensive Soil Analysis and developed a system that will use Machine Learning to deliver clients with an idea of the soil’s strength and weakness. This way defective crop production could be prevented to a significant degree.

To conclude with

Artificial Intelligence and Farming have the potential to pave the way for an agricultural revolution, especially when the world needs more food production with limited resources.

As per the UN Food and Agriculture Organization, the population will hit the roof by 2 billion by 2050. However, experts are of the notion that only 4% of the additional land will fall under cultivation category. In tune with this, the use of the latest technology to do smart farming still takes the front seat.

AI-Powered solution will enable farmers to do more with limited resources and produce the finest quality of crops that amazes even the producer.

Need professional guidance to reap the benefits of using AI in farming? Visit SPIN Strategy today: https://www.spinanalyticsandstrategy.com/

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Healthcare Digital Marketing Insights

October 18, 2019 | Artificial Intelligence, Data Analytics, Digital Marketing, Predictive Analytics | No Comments


 Why you want your Healthcare website to show up at the top of Google’s search results?

  •  80% of patients turn to search engines (Yelp, Google, Bing ) when finding a health practitioner
  • 70% of searchers click on one of the first three entries if your hospital or treatment center isn’t in the top three, you’re losing patients to your competitors.
  • 75% of consumers turn to a search engine (Google,Yahoo,Bing) when they’re looking to solve their healthcare queries.

SPIN  AI software is constantly evolved and tailored  specifically for the healthcare industry with patient acquisition, retention marketing, and practice insights in mind, helping providers connect with more patients.                                 

And, moreover as our partner, you will also have access to the latest solutions, transparent reporting, unlimited content, technology upgrades, dedicated support. Your brand will be taken care of with feedback on how to grow your practice from like-minded people who are medical marketing experts.

Let’s look at some of the Best Digital marketing tactics for the healthcare industry. 

Digital marketing tactics
Best Digital marketing tactics for the healthcare industry

SPIN team of digital marketing professionals, mobile app developers and web design experts will assist you to achieve and maximize the best results for your business. If you are looking to enlarge your medical practice with more patients to your health clinic or hospital, you’ll need to create a medical and health marketing strategy that fits your goals and your budget.

 The Digital Journey for Health care                                       

Patient Analysis Insights
Digital Journey for Healthcare
  •  Over 60% of consumers say that information found from social media affects the way they deal with their health.
  • Google’s Think Insights has shown 119% year-over-year increase in YouTube traffic to hospital sites.     
  • 75% of adults say online ratings are important to their decisions about provider choice
  •  35% of patients says that their choice of a medico is affected by positive reviews
  •  37% avoid doctors due to negative reviews

Most importantly,how we can help you?

Promote medical practice by strategic healthcare marketing ideas.

  • Tracking your patient walk-in’s
  • Analyzing how much patient friendly environment and staff
  • Take control of patient feedback
  • Profile listing management
  • Care leveraged Inbound marketing
  • Custom website designing  aiming patients and scheduling their appointments
  • Out-patient/In-patient billing process time
  • Out-patient refilling tablets time
  • Targeting the right people at the right time with the right message
  • Comparison with competitors
  • Average waiting time of an outpatient

 

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Data Analytics will be the major game-changer for eCommerce 4.0 in 2019

October 11, 2019 | Data Analytics, Predictive Analytics | 4 Comments

Going by market analysis, Data Analytics has played a vital role in the e-Commerce ecosystem and will continue to be the major game-changer.

Thanks to the rising need in a short period of time, the frequent use of Data Analytics in all major departments like Marketing, IT, Operations, etc. became crucial to process potential clients and market data to adopt strategic strategies that will eventually lead to providing services successfully.

That’s why experts say:

“Without Data, you are just another person with an opinion”

Numbers speak it all

  • More than 75% of companies using Predictive Analytics data experienced higher sales
  • 66% of customers feel annoyed when irrelevant offers are sent to them due to lack of relevant data
  • 65% increase in business margins with the use of relevant data
  • 48% of shoppers are more likely to shop on personalized recommendations offers

Data Analytics a Boon for E commerce 4.0

It is no Rocket Science to analyze the fact that customer demand will evolve rapidly in the days to come, and this change will be responded by sellers using AI in a bid to comprehend the demand or what customers would want.

Here are the top 4 ways how Data Analytics will respond to the changing dynamics of eCommerce 4.0 for good:

1. Improved Shopping Pattern observation- Using Big Data Analytics can help sellers to available at the moment, demand spike, etc.

2. Anticipate future operation strategies– Using Big Data Analytics helps sellers manage business operations better, be it inventory, demand forecasting, supply chain, pricing or sales strategies. 

Also, using Big Data Case studies will give a seller a thorough understanding of different business operations and the inevitable problems they involve.

3. More spotlight on Micro-Moments– Successful sellers can leverage this hottest trend for quick actions like- I want to buy, I want to know, I want to go, etc. to predict customer tendencies and action patterns.

4. Improved Online Payment functions– More than 51% of e-Commerce sales are done via mobile platforms as per statistics. This means online payment options need to be more secure and safe than ever before. 

Using Big Data Analytics can help the detection of fraudulent activities and securing of payment gateway by centralizing it into one platform and making it easy for clients.

Analyzing massive Data Sets will not only do wonders for e-Commerce businesses but customers too. 

E-Commerce companies will use data-driven insights to enhance the way customer demands are met and will revolutionize the buying and selling ecosystem.

If you too are a fan of Data Analytics and understand its relevance in your business, get in touch with the professionals at SPIN Strategy and welcome strategic planning and increased ROI for your business, today.Visit: SPIN 

 

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Artificial Intelligence – Leading the way towards global development!

September 13, 2019 | Artificial Intelligence | 2 Comments

Humans have already been taken a huge leap towards an advanced future while copying human intelligence and marking it up with machines. 

Artificial Intelligence and Machine Learning bring great potential to change several situations that the world is facing today. 

While the technology has embarked it’s impact outcomes to both general use and industrial use, Artificial Intelligence’s is a much-trusted solution to fight against terrorism globally.

Innovation has always helped humankind take a step ahead in the future and transfer knowledge into applications. 

Machine automation along with a replica of the human intelligence to understand, learn and react has revolutionized industrial operations and a lot more. We very well know the fact that data is the fuel that drives most of the daily operations over the internet and into our daily lives. With more data, machines now can learn and adapt to its users.

In a recent conference at Minsk, organized by the United Nations Office of Counter-Terrorism (UNOCT) and Belarus, Artificial Intelligence was considered to be a cutting-edge solution for dealing with global terrorism. Vladimir Voronezh, Under-Secretary-General for the UN Counter-Terrorism Office, declared that the international community is utilizing artificial intelligence and machine learning capabilities to track down criminal and terrorism data globally.

The recent trends in Artificial Intelligence find its way to different sectors but mostly are leveraged by the government and law enforcement bodies to deal with national threats. This is itself a great leap for the technology. Here is a list of four latest trends that are today widely accepted by business owners, the government, security agencies, etc.

  1. People Analytics: Pouring on the fuel of data, artificial intelligence can do miraculous things. Through AI, business and organizations can harness the data of people enrolled with them for any targeted campaign.
  2. Algorithmic Website Personalization: Ever noticed how YouTube personalizes its home page as based on what you like or prefer to watch? This is all AI and machine learning. 
  3. Automated Customer Service: Retrieving customer data can help businesses provide the most relevant marketing campaigns, product display and a lot more. AI will help in customizing the customer experience. 
  4. Automated Resource Management: AI learns how to organize and allocate their subjects.

Given the present scenario, it is imperative to boost the exchange of expert knowledge on technologies such as Synthetic Biology, 3D Printing, Robotics, the synthesis of the human face

Nanotechnology, etc. to identify risks before-hand and respond in a jiffy.

At SPIN Strategy, we have experts of Robotics Process Automation, AI, and Machine Learning who can not only guide you in these complicated routes of business but also aid you in meeting your quest.

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