Introduction
BigProfiles, an Italian tech firm co-founded by Riccardo Mercanti, is a beacon in the field of predictive analytics. They leverage data to arm businesses with predictive insights, aiming to identify potential customers, calculate churn probability, estimate Customer Lifetime Value (CLV), and forecast loan repayment likelihood. The lynchpin of their strategy is the data – specifically, data harnessed from the Global Database.
Global Database and BigProfiles: A Strong Alliance
Global Database, a vast reservoir of information on over 300 million companies globally, plays an indispensable role in the workings of BigProfiles. Riccardo Mercanti and his team have gained access to detailed data on more than 8 million entities in Italy via the Global Database.
By training their AI language model on this abundant dataset, BigProfiles has been able to construct a system capable of grasping complex business contexts, intricate financial details, and industry-specific language nuances. This comprehensive understanding forms the backbone of their predictive analytics capabilities.
Turning Data into Actionable Insights
1. Identifying Likely Customers: The AI model at BigProfiles is capable of examining firmographic data and historical purchase patterns to predict which companies are most likely to buy a product or service. This insight allows businesses to streamline their sales efforts.
2. Computing Churn Probability and CLV: The AI model uses customer behavior data to predict which customers are likely to churn and estimate their CLV. These insights help businesses identify high-value customers and those at risk of churn, enabling them to tailor their marketing and customer retention strategies accordingly.
3. Predicting Loan Repayment: By assessing financial statements and credit scores, the AI model can predict a company's likelihood of repaying a loan. This insight aids financial institutions in managing their risk and making more informed lending decisions.
Impact: Delivering Tangible Results
BigProfiles has witnessed dramatic results through their use of the Global Database. By optimizing their sales strategy through the insights gleaned from the AI model, they have managed to increase their conversion rate by a staggering 70%. Furthermore, they successfully reduced their churn rate by 15% by accurately predicting customer behavior.
In another instance, BigProfiles was able to increase a client's loan recovery rate by 25%. This was achieved by using the AI model to predict the likelihood of loan repayment based on comprehensive financial data.
Conclusion
The collaboration between BigProfiles and the Global Database is a powerful testament to the transformative power of data in predictive analytics. By leveraging comprehensive and diverse company data, BigProfiles has trained an AI language model that delivers precise predictive insights, enabling businesses to make informed decisions and optimize their strategies. The significant improvements in conversion rates, churn rates, and loan recovery rates clearly highlight the immense potential of this data-driven approach.
