DALLAS (PRWEB) December 04, 2018
VERSO Inc. announced today that it has completed and deployed a predictive analytics model for use by its clients to predict product return behavior. VERSO is a SaaS-based b2b workflow management portal that helps clients gain efficiencies across their service and supply chains; this includes an application that helps clients better manage their trouble-reporting and product returns processes.
Verso partnered with Witmer Group, a leading boutique digital marketing agency headquartered in Dallas, Texas to build the associated data science experiments within the Microsoft Machine Learning Studio. Since VERSO runs on the Azure cloud, using the Microsoft Machine Learning Studio is a natural and seamless approach to modeling valuable predictive behavior. Witmer’s Senior Data Scientist, Joo Ann Loo, used the Studio to create experiments using VERSO data, resulting in a model which predicts which products are likely to fail during or outside of warranty. This information can lead to revenue opportunities around more profitable warranty offerings.
According to Joo Ann Lee, senior Data Scientist for the Witmer group, “With the power of machine learning and data science, companies can now incorporate predictive customer behavior when creating service offerings – creating more revenue and increased profitability. In the case with VERSO, we are providing a model that not only improves operational efficiencies, but can also be a “trigger” to execute marketing campaigns based on the end customer touch points. Examples may be promoting product upsell offerings, warranty offerings, and other relevant services that are closely integrated with the anticipated product return behavior. We feel this integrated, predictive approach is the new frontier of value-add software services.”
Per Bob Foster, founder of VERSO Inc., “The creation of the product returns predictive model has enabled us to immediately enhance the value of VERSO. By fully leveraging the capabilities of Microsoft’s Machine learning product suite, VERSO is now not only a transactional management portal with traditional reporting, but also a client asset that can better drive cost management AND revenue generation through predictive analytics. We feel this positions VERSO very well in the service and supply chain management IT marketplace, as companies now expect more out of their IT solutions, not just improvements in process management.”
See the case study here for a complete summary of the model creation techniques and business outcome information.