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Image from: https://fmemodules.wordpress.com/2015/04/09/top-5-popular-sales-promotions-types-in-2015/In retail deciding on promotional prices for an SKU can be challenging. It depends on several factors, including but not limited to Class, Subclass, Style of an SKU, Seasonal product,  Previous cost history, profits. Few Countries have a regulation for the retail stores to choose promotions only for a certain number of days […]

Data Science Usecase (Part-6)Price Optimization Models are mathematical programs that calculate how demand varies at different price levels and then combine that data with information on costs and inventory levels to recommend prices that will improve profits. The modeling allows companies to use pricing as a powerful profit lever, which often is underdeveloped. Price Optimization […]

Data Science Usecase (Part-7)Chatbot applications streamline interactions between people and services, enhancing customer experience. At the same time, they offer companies new opportunities to improve the customers engagement process and operational efficiency by reducing the typical cost of customer service.To be successful, a chatbot solution should be able to effectively perform both of these tasks. […]

Machine learning in Finance.The finance sector, specifically, has seen a steep rise in the use cases of machine learning applications to advance better outcomes for both consumers and businesses. Until recently, only the hedge funds were the primary users of AI and ML in Finance, but the last few years have seen the applications of […]

Data Science Usecase (Part 3)Sales Forecasting is the process of estimating what your business’s sales are going to be in the future. A sales forecast period can be monthly, quarterly, half-annually, or annually.Sale forecasting is an integral part of business management. Without a solid idea of what your future sales are going to be, you […]

Data Science Usecase (Part 4)With marketing expenses and the cost of the onboarding process, acquiring new customers is costly. As a result, while it is important to grow your customer base, and equally valuable (and more cost-effective) business strategy is to grow the lifetime value of your existing customers. Therefore, brands should implement a set […]

Data Science Usecase (Part-5)Cross-selling presupposes offering of the additional item to a customer who has already bought something or intends to buy.The algorithm goes through sale transaction data and generates rules demonstrating the percentage of times the products are bought together. Thus, the role of data science is to provide fact-based recommendations from CRM data […]

Data Science Usecase (Part 2)One important metric that all businesses need to pay attention to and find ways to maximize is Customer Lifetime Value (CLV). CLV is the amount of money that a customer will spend on your business throughout the course of your relationship, so it is a long-term figure as opposed to a […]

Risk management is an enormously important area for financial institutions, responsible for company’s security, trustworthiness, and strategic decisions. The approaches to handling risk management have changed significantly over the past years, transforming the nature of finance sector. As never before, machine learning models today define the vectors of business development.There are many origins from which […]

As we move towards a digital world, the relationship between businesses and customers has been changing over the last few years. With customers’ expectations higher than ever, companies need to find new ways to interact with them and improve their processes and services’ efficiency and quality.Companies like Kasisto, for example, built a new conversational AI […]

This is the real-world AI use case so we could detail how artificial intelligence has been a game-changer for FinTech. Few verticals are such a perfect match for the improved capabilities brought by the AI revolution like the financial sector.Traditional financial services have always struggled with massive volumes of records that need to be handled […]

ChallengeWe already know data is the most important resource. Therefore, efficient data management is a key to business success. Today, there is a massive volume of financial data diversity in structure and volume from social media activity and mobile interactions to market data and transaction details. Financial specialists often have to work with semi-structured or […]

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Data securityFor the digital transformation industry, malware comes like a big problem that is directly related to data security.However, Deep Instinct, an intelligent institutional firm, has reported that each of the new malware has a similar code as the earlier versions.The rate of changing files for different iterations is from 2 to 10%. The learning […]

(Benefits & Usecase)Better Customer Service:One in every three customers is likely to leave your brand after one bad experience. Top-notch customer service is extremely important for the profitability of businesses. Using customer service feedback for customer sentiment analysis can be extremely helpful for your business. It provides insights into how and why customers have negative […]

Customer sentiment analysis is the process of automatic detection of emotions when customers interact with your products, services, or brand. Customer sentiment analysis is done through Natural Language Processing (NLP) or a set of algorithms that can detect whether the customers’ emotions are positive, negative, or neutral.https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.revechat.com%2Fblog%2Fcustomer-sentiment-analysis%2F&text=%text%Customer sentiment analysis algorithms primarily use two parameters to […]

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