Let the Data Flow Smoothly as You Wish, Just Think About the Action You Will Take
Two concepts which are knowledge and time come to the forefront while companies convert data to value. Ability to interpret data accurately and quickly provide us a flow of information worth gold. Nevertheless, when we want to convert worth information in gold to real gold, we should have the capability to take action at the right time! Either it is a product usage data from the customer or the information that falls on the technical records regarding the service provided, if we don’t take action on time, we may not be sensible of opportunities or threats. At this point, it can be said that the management of real-time data/knowledge flow has increasing importance.
EVAM allows business users to develop end-to-end processes based on the scenario logic, which gives these users customer journey orchestration abilities. It works on real-time data and uses continuous intelligence capabilities. This means you can build the ML and AI algorithms in the EVAM platform and continuously learn from customers’ latest actions and predict their behavior. If you develop a real-time scenario with your resources (IT), you may spend lots of time and cost only to create a simple scenario. On the other hand, EVAM aims to use the minimum resource to develop maximum workstreams. By the way EVAM can be integrated into the firms by way of cloud, on-prem, or hybrid. Let’s get started to give an example from real life to understand the logic of EVAM.
We can imagine an example from the finance sector. There is a woman who has the bank’s credit card. When she is shopping, her card limit runs out. So, the bank customer has hard times on the payment point and could not be able to complete the buying process. Exactly at this moment, the bank should make a decision whether or not to offer (via mobile app, call center, or any channel) card limit increase by using machine learning algorithms (anomaly detection). In this way, the bank will also increase customer loyalty and satisfaction in this customer journey. Moreover, it will provide an advantage for hot upsell. So, is it possible that the bank builds this process by itself? Yes, it is possible. But how?
It takes a long time to implement, test, and deploy such a project, maybe for months. For example, infrastructure may not contain parametric modulation. And we may need to change project context in any manner; for example, micro (notification content) or macro (changing machine learning pipeline); it means that winter (cost) is coming.
For the example above, EVAM provides us an environment of continuous development in wide flexibility and parametric structure. The created scenarios can be changed easily or reproduce new scenarios in more than one variation.
EVAM’s leading qualifications:
- Effortless, rapid, and agile implementation
- Providing to optimize CAPEX, which means more return on investment than other systems
- Serving the purpose to reduce the cost which is operating expenditure (OPEX)
- Easy scenario design with drag and drop screen, no codes needed
- Processing strongly and infinitely many events
- It has no counterpart to which it can be compared. So, we can say that EVAM can be considered a unique product.
EVAM’s first child is EVAM Actions which is being used in many telecommunication, banking, airline, retail, and industrial companies. EVAM Actions that is a platform provides to build scenarios in minutes. The platform could listen to billions of events and convert the output to actions in real-time.
An event can be simply defined as any touchpoint of the customer. For instance, mobile login, card transaction, product sale, joined campaign, billing, and even staff/personnel transactions. Besides events, various services and statically captured data can be included in the scenario setup. Also, Evam Enterprise Cache can be effectively used for static input data for scenarios. Actions that are scenario outputs can be email, SMS, mobile/web push, call, cashback, score, or sending another scenario. All scenario flow is monitoring in EVAM which has a stylish dashboard. For instance, the inflow of events and sending mail or push. Let’s get give main study case example. For example, she will be offered a limit increase by the bank.
- Marketing: campaign management, CRM, up-sell, cross-sell, omnichannel management, tracking customer, loyalty, decision support
- Audit: internal (personnel) or external (customer) rule-based fraud detection
- Operation: system monitoring, error handling, alerts
I raise a claim that EVAM Intelligence may be the most innovative data science product of recent times. Because the platform performs on not only previously trained data but also work streaming real-time data. It includes machine learning and deep (reinforcement) learning algorithms.
“Instead of carrying and processing as big data as mountains, with real-time learning models, you can continue your way by simply holding the coefficients filtered from the data in your pocket.”
In the example in the first section, she will be offered a limit increase by the bank. EVAM Intelligence can find solutions (real-time or batch) following issues.
- How many limits should we define? (regression supervised learning)
- From which channel should the offer message be sent? SMS, push, etc. or which channel is the customer more sensitive to? (classification supervised learning)
- Who are customers like her? and when do they respond to the message? (segmentation, clustering, unsupervised learning)
Very impressive scenarios can be produced by various combinations of EVAM Actions and EVAM Intelligence. The output of EVAM Intelligence provides an opportunity to feed the input field of the scenario of EVAM Actions. For instance, the output of the first scenario can be the next best offer prediction that feeds the second scenario as the input field. And then the second scenario touches customers via email or call, on time at the intended location. Additionally, EVAM Actions shows where and how customers act in real time, furthermore EVAM Intelligence analyze instantly why customers act such as that.
Today’s companies need to effectively understand their data for growing their business. Further, if they can design their customer journeys which would process in real-time, they will understand their customers and behavior so they will have an advantage compared to their competitors through making snap feedback or recommend for their customers. EVAM helps to improve your business, it provides cost efficiency, independent development of business process and it allows bringing your genius idea to life.