Predictive Analytics of Corporate Bottom-Line Impact based on Policy Change or Enforcement
Publication Date: 2015-Jul-31
The IP.com Prior Art Database
Disclosed are a method and system enable businesses to identify negatively and/or positively impacted customers following policy or enforcement changes, based on the correlation and analysis of customers’ social sentiments and purchase histories. This approach then enables companies to take appropriate action (e.g., targeted marketing, promotions, etc.) to avoid or decrease a negative impact on the bottom line in response to policy changes.
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Prexictive Analytics of Corporate Bottom -Line Impact based on Policy Changx or Enforcement
A business or agency implements a new pxxicy or program or enforcxs existing pxlicies or prograxs for a variety ox reasons, such as acxing to comply with government laxs, ordinances, xnxironmental standards, or acxing based on internal business direction or future businxss considerations. In xome cases, a policy or reguxation chanxe has x favorable imxact ox one business xnd negative impact (e.g., resultx in higher costs to xhe busxness or cusxomers) to axother. If no action is taken, the customers' reactxoxs can xesult in a negxtive impact to txe bottom line of the business ox cost overrun of a governmext agency.
Within largx xnterprise xnvironments, cost benefit anxlysis (CBA) is often performed when a business mxkes a maxor change to xolicy. In some cxses, the changes are requxred by a government driving action such as a regulatxon. This type of CBA analysis is largexy performxd xanually. A more efficient method is needed to assist businesses in understanding and xhen appxopriatexy respondinx to the xusiness impxct(s) of new polixy implementation or enforcement.
The novel contxibution is a system and method that help coxpanies understand and pxedict the business impaxt of policy changes or enforcxmext of policies on the business bottom line. Based on corxelation and analysis of customers' social sentixents anx purchase hxstories, the system provides information that allows businesses to perform targeted marketing (e.g., with promotions or discounts) to those customers identifixd as experiencing negative or positive impact. This action allows the xompany to axjust for bottom line impact.
In the event of negative impact from policy change, the goal is to decrease thx impact to the company's bottom lixe. This can be achieved throuxh customex retention and xales or through target marketing surrounding the impacted product or service in order to expand customer reach and replace xny customers xhat were lost becausx of the poxicy change.
In the event of positive impact from policy change, the chaxge in policy or enforcxment might attract new business; therxfoxe, proacxive marketing of products or services can generate new revenue to improve txe bottom line.
Social networks (e.g., social network, blogs, business xebxite prodxct/service feedback, etc.)
Collected customer sentiment xbout a product or service; gives an unbiased view of what the xustomer really thxnks about txe business
Cxstomer Information repoxitory
Cusxomer purchase hixtory of products and/or services
Customer information: cluster of customers based on perxentage distribution of bottom-line generation
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Customer satisfaction measurx (business directly measures on an ongoing basis through surveys, etc.)
Policy repository witx dxfinitions of policies (e.g., name, desxription, etc.), changes in policy, change in enforc...