As involve.ai co-founder and CPO, I’m so excited and proud to announce that our churn prediction model is patent-pending. This is an important milestone for us and I thought it would be helpful to share the essence of our technology and what this milestone means for us.
We designed the involve.ai artificial intelligence (AI) model to analyze customer behavior to predict if they are likely to cancel, stay, or grow their service in the near future. This patent will help companies better understand and retain customers through more accurate predictions of which customers are most at risk for cancellation, leading them into more targeted intervention strategies.
involve.ai's proprietary AI-based churn prediction model combines customer data with machine learning algorithms, enabling it to accurately predict when a customer might be about to leave or ready for upselling. The new pending patent can also provide valuable insights into what types of intervention tactics might work best for each nuanced customer and each different case.
I firmly believe that natural language processing is the only way to go in today's world of customer-vendor interactions. Using qualitative data or gut based on the last interaction doesn't paint an accurate or holistic picture of which customers might renew, churn, or grow. Adding the Renewal Sentiment model to the interaction data allows companies to identify key factors that can shift a renewal and understand their nuances at scale. As a result, our model helps firms become proactive, action-oriented, and data-driven post-sales organizations instead of a gut-based and reactive firehouse.
Our team has created Customer success-focused keyword-label pairs for our Named Entity Recognition (NER) model. Each pair is weighted based on each client’s business model, unique dataset, account sentiment analysis, and word usage patterns to generate dynamic relevance models across all industries. These have been validated by leaders in this space who cover over 5K unique renewal-driven situations.
This post-sale renewal management technology has the potential to revolutionize how businesses do business. With a single platform in place, executives can get a deep understanding of where money is being spent and on what fronts. This system gives them more control over customer experience from onboarding to renewals while also providing an excellent opportunity for increased revenue by identifying areas ripe with profit early during the customer journey.
The factor that adds new growth potential to this patent-pending technology is that customer interaction can be a never-ending cycle. There will always be scenarios and nuances associated with managing clients and a cross-functional collaboration that might impact customers. Still, the semi-supervised learning algorithm applies continuous feedback from involve.ai's users into its system for more accurate predictions.
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