Business Challenges
In the world of telecommunications, there are some significant challenges that businesses face. One of the most critical issues is customer churn, which means losing subscribers to competitors. This can happen due to various reasons such as dissatisfaction with service quality, better pricing offers from rivals, or simply changing customer preferences.
Traditionally, telecom companies have tackled churn reactively. They’ve tried to win back customers after they’ve already switched to another provider. Typically, this involves offering discounts or promotions to lure customers back. However, this approach has its downsides. Firstly, it can be quite expensive, as companies often have to give substantial incentives to bring customers back. Secondly, it doesn’t really address the root causes of churn, and it may not prevent future losses effectively.
Now, let’s talk about the game-changer: artificial intelligence (AI) and data analytics. These technologies have brought a paradigm shift to the telecom industry by providing a proactive solution to the churn problem. AI-powered churn prediction is a game-changer. It uses large datasets to spot patterns and trends in customer behavior. By analyzing historical data, AI algorithms can identify customers who are at risk of churning long before they actually switch providers.
The benefits and potential of AI in this context are huge. Firstly, it allows telecom companies to take early action to keep valued customers. This can include offering personalized deals, providing better customer support, or proactively addressing issues. Secondly, AI-driven churn prediction helps companies use their resources more efficiently by focusing efforts on customers who are most likely to churn. This not only cuts costs but also boosts overall customer satisfaction.
In a highly competitive industry where technology is advancing rapidly, traditional methods alone are no longer sufficient. AI and data analytics offer telecom companies a forward-thinking, data-driven approach to tackle churn, enhance customer satisfaction, and foster sustainable business growth. By embracing these technologies, telecom companies can not only maintain their market share but also position themselves as industry leaders prepared to meet future challenges head-on.
AI Solution
Our solution revolves around the implementation of a robust Customer Relationship Management (CRM) system, designed to provide a comprehensive view of existing customers. Here’s how it works:
- Data Collection: The CRM system collects a 360-degree view of existing customers, encompassing personal profiles (e.g., age, location, income, credit card ownership, etc.), customer activity metrics (e.g., purchase frequency, total spending, etc.), and recent interactions with the company (e.g., time since last purchase, last login, etc.).
- Data Preprocessing: Prior to analysis, the collected data undergoes preprocessing, which includes handling missing data, creating data balance, and transforming and normalizing the data.
- Deep Learning for Churn Prediction: A deep neural network is employed to predict the churn score based on the processed data. While ensemble machine learning models have historically delivered promising results in churn prediction, deep learning methods have recently emerged as the frontrunners, particularly due to their proficiency in handling large datasets.
Expected Outcome
The benefits of predicting customer churn are multifaceted and significantly impactful:
- Cost Savings: Predicting and addressing customer churn can lead to substantial cost savings. On average, telecommunications companies can save up to $3 million by reducing churn.
- Revenue Growth: Retaining existing customers not only reduces the cost of acquiring new ones but also contributes to increased revenue through long-term customer relationships.
- Enhanced Loyalty: Proactive churn prediction allows businesses to address customer concerns, improving satisfaction and loyalty.
- Brand Strength: Successful retention strategies strengthen brand recognition and reputation, contributing to market dominance.
- Data-Driven Decision-Making: The insights gained from churn prediction inform strategic decisions, driving efficiency and profitability.
By implementing our churn prediction solution, businesses in various industries can bolster customer retention efforts, optimize resource allocation, and reap the financial benefits of sustained customer relationships.
Our Team Members
AI TRANSFORMATION LEAD
Dr. Mikhail Krasnov
Based in Switzerland, Mikhail is an esteemed leader with a Ph.D. in Economics and recognized as a Certified Director by the London Institute of Directors. With a 30-year tenure in the IT sector, he co-founded Verysell Group in 1990 and now drives strategy and innovation across the entire organization. He staunchly believes that AI should be a catalyst for all businesses, not a threat, enhancing and transforming companies. To him, AI is a powerful tool for businesses to harness for their advantage.
Head of Applied AI Lab
Yurii Lozinskyi
Based in England, Yurii is the driving force behind Verysell Applied AI Lab. With 25 years of experience in Healthcare, Insurance, and Finance, he specializes in Business Process & Digital Transformation. Yurii excels in creating neural networks for diverse business automation, from medical diagnostics to machinery anomaly detection. Beyond tech, he’s a proficient software delivery manager and project leader. His leadership has fueled remarkable growth, achieving up to 60% CAGR by guiding 20+ Agile Teams globally.
Chief AI Scientist
Dr. Hung Dao
Based in Vietnam, Dr. Hung leads a dynamic Consulting Team, driving AI innovation across diverse sectors, from industrial visual inspection to medical image segmentation at our AAI Lab. With a PhD in Engineering from Keio University (2014), his expertise extends to groundbreaking research published in renowned conferences such as FG, BMVC, ICASSP, and ACCV, alongside multiple granted patents. With a distinguished track record at FPT, VinBrain & Nautilus AI, he’s a prominent figure in the AI landscape.
STRATEGIC ADVISOR ON AI
Dr. Alexey Minin
Prof. Dr. Alexey Minin, an esteemed expert in the digital economy and artificial intelligence implementation, boasts over 19 years in high-tech. Rising from Siemens engineer to associated partner at MHP – A Porsche Company, Germany, Alexey excels in management consulting, exponential technologies, and creating businesses based on modern tech. A Doctor of Science in AI, Honored Professor, and consultant for several boards of directors, Alexey specializes in digital transformation, AI application, and startup guidance. He co-founded startups, lectures globally, and is a sought-after speaker in digital conferences.
Business Development Manager
Muin Pirzada
Muin brings to the table an extensive background of over 13 years in the fields of Robotic Process Automation (RPA), Test Automation, and Artificial Intelligence (AI). This vast experience has not only equipped him with a profound knowledge of these cutting-edge technologies and deep passion for business growth and operational efficiency, but also with an acute understanding of their capability to revolutionize industries and streamline operations.
Marketing Manager
Ha Nguyen
Based in Hanoi, Ha spearheads marketing endeavors, leveraging over a decade of prowess in the global technology arena. She currently serves as AAI Lab’s Marketing Manager, leveraging her expertise in B2B marketing, branding, content strategies, and Agile methodologies to propel the company’s growth. Her practical know-how equips her to craft and execute effective marketing strategies for AAI Lab and other entities within the Verysell Group.
Software Development Automation Lead
Hieu Tran
Hieu, from Danang, Vietnam, heads the automation team at SmartDev. With a decade of experience in software development, he’s skilled in tech strategy and research. Known for boosting daily operations, Hieu shines in project coordination and customer happiness. Currently, he’s the top engineer at SmartDev and also leads the AAI Lab Software Development Automation.
Head of Project Management
Richard Sharp
Richard, based in Danang Vietnam, has over 40 years of IT experience. He has had many roles including Client Manager, Supplier Manager, and Service Management Program Manager. He has designed, developed and implemented advanced service management solutions for leading organizations across the technology, government, health, telecoms, oil & gas and financial services sectors.
HEAD OF AI EDUCATION
Soan Duong
Dr. Soan is a lecturer at the Computer Science Department within Le Quy Don Technical University. She is also a senior research scientist with keen interest in computer vision and medical imaging. Her research work has been published at prestigious venues, including ISBI, ICIP, ICASSP, BMVC, and CVPR. Soan plays an active role in the academic community by serving as a dedicated reviewer for esteemed publications such as: IEEE Access and NMR in Biomedicine.