In our previous blog post “Proven AI solutions for modern planning“, we shared detailed insights from Dr. Rolf Gegenmantel, our Chief Marketing & Product Officer, into data management and data integration as a basis for advanced analytics and automated sales forecasts at Mitsui Chemicals Europe. Now we take a closer look at how companies can benefit from the use of AI in the financial sector and how ServiceMaster improved their insights into customer churn rates using the Jedox AI engine.
A competitive advantage through AI solutions in the finance sector
The leap to AI deployment in the day-to-day operations of the finance sector is not as big as some skeptics might think. Starting points are concrete applications for optimizing existing core processes, such as increasing the speed and quality of forecasts and predictions, improving the integration of planning or identifying important business drivers in performance management.
The classic BI architecture, which provides an analysis-capable database with interfaces and ETL processes and ideally already brings together financial data and other operational data, offers the finance sector an optimal foundation. Pioneers such as Mitsui Chemicals Europe and ServiceMaster demonstrate that finance, sales and other departments can already benefit from proven AI solutions to increase competitive advantage and optimize value creation.
New insights into customer loyalty with ServiceMaster
ServiceMaster, a Fortune 1000 company headquartered in Memphis, Tennessee, has used Jedox for internal and external reporting for over three years. To better assess customer loyalty to its “Terminix” brand, ServiceMaster conducted a pilot project with the Jedox AI solution. The main goal was to predict the churn rate of the more than two million customers to the “Terminix” brand and to derive suitable measures to avoid cancellations and to increase customer loyalty. As a basis for the AI analyses, a massive database of customer contracts was built up in Jedox and enriched with additional data sources.
ServiceMaster was impressed by the speed with which new insights could be generated, as Kevin Kennedy, Business Systems Manager of the Terminix brand, explained: “Jedox allows us a clearer, simpler introduction to the topic of AI than having to build everything from scratch or have specialized data scientists or developers on the team. We can simply feed data sets into the Jedox AI engine, and then the ‘magic’ happens through pre-built algorithms based on industry-specific AI libraries. With Jedox, the finance department gets a direct route to information they previously had no access to.”
Further insights into the successful use of artificial intelligence at ServiceMaster can be found in our Customer Success Story for free download.
This article first appeared in the trade journal “manage it”.