The science of predictive analysis is a burgeoning one as companies take on more and more data daily. Versium takes billions of data points from businesses and consumers and makes sense of them to monitor purchase interest, social behavior and financial information–to name a few. We caught up with Chris Matty, CEO of Versium, to get the details.
insideBIGDATA: I understand that Versium is a data analytics company. What services do you offer?
Chris Matty: Versium is a data technology company that operates a LifeData™ predictive analytics scoring solution that produces predictive scores. These technologies enable organizations to be more data-driven by powering solutions that help optimize consumer engagement, improve marketing efficiencies and better understand, retain and find new customers. Versium brings together disparate sets of observational data, comprised of over 300 billion real-life behavioral attributes. These insights are combined with an organization’s existing enterprise data to provide more actionable consumer intelligence and delivery of predictive scores that address ROI driven specific business cases.
insideBIGDATA: And at whom is this technology aimed?
Chris Matty: Examples of organizations that can leverage real-life analytics to better understand their customers and predict behavior include:
- Corporate marketing departments that wish to enhance their insights on existing consumers and prospects
- Online publishers or ad networks looking to improve their targeting algorithms to generate higher CPMs.
- Outbound marketing organizations who either sell contact lists or provide outbound contact services can garner finely targeted lists, and generate higher ROI for its customers.
- Finally, consumer research companies who are looking to augment the survey-driven insights they provide to their clients.
insideBIGDATA: How do you use behavioral data along with an enterprise’s existing data to predict fraud?
Chris Matty: The proprietary LifeData platform is a compilation of information created by individuals as they interact in the real world, which companies typically have been unable to capture until now. Versium’s analytics platform combines a company’s proprietary enterprise data with LifeData to provide richer insights into behavior, and enable more accurate statistical and predictive models. The system outputs various predictive scores (similar to a credit score, but for marketing purposes) based on a desired business case and underlying ROI objective. LifeData insights and predictive scores can be accesses via real-time API query, or batch process, so that these insights can be built into existing enterprise applications (i.e. CRM solutions and marketing automation tools) to enable rapid access and use without the need for platform deployment and support.
insideBIGDATA: How does this technology help an organization optimize consumer engagement?
Chris Matty: Our customers love the concept of predictive scores – they are accurate, easy to access and you don’t have to be a data scientist to interpret them. Enterprises don’t want another complex platform that requires support and training – they just want the answers to the questions that deliver ROI benefit and that’s exactly what a predictive score does. When it comes down to it, the numbers don’t lie. Being armed with this level of actionable intelligence provides companies with specific data to better maximize profits, mitigate risks and optimize consumer targeting, a significant competitive advantage.
insideBIGDATA: Can you see more uses for the underlying technology here–outside of fraud detection?
Chris Matty: Yes, we have a whole suite of predictive scores including:
- Churn Score: Identify which customers are most likely to cancel memberships.
- Shopper Score: Identify full price buyers versus discount shoppers, and gain insights into which customers or prospects will respond to specific offers.
- Social Influencer Score: Optimize social campaigns and recognize which customers or prospects are the most socially influential.
- Fan Score: Understand which customers are of the greatest value to an organization.
- Other scores in development include: Wealth Score, Donor Score and Green Score.