At the ASAE Technology Conference this past month, Kelly Baker (Chief Analytics Officer at Association Analytics®) and Galina Kozachenko (Director, Strategic Data Analytics, Association for Financial Professionals) presented a fascinating session on advanced analytics.
What is Advanced Analytics?
Gartner defines advanced analytics as "the autonomous or semi-autonomous examination of data or content using sophisticated techniques and tools, typically beyond those of traditional business intelligence (BI), to discover deeper insights, make predictions, or generate recommendations."
Five Ideas Advanced Analytics Ideas for Associations
During the session, Kelly and Galina shared five ideas for how associations can use advanced analytics to drive engagement and revenue:
- Meeting Attendance Model to predict which members will attend an upcoming meeting
- Decision Tree to visually show how different paths affect conversion times.
- Interactive Tool created from a regression model that helps individuals see how different decisions will impact outcomes.
- 20-Year Revenue Model that calculates net present value of a new member and thus total membership revenue, including what-if scenarios from simulation results for each variable.
- Purchasing Likelihood Model to predict whether/when an individual or company will purchase an item.
Download Kelly and Galina's complete presentation to learn more about how the Association for Financial Professionals is using advanced analytics to advance their mission.