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- W300317617 abstract "Experian white paper details the benefits that result from utilizing optimization during the credit life cycle. If businesses are to succeed in today's price-driven market, it is critically important for organizations in the credit industry to operate at the highest levels of efficiency possible. Fortunately, by designing the right experiments and carefully analyzing the results, these organizations can begin to optimize their efforts for greater efficiency and increased profits. A white paper detailing a comprehensive system developed by Experian[R], a global business solutions company, that helps credit industry professionals optimize the value of decisions made in the credit life cycle, is the collaborative effort of company executives Dennis Ash, Martin O'Connor and Steve Darsie. The white paper describes Experian's optimization system, which allows companies to maximize responses to credit offers and usage of credit lines, retain quality customers and collect the greatest amount of delinquent dollars. The pathway to greater optimization requires that the fundamentals of risk and marketing management be in place. To begin with, the most basic aspect of optimization is simply having the core data elements necessary to address a specific issue. Databases must be reviewed to ensure that the proper data elements are on hand to address the decisions that are being considered. The data elements must be stored in a data repository where they can be accessed by reporting tools and periodically refreshed. It is critical to collect the responses to experimental strategies and close the loop by feeding this information back into the data repository. An organization must be able to understand and interpret customer behavior and key trends that change customer behavior. 'This is an ongoing process as customer behavior is fluid. Of course, analytical expertise, reporting, and data mining tools must be in place, too. How to benefit from optimization, without losing your shirt, page 2 of 2. An organization must also use the most predictive combination of models to measure risk, response, revenue or any other objective that is to be measured. Use of less predictive scoring models will provide sub-optimal results. Having an experienced and knowledgeable staff will allow creditors to push more quickly to optimal solutions while avoiding problems of which inexperienced persons would not be aware. …" @default.
- W300317617 created "2016-06-24" @default.
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- W300317617 date "2003-04-01" @default.
- W300317617 modified "2023-09-24" @default.
- W300317617 title "How to Benefit from Optimization, without Losing Your Shirt. (Special Advertising Supplement)" @default.
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