Chordiant Software, Inc., a provider of customer experience (Cx) software and services, announced that the US Patent and Trademark Office has awarded Chordiant patent number 7,194,380 for a new innovation in advanced predictive decisioning technology. Predictive decisioning was first introduced into Chordiant's family of "Cx" enterprise customer experience management solutions in 2005.
The patent covers the design and implementation of a new type of predictive analytics algorithm created specifically to use customer data to accurately predict behavior and propensities across key business areas including product purchasing, retention, and risk. The algorithm provides superior predictive capabilities because it uses a nonlinear analysis of characteristics. This nonlinear capability enables it to not only make accurate predictions about existing customers, it can "generalize" predictions and accurately apply them to new customers for whom very little data is available.
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