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Introduction to Einstein Prediction Builder: Getting Started Guide

June 25, 2024

Table of Contents

    Salesforce offers a suite of AI capabilities under the Einstein banner that helps businesses in every area of their operation. Among these, Einstein Prediction Builder stands out by offering a perfect blend of predictive analytics and AI capabilities.

    In this blog, we will introduce everything about the Einstein Prediction Builder. Let’s get started!

    What is Einstein Prediction Builder?

    What is Einstein Prediction Builder?

    Einstein Prediction Builder is an advanced tool offered by Salesforce Einstein Suite. It helps businesses build custom predictive models from their historical data without the need for extensive coding knowledge or data science expertise.

    In simple terms, this tool uses your historical data and, based on it, predicts future outcomes. These outcomes could be related to what the user’s demand is, what they prefer, what products or services will create high demand, and much more.

    It offers transparency into the predictive models, allowing you to understand how the Einstein predictions are being made. These predictions can be used to automate business processes via Process Builder or Einstein Next Best Action.

    Moreover, it uncovers hidden patterns in your data and gives real-time prediction insights that help you make timely and informed decisions. With this, businesses can be ready for upcoming changes and ace their plans.

    How Does Einstein Prediction Builder Work?

    How Does Einstein Prediction Builder Work?

    • Goal Setting: You tell the tool what you want to predict or gain insights on. It could be anything like, “Which of our products will have an increased demand in the upcoming month?” or “Which customer is likely to cancel our subscription?”
    • Data Selection: Based on the goal you set, the tool picks up relevant data. To predict the subscription cancellation aspect, it will select purchase history, support tickets, and communication activity.
    • Setting Parameters: Further, you can set different parameters that determine the prediction level and accuracy of the resultant data.
    • Data Analysis And Prediction: Einstein Prediction Builder helps analyze all the data points, and based on this analysis, it creates a machine learning model that predicts the outcome.
    • Integration And Action: This is when you get the final prediction outcomes. These outcomes can be integrated into your workflows to help you make informed decisions.

    4 Best Features Of Einstein Prediction Builder

    4 Best Features Of Einstein Prediction Builder

    1. Point And Click Interface

    Salesforce Einstein prediction builder offers an indicative point-and-click interface that allows users to create predictive models without the need for extensive coding or data science knowledge.

    Business teams customize these models as per their business requirements, which are unique to their business. It grants full control to the business of its predictive analytics process and insights generated from it, without the intervention of any third party.

    2. Pre-Built Templates

    The tool offers businesses several pre-built templates and guided workflows that assist users in the model creation process. They can choose among the various options available and design a full-fledged process without coding. Moreover, these templates are user-friendly and suit specific business needs.

    However, business teams can customize these templates, define inputs, select the target outcome, and choose the machine learning algorithm that best suits their data. The tool can be leveraged without worrying about ETL-ing your data, data wrangling, or picking which algorithm to use or tuning its parameters. This results in streamlining the model creation process, simplifying the procedure for users.

    3. Automated Feature Engineering

    This feature is more like a process, which plays an important role in building accurate predictive models.

    Salesforce Einstein Prediction Builder automates this process by analyzing input data and identifying features that contribute to the Einstein prediction. The power of automation saves users time and effort and ensures that the model is built with a solid foundation.

    4. Automated Model Training And Evaluation

    The intelligent tool trains the developed models automatically, using historical data and further evaluates their performance.

    Salesforce Einstein prediction builder offers insights related to the model’s precision, accuracy, recall, and other key factors. Through this, users can measure the model’s effectiveness before deploying it into the business environment.

    Additional features:

    • It seamlessly integrates with the Salesforce platform, enabling easy access to data without complex integration and data migration procedures.
    • The tool supports continuous learning by retraining the models with new and updated data.
    • Continuous updates ensure the scalability of the tool, as it steps up with the growing business.
    • Salesforce Einstein prediction builder adheres to the latest security standards and compliances, ensuring protection

    Benefits Offered By Salesforce Einstein Prediction Builder

    Benefits offered by Salesforce Einstein Prediction Builder

    Salesforce Einstein prediction builder, through its versatile features, offers several benefits to business users.

    Below are the key benefits explained:

    1. Improved Sales Forecasting

    Leveraging this tool in your business improves your sales forecasting capability. It analyzes business historical data and customer interactions, along with market trends, to generate accurate forecasts.

    It helps your sales team anticipate customer demands, allocate resources optimally, and identify revenue growth opportunities.

    2. Reduced Customer Churn

    As discussed, the tool analyzes businesses’ historical data to identify hidden patterns and various other factors that contribute to affecting customer churn. Therefore, you can gain insight into which customers are likely to churn and take measures to retain them.

    It helps in tailoring your marketing strategies and personalizing offers, ultimately contributing towards boosting customer retention rate, loyalty and lifetime value.

    3. Increased Cross-Selling And Upselling Of Products

    Einstein prediction builder helps you upsell and cross-sell your products, tailored to the customer’s needs. By analyzing the customer’s purchase history, this tool can identify their preferences and determine what kind of products or services are likely to appeal to them.

    Therefore, using this tool, you can suggest or recommend similar or enhanced products to your customers.

    4. Data-Driven Decision Making

    The tool empowers organizations to make data-driven decisions through actionable insights and forecasted data. With this, businesses can look into their strengths and weak areas that require continuous improvement.

    Moreover, Einstein’s prediction builder helps you make major decisions related to your sales and marketing strategies, allocate resources optimally, and anticipate potential issues based on predictions.

    Use Cases

    Salesforce Einstein prediction builder, being a versatile AI tool, helps you with real-time predictions in various business areas. Let’s explore some of the best use cases for this tool:

    Sales And Marketing

    Identifies High-Value Leads: Determine which leads are more likely to become your customers and focus your marketing campaigns accordingly.

    Forecast Sales Accuracy: Using this tool, you can predict your sales deal size for every opportunity and allocate resources accordingly.

    Recommends The Next Best Action: Resulting Einstein predictions can be used to transform your generic marketing strategies into personalized ones. These could help in reaching a specific customer segment, maximizing your ROI.

    Customer Service

    Predict Resolution Times: With Einstein Prediction Builder in your business, you can predict how long it will take to resolve customer service cases.

    Identify High-Risk Cases: Gain insight into cases that might become hugely risky or problematic to handle in the future. Therefore, take proactive steps to resolve them.

    Anticipate Customer Satisfaction: Based on past interactions with customers, you can predict customer satisfaction levels and take improvement steps.

    Operations And Finance

    Inventory Management: You can predict future demand of customers and accordingly plan your inventory stock. Avoid stockout and overstock inventory situations, making optimal use of financial resources.

    Fraudulent Transactions: Using historical data and customer behavior patterns, identify fake and fraudulent transactions. Learning from past transactions, this tool can alarm and notify businesses of such transactions.

    Predict Payment Risks: Predict if customers are likely to miss payments, so you can adjust credit limits or collections as needed.

    Some Additional Use Cases:

    Human Resources

    Leveraging the Salesforce Einstein prediction builder, you can predict employee turnover and implement practices to retain them. Additionally, it helps you identify employees with high potential who can be assigned future leadership roles.

    Product Development

    Forecast demand for the new products or services you have developed based on what is going on in the market. Therefore, ensure that your offerings are tailored to what your target customers are looking for.

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    Conclusion

    Einstein Prediction Builder is more than just a tool, it is a strategic partner for all your future needs. It turns your data into insights that help you make better decisions, across the board.

    Through its versatile feature offerings and benefits, it helps to turn your idea into a prediction that contributes towards your brand’s success and growth. However, to turn your idea into a prediction, you need to define your use case, prepare your data, build your model, train and deploy your model, and use your prediction.

    Need more information and assistance? Seek guidance from a Salesforce consulting company. Their team of professionals can assist you with its best practices and seamless deployment into your business, tailored to your specific needs and requirements.

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