Adoption of Churn Recognition System to Predict Customer Churn

Abstract

In the cutthroat competitive arena, it is a very challenging task for any enterprise to make a balance between retaining its existing loyal customers and attracting new customers. It is a tedious task to find the right segment of active customers and understand the reason behind churn numbers. It is said that it is five times more costly to attract new customers as compared to retaining existing customers. The main aim of this chapter is to understand the customer churn application, which is one of the most useful applications of AI and ML in the customer analytics domain. Researchers further studied the most significant factors affecting customer behavior and responsible for increasing the customer churn rate. The study mainly targeted the semiconductor supply chain industry, which is one of the most complex industries and foundation of advanced technology and penetrated the walks of human life.