By Sonja Leoncini
Retailers need to stay current and with the impact of COVID-19 and downturn of the economy, the game has changed. Now, like never before is the time to keep competitive and sustainable; don’t wait, act now. Retailers are always scrutinising ways to improve profits and grow business and AI is an essential tool . You have data – yes? Then make it work for you in a way that will allow you to engage and improve your relationships with your customers through personalisation. Create loyalty by running targeted campaigns focussed on the customers’ preferences, improve stock management, cut costs, release capital. Ultimately, grow your business and improve your bottom line. Within 3 days of loading your data onto Argility’s PredictRetail solution, you can start to see results.
How do you do this, is it so simple? Start using Argility’s PredictRetail solution which has been developed to address retail and supply chain challenges and affordably make the best use of data both current and historical.
What is this and how does it work? Let me elaborate:
Artificial Intelligence (AI), Machine Learning (ML) and Data Science (DS) are all underlying disciplines of the PredictRetail solution. Modern technologies like AI, ML, DS and big data have become popular by words which everybody talks about but not everyone fully understands. People often get confused.
First let me give a view of what Artificial Intelligence is; simply put it is the simulation of the human thought process by machine. This is achieved by creating a neural network that is able to reason learn and self-correct. What makes AI attractive is that it does all this with lightning speed.
Machine Learning learns and improves itself without the need for direct programming. Instead ML focusses on algorithms which learn to understand things from structured data in order to get the insights that can be used to make predictions. In simple terms use the lessons of the past to predict the future.
Data Science is the ability to extract useful insights from the data which includes many skills including, mathematics, machine learning, statistical modelling, data engineering visualisation and pattern recognition.
To summarise; Artificial Intelligence is the simulation of the human reasoning by machines. Machine Learning is a subset of AI that focusses on a specific activity. Data Science uses ML to achieve its ultimate goal which is the real world application of Machine learning and Artificial Intelligence to provide solutions.
Some common business applications include behaviour forecasting, recommendation engines, anomaly of fraud detection, personalised marketing, customer service and chat bots.
PredictRetail is a software solution that has been developed to provide decision support for retailers. It used the aforementioned skills to of AI, DS and ML techniques to provide actionable insight from data. PredictRetail is part of a larger ecosystem and aims to supplement business processes both existing and new.