As technology continues to evolve, so does consumer behavior too — and retailers need to stay competitive. Using data is one way to make sure you stay ahead of trends and give customers products that solve their problems and they find value in.
Machine learning is an application of artificial intelligence (AI) that provides systems the ability to automatically learn and improve from experience without being explicitly programmed. Machine learning focuses on the development of computer programs that can access data and use it to learn for themselves.
The process of learning begins with observations or data, such as examples, direct experience, or instruction, in order to look for patterns in data and make better decisions in the future based on the examples that we provide. The primary aim is to allow the computers to learn automatically without human intervention or assistance and adjust actions accordingly. …
What is innovation?
The process of translating an idea or invention into a good or service that creates value or for which customers will pay. In business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the customers.
Here are 4 reasons why I think companies should innovate:
1. Competitive advantage
Creating a competitive advantage that your competitors don’t, perhaps your competitive advantage lowers cost or increases efficiency.
A company either innovates or it dies. If your competitors are innovating and you are still staying back in the old ways of doing business, you’re simply not going to survive much longer. Every company has an expiry date, you’re only as good until somebody innovate to the next level, you either catch up to that level so you’re always following the pack or if you don’t catch up you’ll be out of business. However, using this business mentality and mindset could easily result to you never being the leader of the industry but simply getting the crumbs of whatever the leaders and innovators of the industry are doing. …
Before you consider any development work or hiring people, you need to validate your idea. This is the starting point from which you will learn and evolve.
One of the biggest risk with missing this critical phase is, ultimately, you build the wrong solution and waste money, months or years creating something nobody needs or wants.
So, how can you reduce this risk and rapidly validate the problem prior to validating the solution?
Follow these 10 steps before moving onto the next stages or involving outside help.
This is the formula used by successful new product innovators, inspired by the Lean Startup process. …