There’s a widening gap in retail. Between those using data to their incredible advantage. And those that don’t. Artificial Intelligence and Machine Learning are what make the difference in today’s market. And the advanced analytics they provide have not only transformed what’s possible, but what has now come to be expected for the customer experience.
Retail is starting to look, operate, and feel differently from the status quo.
There are now unprecedented amounts of data sources available to retailers about their customers. The ability to track customers and know what they’re doing along the buying journey is maturing quickly. New models for personalization and customization are coming online regularly — to great effect.
When it comes to implementing advanced analytics, there’s no shortage of success stories:
- Real-time fraud detection has reduced false alerts at PayPal by 50%
- Netflix recommendations deliver an annual value of $1B to the company
- Starbucks sees 3X the net incremental revenue from hyper-personalization
- Predictive asset maintenance now saves GE $1B in costs
Google, UPS, Kaiser Permanente, USAA — the list goes on…
All executives and decision makers want to embrace a data-driven mentality. That’s a given. But in today’s landscape, the embodiment of being data-driven has shifted. Strategies that were once relegated to the finance department are now being deployed to other teams across the enterprise: manufacturing, logistics, marketing, sales, and more.
In their Transforming Retail Through Advanced Analytics & AI presentation at MicroStrategy World 2022, two experts from Boston Consulting Group detailed how leaders in the space are transforming the industry — and where the best in the business are headed this year.
Nicholas Goad, Managing Director and Partner and David Welch, Managing Director and Senior Partner, explain the shift in resources and investment. They discuss how functions like merchandising are giving way to product teams building advanced analytics and AI algorithms. Retail is starting to look, operate, and feel differently from the status quo.
Here’s a short clip that details how these experts look to organize and build out an AI strategy at scale.
Do you want to explore AI, ML, and advanced analytics in your retail operations? Access the full presentation and discussion between these industry experts for complete details.
As you build a roadmap, you don’t have to journey alone! Integrating machine learning with your human decision-making processes is closer than you think. MicroStrategy can help make it a reality. The best place to get started to learn more is here!
