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Data Science Strategy in Retail
Strategic Role of Data Science and AI in Retail
The role of data science and artificial intelligence is increasing it’s footprint in a way that transforms business functions today. Retail and CPG (Consumer packaged goods) are probably one of most involved industry in addition to other industries such as BFSI (Banking, Financial Services and Insurance) and others in embracing these technological changes early in the game. Most of the industry analysts highlight that, more than three-fourth of organizations plan to deploy Data Science and AI by 2021 in retail. From retailers standpoint, the focus is clearly on a) improving customer experience through personalization and so called hyper personalization, b) increasing efficiency and optimization to reduce costs and c) as much automation as possible to experience the value add. Of course, these are driven by the “mindset”, “attitude” and “ability” to go through detailing in order to accomplish the strategic direction.
What are some key challenges today? If we start looking at retailers and jot down their problem statements or business priority, there could be plenty in different capacities where Data Science could play a role to drive success. For…