Twice a month, we bring you headlines from around the industry to keep you informed of the latest trends and conversations. Whether you are in marketing, sales, insights and innovation or finance, we are your go-to source to learn how predictive analytics, machine learning, and AI, combined with human intelligence, can transform business planning and performance. In this issue of the Prevedere News Roundup, we are focusing on a successful holiday retail season.
2017 has been a big year for advanced business intelligence technologies like predictive analytics, machine learning, and artificial intelligence. In fact, tech giants like Amazon and Google spent an estimated $39 billion on AI last year, with that figure projected to grow in 2018.
However, AI adoption amongst companies without comparable budgets is only 20%. While many executives have researched how their businesses can benefit from AI, most have not been able to fully invest and implement the technology. This article offers suggestions of how those in the retail, food & beverage and logistics industries can optimize business operations with AI technology available today. Read here for more.
When forming sales forecasts, relying only on historical performance data leads to missing critical insights. AccuWeather, the world’s most trusted source of weather forecasts and a global leader in weather-related big data and analytics, announced a 2017 holiday retail sales forecast that exceeds the National Retail Federation’s estimates by $4 billion. The $2 billion difference is directly associated with AccuWeather’s inclusion of weather conditions that other retail sales forecasts may not take into account.
According to AccuWeather’s data team, total holiday retail spending will reach $683.3 billion, an increase of 4.2% overspending for the same period in 2016. Read here for more insight on how the weather will play a contributing role in this year’s holiday shopping.
Getting the attention of consumers and being able to predict behaviors is of critical importance for retailers, as holiday retail shopping can account for as much as 30% of annual sales.
From better targeting and automated inventory management to price optimization and improved revenue forecasting, retailers using big data this holiday season can gain a much-needed edge over the competition. Predictive analytics can help maximize productivity and allow retailers to more effectively reach their target audiences. Read this article from IT Pro Portal for details, here.
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