April 19 News Roundup: Predictive Analytics Powers Pricing and Supply Chain Planning
Twice a month we bring you the headlines from around the industry to keep you informed of the latest trends and conversations. Whether you are in IT, finance, sales or marketing, we are your go-to source for how the intersection of predictive analytics, machine learning and AI is transforming how businesses operate.
Predictive analytics is powering the digital revolution in retail. Retailers are using the technology to analyze consumer purchase/browser behavior to refine their pricing and targeting strategies. This is especially true in the e-commerce space, as brands like Amazon, Etsy and eBay have all invested heavily into adding predictive analytics technologies into their wheelhouse. In this Retail TouchPoints article, find out how retailers like these are taking advantage of predictive pricing.
The benefits of predictive analytics have been well documented, but it is the powerful team of predictive analytics AND machine learning that enterprises should take advantage of. Machine learning performs well with large amounts of data and unstructured data and can outperform statistical techniques for prediction problems. The potential for this pairing to positively impact business performance is extremely broad as companies already implementing machine learning and predictive analytics are improving efficiencies of business processes across the board. Details here.
MHI, the U.S.’s largest material handling, logistics and supply chain association, just released a report tracking the most disruptive innovations in the industry. Robotics, predictive analytics and driverless vehicles topped the list, with 89% of respondents reporting that they expect to be using predictive analytics in the next six years. See the full supply chain innovations report here.
Stay tuned to our blog for the latest!