Ever since the financial crash of 2008, businesses around the world have struggled to grow at the same levels they once enjoyed – but experts claim that big data and machine learning could help turn things around, and help companies reconnect with customers.
Retailers set up e-commerce sites trying to make buying easier but that doesn’t really help you address sales problem that much if we look at the sales percentages flowing through online versus brick and mortar, it’s still orders of magnitude away from making impact.
Data is essentially going to be structured or leveraged to generate a return on investment. If retailers do not start thinking about data in that way, they are going to be stuck in the same kinds of cycles of doing things over and over again. Data is not about insights, it’s about generating money. Opportunity is not necessarily to go back to basics, not the big data infrastructure, but the machine learning and the AI. It’s how do we create curated one-to-one experiences for each and every customer. Data trading is now a revenue generating component of what you do. If you can’t do that, you are in a position to fail in the next 5 to 10 years notwithstanding its a fear propaganda of big data looters!