In their first guest exclusive with us, Acuvate Software shares the many different ways in which predictive analytics, combined with AI, is changing our industry. Acuvate provides AI and predictive analytics solutions for consumer goods and retail businesses.
Their mission is to produce intelligence applications that simplify processes. A retailer can predict the number of footfalls for a given period, but cannot predict where these footfalls are likely to pause in the shop, stop for exploration and for purchase.
But, for those retailers who have incorporated predictive analytics and Artificial Intelligence, knowing these gray areas is possible. Predictive analytics is the structured science of collecting data, analyzing it and applying statistical data modeling, empowering retailers with predictive insights.
And predictive analytics gains intelligence only when powered by artificial intelligence. AI-powered analytics are able to achieve the creation of insights – just like a human – and at an exponentially faster pace.
The application of predictive analytics in the retail industry is helping retailers make better pricing decisions, personalize messages across campaigns, improve inventory and supply chain efficiency, make product recommendations, detect fraud ahead of time and reduce risk. Better pricing decisions is one strong benefit of predictive analytics. Read more from whichplm.com…
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