Data science is used in many types of applications in as many different business lines. Retail is likely close to the top of that list. CIO Dive brought this interesting topic to our attention in their article, “Target leans on data science to solve ‘extremely large’ retail problems.”
The role of data science and artificial intelligence is increasing it’s footprint in a way that transforms business functions today.
Retailers are using data science to turn insights into profitable margins by developing data-driven plans. These uses of data science in retail are giving retailers an opportunity to be in the market, improve the customer experience, and increase their sales and hence revenue.
The retailer, Target, leverages data science to help improve on-shelf availability, reduce inventory levels and create operating efficiencies. To solve its complex data science problem in the context of retail, leadership blends traditional data science methods with modern techniques like neural networks to improve performance of demand-forecasting models.
Melody K. Smith
Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.