Augmented analytics have surfaced in various retail use cases.
This includes forecasting new fashion trends, analyzing consumer input for trends, and predicting eCommerce refunds before checkout.
Over the last few years, the rapid development of machine learning and artificial intelligence technologies has encouraged the idea that, eventually, AI may surpass or completely replace human intelligence. But, at least in the retail industry, that may be a reality for a while. Even though there have been many creative applications, artificial intelligence and machine learning still need to work on making conclusions in situations involving several factors and circumstances. Retailers can use AI and ML technologies to augment human abilities rather than waiting for them to reach the point of perfection.
This is when augmented analytics come into the picture. Augmented analytics enables technologies like machine learning and AI to help with data preparation, insight production and explanation. It helps improve how people explore and understand data in analytics and BI systems. Moreover, the market for data and analytics will experience its next significant disruption with the help of augmented analytics, which is currently ready to produce excellent commercial outcomes in the retail business.
The most outstanding qualities of both AI and human intellect are highlighted via augmented analytics. Algorithms built on deep learning and machine learning can produce context-based correlations and insights in real time and suggest the optimal courses of action for particular retail business goals.
Retailers today require a more acute customer focus to thrive in their business. Customers desire effortless purchasing experiences, and relevant and targeted ads are essential nowadays. The time when mass-blast campaigns could win over a customer is long gone. Each customer must be viewed as an individual with a different purchasing behavior. However, using augmented analytics, retailers can develop multi-level rewards that can be customized based on data insights that gather data like purchasing preferences, customer feedback, etc. This can assist retailers in developing more customer-centric approaches to their business methods.
Making apt decisions is the utmost priority for any business to thrive. Businesses today struggle to upgrade their decision-making processes, and the retail sector bears no exception. Moreover, retailers still need more straightforward data and analytics processes to make informed commercial decisions in light of the business environment. Today, contextual business knowledge held by humans paired with augmented analytics can lead retailers toward better decision-making for business growth.
Data consumers had to do several mindless, time-consuming repetitive actions. Since these jobs can now be automated and completed almost instantly, human productivity has increased thanks to AI. This allows retailers to study in-store security cameras, analyze business data, collect information from social media, gather consumer insights, and more at a superhuman pace using augmented analytics.
By using augmented analytics, the retail industry may become intelligent and self-aware, sense user and company context, automatically identify opportunities or problems, create insights, recommend the best actions, and even carry out those actions. The analytics system becomes intelligent, context-aware and automated, while freeing people from exploring analytics and directing their attention to the business areas that require action.
Naveen is the Founder and CEO of Allerin, a software solutions provider that delivers innovative and agile solutions that enable to automate, inspire and impress. He is a seasoned professional with more than 20 years of experience, with extensive experience in customizing open source products for cost optimizations of large scale IT deployment. He is currently working on Internet of Things solutions with Big Data Analytics. Naveen completed his programming qualifications in various Indian institutes.