The Big Data Revolution is the Key to Unlocking Increased Sales

By Alison Coleman

Raconteur speaks withDmitry Bagrov, Managing Director of DataArt UK, and other industry experts about the role of Big Data in strategy formulation, production innovation and competitive advantage. Bagrov highlights the fundamental benefits of machine learning in retail strategy and marketing through enabling detailed and accurate customer profiling.

“According to Dmitry Bagrov, UK managing director of technology consultancy DataArt, machine-learning using harvested big data is proving to be a Holy Grail for the retail industry’s marketing and strategy departments.

Firms that can better understand their customers’ unique desires and preferences will gain significant competitive advantage in deciding future strategy. For example, ‘scan as you shop’ devices are the easiest way to collect data in real time about how and why customers buy in a particular shop. Early adopters that apply machine-learning to harvested big data can build a far more detailed profile of their customers than those who lag behind.”

View original article here.

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