I am in the middle of exploring big data analytic applications in retail and manufacturing and this post came up:
" ... Target is following a growing trend in retail that involves using more granular customer data to predict demand, thanks to advances in software and technology. But stores still need companies like DemandTec to help them turn the plentiful straw of digital data into predictive gold, a service that becomes more challenging as more data is introduced ... ".
We will continue to see more analytic applications which will leverage large and granular databases. Such databases will also allow the application of data mining techniques to extract value from data. That value can then be plugged into process models of companies to make them more efficient. Lots more to come.
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Thanks for the coverage, Franz. The shift from modeling POS data to transaction log now loyalty data has raised the profile of big data in the retail industry. Companies like DemandTec have made significant investments in infrastructure and underlying science to make this work. The net result, as the article suggests, is being truly shopper-centric in how a retailer predicts and optimizes prices, prmotion scenarios, and assortments.
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