In 2018 big data is everywhere: in your pocket, in your wallet, in your car, at home, at work, at the gym—the list goes on ad infinitum. No one knows the exact size of the world’s pool of data but it is predicted to be in the hundreds of zettabytes (trillion gigabytes). And data is growing exponentially: Cisco estimates that by the end of 2019, the internet of things (IoT) alone will generate more than 500 zettabytes of data per year. So there are mind-boggling amounts of data out there and this pool is growing exponentially into even more mind-boggling sums. So what?
Many retailers struggle on the slippery slope of markdown pricing strategy, making costly miscalculations on which products to markdown, when to mark them down and by what percentage to reduce their prices.
Brick and mortar stores are closing en masse. 2018’s closures are set to exceed last year’s record number. So how is it that more and more online retailers are opening up physical stores? Warby Parker, Casper, Birchbox and Bonobos have all opened brick and mortar locations in recent years.Simply put, online retailers are opening physical stores that complement their online platforms. Their stores are experience centers, where customers can put their hands on products they ultimately order online.
Simply put, blockchains are a cheap, easy way to track every step in a supply chain. Each person or organization along the supply chain can encode the quantity and quality of the item, the date and time and any other relevant information into the blockchain in a few seconds using a mobile phone. That data will then be available to anyone who cares to look.
A decade ago, CIOs were like digital plumbers: their role was to make sure work flowed smoothly among various types of software. These days, however, the modern CIO’s job is more like their title suggests—a master of information. Data lakes are doubling in size every two years and the CIO’s main charge is figuring out how to make profitable use of all that information.
We are in the midst of a mass brick and mortar retail extinction at the hands of e-commerce. To survive, retailers need to find new ways to innovate. Most associate the word innovation with new inventions. But there are actually a wide variety of ways for retailers to innovate.
AI is redefining the boundaries of business productivity, with sectors such as retail and wholesale looking to benefit most. With the current pace of AI’s advances, the sky should be the limit. But what if the solutions on offer are too complex for most people to use? And what can we don to combat this?
Here’s what happened when we finally decided to build our very own data farm – including an array of specialized AI processing hardware – completely from scratch.
An imbalance hangs over the human-machine alliance. AI already performs many tasks much better than we do, not least when drawing on past data to accurately map out future paths. But AI still misses those essential human elements: ingenuity, innovation and common sense. The question we’re now faced with is how we can play to both our strengths to get the most out of the human-machine alliance?