ML APPLICATIONS
Azure Machine Learning Studio
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Moreover , ML-driven demand forecasting models enable retailers to optimise inventory management , reduce stockouts , and minimise overstocking . Machine learning algorithms analyse diverse data sources , including sales data , social media trends and macroeconomic indicators , to forecast demand with precision , enabling retailers to optimise their supply chain operations and enhance profitability .
Leon Gordon , a renowned expert in data analytics and artificial intelligence and CEO of Onyx Data , says : “ The ability to scale is extremely important in retail . It allows businesses to keep up with rapid demand and momentum , especially during massive spikes in user traffic around holidays and sales days , without compromising on quality or efficiency .”
Retail giant Marks & Spencer has a system that can handle the ebbs and flows of customer sales and meet customer traffic without disruptions in customer service . Marks & Spencer has more than 30 million customers and large amounts of data that require systems that can scale to process it . The company uses Azure Machine Learning to build machine learning solutions that can scale and give customers personalised offers . This is just one example of how machine learning is being utilised in retail .
102 May 2024