Technological change happens fast and usually just as we have gotten used to one working method, another one is just around the corner getting ready to take over. In this case, we’re talking about the shift from business intelligence to data science and how it has affected the retail industry.
Business intelligence is still a mighty advantage for any retail business to have when seeking to grow, stabilize and remove risks. It is also becoming cheaper to develop with more affordable technology becoming accessible and more people available with the skills to handle it. However, in comparison to data science, its benefits are limited. While business intelligence is useful at showing you what you are already aware of, such as where profits were lost and what risks need to be reduced, data science can flag up ‘invisible’ problems you had no idea about and provide strategies for growth that were hiding in plain sight.
Author: Jasmine Morgan