Scott Koegler

Scott Koegler

Scott Koegler is Executive Editor for Big Data & Analytics Tech Brief

Big Data Changes Retail

Even before the current pandemic, the retail industry was going through a rapid transformation. The changes in this industry have significantly affected shopping behavior and have had massive changes in the retail sector. According to a survey conducted in 2019, 92 percent of the retail leaders were found to view reinventing the customer experience as the top priority. However, with the new reality of the COVID-19 pandemic, we have all been forced to accommodate the new changes. One of the critical changes that can be seen is the adoption of technology that includes big data strategies, artificial intelligence and machine learning. These technologies are used to understand the needs of the customers better and respond to them accordingly. Big data gives retailers ways to differentiate their brands through increased personalization for better customer service and demand forecasting. Here are some ways that big data is changing the retail sector.

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Data Errors Affect Outcomes  

The biggest challenge to AI is the errors, most of which are associated with labelling. According to a new study by MIT, the ten most cited datasets in AI are full of label errors, which distorts the understanding of the field. Data sets are a vital element in AI research. However, some data sets are more crucial than others. These sets are those used by the researchers to develop and evaluate machine-learning models, which is a way of tracking the capabilities of artificial intelligence and how it has advanced over time. For example, the canonical image recognition data set, ImageNet, is credited for kicking off the modern AI revolution. On the other hand, MNIST, which compiles images of handwritten numbers between 0-9, is another crucial dataset, together with those that test models trained to recognize audio, text and hand drawings.

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Is Your Dataset Big or Small?  

 We are now in the era of big data, which is the topic we hear during business or IT talks. Although many people talk about big data, most do not understand what big data is and how it influences business strategy. While many people know about big data, most have little understanding of big data’s small sibling, known as small data. Most organizations understand that data is vital for business. However, only a handful of them knows the relationship between small and big data. Worse yet, some think phrases “data” and “big data” carry the same meaning. Like big data, small data is also crucial for business. They both have the power to influence organizations. Here is the difference between the two.

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