Our previous weekly guides have talked about how Data Science is being used in faster detection of COVID-19 and other similar stories. The world news is currently overwhelmed with the coronavirus pandemic. Let us take a look at something different this week. Learn how the functioning of Kirana shops has transformed with the help of supply chain analytics, and take a look at the latest Data Science and Analytics trends to watch out for in 2020.
Most Indians have certainly visited nearby Kirana stores for last-minute purchases. These stores form a crucial part of the Indian retail ecosystem that is based on demand and supply. This supply chain, however, faced numerous challenges such as wastage, delays, and unreliable payment mechanisms. This resulted in lost opportunities and customers.
While innovative technology has paved its way into every aspect of our lives, these stores are also adopting new technologies that ensure little to no disruption in the supply chain. The core of this tech-driven way of functioning is data science. E-commerce platforms are the key elements that power the transformation of how Kirana stores operate. Some aspects that have been simplified due to data science are as follows- Inventory management, price optimisation, customised products, access to structured credit systems, and more.
In today’s world, there is a huge amount of data being generated daily. The movies we watch on Netflix, the products we buy, and the places we visit, all generate valuable information for businesses and help them in solving business problems. By 2033, the global analytics market is said to grow at a CAGR of 30.08%. Adopting a data-driven approach is extremely important for a business to work well. Data Science as a service or DaaS is a cloud-based data analysing service that allows an organisation to gain insights into customer data.
Augmented analytics and data management, improved data privacy and security, the growing use of Python are some of the trends to watch out for.
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