Value of Data in Decision Making

“Big data enables organisations to improve decision-making processes by identifying patterns, trends, and insights” (Chen, Mao &Liu,2014). Some main applications in retail involve:

• Personalised Marketing: Using customer data to develop focused marketing strategies. Argos utilises AI-powered recommendations to recommend products tailored to individual buy histories and browsing patterns.
• Supply Chain Optimisation: Anticipating order to effectively manage stock levels. Argos examines historical sales data and market trends to hold appropriate inventory within various store locations.
• Customer Service Enhancement: Employing data analytics to boost customer interactions. Argos implements chatbot AI and customer service analytics to deliver rapid responses and raise customer satisfaction.

Argos, a prominent retailer in the UK, skilfully uses big data to develop customer experiences and improve its operations. Through the analysis of customer buying behaviours, Argos adapts its marketing approaches, fine-tunes inventory management, and develops delivery procedures. The perceptions gained from big data allow Argos to estimate consumer order, decreasing waste and ensuring timely product delivery to customers. Furthermore, Argos utilises predictive analytics to improve product suggestions and update promotional initiatives.