In FMCG, F = Fast. Retailers need to adapt to rapid changes in consumer attitudes and the marketplace. Every aspect of retail operations has the potential to make or break the customer experience. AI technologies are breaking down barriers and making it imperative for retailers to adopt a globally competitive retail business model. The power of machine learning has made it possible for businesses to continuously scrutinize customer behaviour data and generate alerts when the time is right for the next best action.
Data Science or Analytics is an art of leveraging data streams to improve decision making. It uses scientific methods, processes, algorithms and systems to extract knowledge and insights from structured and unstructured data.
Your business is bound to have run-ins with defaulters. These defaults could be over late payment and non-payment issues and should be resolved quickly, as they can negatively impact your profit margin. At the same time, if you handle this situation without much tact, it could ruin the relationship with your customer.