LUCA Artificial Intelligence of Things, how things plan to make our lives simpler Just as in the Grimm Brothers fairy tale where two little elves teamed up to help the cobbler have a better life, Artificial Intelligence and IoT, Big Data technologies...
Patrick Buckley The Hologram Concert – How AI is helping to keep music alive When Whitney Houston passed away in 2012, the world was shocked by the sudden and tragic news of her death. Fans gathered around the Beverly Hills hotel in Los...
LUCA International call traffic may tell you more than first thought This post debates the value of international phone calls in understanding society. Telefónica has a wide global infrastructure of networks which can be used by other service providers to carry...
LUCA How Big Data helped Stuttgart improve commutes and tackle Climate Change Here at LUCA, we are passionate about harnessing the power of data to tackle problems. Whether the problem is a global threat like climate change or a personal issue...
LUCA Deep Learning and satellite images to estimate the impact of COVID19 Motivated by the fact that the Coronavirus Disease (COVID-19) pandemic has caused worldwide turmoil in a short period of time since December 2019, we estimate the negative impact of...
LUCA Success Story: LUCA Transit and Highways England The transport industry is very receptive to the application of Big Data and Artificial Intelligence strategies, as there are clear use cases that can maximize a companies’ efficiency and...
LUCA What does Big Data tell us about the way people move around Brazil’s favelas? Brazil has seen its fair share of the world’s media spotlight in the past year, with positive storylines around the success of the Rio Olympics, as well as more...
LUCA Chiemsee-Alpenland Tourism and Telefónica Next Examine visitors to the Chiemsee lake Original post by Cécile Schneider, Telefónica NEXT The touristic region of Chiemsee-Alpenland and our colleagues at Telefónica NEXT used data analysis to examine the profile of visitors to the Chiemsee...
How AI is helping fashion retailers stay afloatPatrick Buckley 29 January, 2021 With an estimated current global market value surpassing 406 billion USD, the fashion industry is one of the most significant yet vulnerable industries out there. In an ever-worsening socio-economic climate, analysts predict a grave year for fashion retailers, expecting consumer expenditure on fashion to fall by between 27% and 30% globally throughout 2021 as the world continues to battle through the COVID-19 pandemic. With this in mind, today, we bring you an insight into how technologies based in Big Data and Artificial Intelligence (AI) are giving many fashion retailers the edge, helping them stay afloat where others have gone under. Data Driven Supply Chain Management Inditex, a leading Spanish multinational fashion retailer with over 7,200 stores globally, has, for many years, been leveraging AI both in store and on the e-commerce side to shape product decisions. A data driven supply chain management system is used across all Inditex brands to support the ‘fast fashion’ model which underlines their business strategy. Upon releasing a new season of clothing, Inditex will send only a small quantity of each product to their stores and e-commerce channels in order to first gauge the customer response to each item before placing any significant order with the manufactures. Sales figures of each item are then recorded and internally processed. Machine Learning algorithms then automatically instruct systems to only order an appropriate amount of stock for each item at each individual location. In this way, the manufacturing process can be dynamically adjusted to only produce what is likely to sell, optimising revenue and minimising product waste. What’s Next in Fashion? Internal processes such as the fast fashion model described above, are not, by themselves sufficient to remain competitive in the cutthroat world of high street retailing. Predictive analytics based on competitor and market behaviour are becoming increasingly important to retailers as they dynamically make decisions on all aspects of their business, from pricing to product launch dates. Data firms partner with major brands, to offer insights into the state of the market, future demand and competitor behaviour patterns. Through compiling data on the top selling products of the moment across a variety of brands, algorithms can suggest which styles are likely to be successful going into the future, for example, the algorithm may suggest that a striped bathing suit is likely to be more successful this summer than a dotty one, based on consumer behaviour leading up to this point. Furthermore, by comparing pricing data with demand patterns for individual products or collections, algorithms can predict at which price point a certain collection is likely to be successful for each individual brand. These insights allows designers and retailers to stay ahead of the curve and plan future collections based on hard data insights. Final Thoughts Data driven decisions are becoming increasingly valuable as fashion retailers are tasked with understanding their consumer’s wants at a time of rapid socio-economic change and uncertainty. AI technology allows for a more dynamic design and manufacturing process and insights allow brands to identify and take advantage of relevant trends. To keep up to date with LUCA visit our website, subscribe to LUCA Data Speaks or follow us on Twitter, LinkedIn or YouTube . La transformación digital en la gestión del agua, ahora más que nuncaThe Future of the Construction Industry is Upon Us
Patrick Buckley The Hologram Concert – How AI is helping to keep music alive When Whitney Houston passed away in 2012, the world was shocked by the sudden and tragic news of her death. Fans gathered around the Beverly Hills hotel in Los...
Patrick Buckley Robot Waiters – The future or just a gimmick? As we continue to battle the COVID-19 pandemic, the hospitality industry is looking to technology as a way to keep workers safe. Could robot waiters be the answer? In...
Patrick Buckley How will AI change the labour market for the better? From the way we shop, to the way we learn, the digital world in which we live is unrecognisable from the reality of a decade ago. One area which...
LUCA La transformación digital en la gestión del agua, ahora más que nunca Hoy en día mantenemos la incertidumbre de cuándo dispondremos de una vacuna o cuál será el impacto real en la sociedad y en la economía que nos deja esta...
Patrick Buckley Thanks to AI, the future of video-conferencing is in sight. Throughout the COVID-19 pandemic, video-conferencing has become the backbone of both our work and social lives. Today, on #WorldHugDay, we take a look at some of the ways in which...
Patrick Buckley How AI and Machine Learning help to develop vaccines As Christmas approaches this year, we have all been gifted the great news that the Pfizer/BioNTech vaccine has shown to be both safe and effective in creating an immune...