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To analyze and understand its huge collection of customer data, Otto group purchased a software company now named Blue Yonder software, a leading provider of forecasting and data pattern recognition , or what is called “predictive analytics.” Using an artificial intelligence program to recognize patterns in very large data sets, Blue Yonder's NeuroBayes software is used by firms to discover patterns in data by analyzing up to petabytes of information per second.
Using predictive analytics and Big Data repositories, Otto Group has been able to increase its ability to forecast demand by 40%, and it claims to have reaped tens of millions of euros in savings. Otto calculates annually over one billion individual consumer predictions which it aggregates to predict demand for its 40000 online and catalog products.
Leftover merchandise has been reduced by 20 percent. Predicting how many items will be returned has become more precise and has helped the company understand why items are returned. The firm can use the same systems to engage in dynamic pricing, changing prices in accordance with aggregate demand, as well as individual propensities to spend.
Implementing a data driven approach to marketing has also introduced cultural and organizational challenges. Otto’s experienced merchandisers and buyer has a long history of making correct decisions when it comes to selecting products to sell, and the price points that motivate consumers.