Known as ‘Social Physics’, this innovative scientific field demands advanced technical capabilities. It facilitates the analysis of data sets in a very short period of time. Rajiv Prasad goes into how this is possible with the view of predicting the outcome of human behaviors. Coupled with the many benefits of big data and machine learning with that of social physics. Retailers will now have the potential to make smarter business decisions.
In terms of the big data itself, social physics would be interested in a range of variables linked to consumer activities. But not limited to location data from cell phones, transaction tracking of all debit/credit card purchases, & social media activities. Also for users utilizing within the business (such as checking-in) & the customer split between cars and pedestrians.
Whilst machine learning & deep learning capabilities still have a major role to play in the future of predictive analytics. Implementing social physics has the potential to revolutionize retail prediction models. This not only yields more accurate results but by offering a protocol that prioritizes security, cost-effectiveness & user-friendliness.
The underlying technology has the capacity to answer an unlimited amount of predictive questions. This can be done without requiring the retailer to design & build a model that is unique to their business. Subsequently facilitating an accurate data science protocol that remains affordable to businesses of all sizes. Even more pertinently, with the view of solving the aforementioned issue of privacy & GDPR regulations.