The beauty of running an automated or robot-powered business like the coffee-slinging Cafe X or Byte Technologies smart fridges, is that you generate a lot of data. What people are purchasing, when they purchase it, where, how often, etc. All this data powers demand algorithms that help companies like Cafe X and Byte be more efficient by accurately determining business critical decisions such as products to offer and how much inventory to carry.
The downside of running an automated or robot-powered business like Cafe X or Byte Technologies is that you generate a lot of data. Too much data, actually. You could easily spend most of your time diving down a data rabbit hole, trying to fine-tune demand algorithms and actually wind up making them less useful.
So how do you determine what data to capture and what data to pay attention to?
Glad you asked! Because the role of data was central to my discussion with Cafe X COO Cynthia Yeung and Byte Technologies Founder Lee Mokri during the Forecasting, Personalization & Customer Service Challenges for Robotic Retail panel at our ArticulATE food robotics conference last month.
It was fascinating to sit down and learn from Yeung and Mokri about how their respective companies tackle the data issue, and how they use that data to maximize product variety within the limited square footage of their automated storefronts.
Plus, for all you entrepreneurs out there, Yeung explains the one thing you absolutely need to do when building out your data team and plan.
Watch the full video below, and check back for more of our full sessions from ArticulATE 2019.