As per a recent study, 37 percent of CIOs either implemented or are planning to undergo an AI revolution. Artificial intelligence has been popular for several years but several sectors, from sales to medicine, are seeking its help more. In this Enterprisers Project article, Melanie Nuce describes how retail CIOs can make use of data for an AI revolution.
AI Revolution and Retail CIOs
Robots can assist shoppers and provide personalized support and recommendations by analyzing buying history. Retail CIOs should put intelligent machines to use by carefully implementing protocols and facilitate data analysis. Following are the two ways retail CIOs can make use of data for an AI revolution:
An Accenture study reveals that AI can constantly update the supply vendors regarding consumer feedback on product quality and performance. Digital initiatives like this sare occurring frequently but ensure you have quality data for such pilot projects. If you are following standard data protocols, have enough data for the AI revolution. Amazon and eBay want to personalize customer experience to retain customers better. So, as per CB Insights, Amazon has applied for 35 patents related to search results since 2002.
Retail companies were dependent on supplier information to target potential customers but that information was often incorrect. So, with an influx of data, retail CIOs must work on feeding AI the right data to identify the right trends. For customer-centric business models, data quality can make or break business undertakings.
Data Sharing Collaboration:
Set up standards and protocols that would allow seamless data movement, collaboration, and accessibility. UK’s online grocer Ocado is partnering up with Kroger in the U.S. to share data and leverage AI in retail. AI algorithms utilize data to complete tasks while standards help extract value from the data with the help of AI. So, retail CIOs must look for data from which they could derive value. Human workforce can facilitate processes that robots need assistance in.
AI can help in managing store operations, supply chains, distribution, product design, finance, and sales teams. While the robots look after these tasks, retail CIOs can utilize human workforce for customer-oriented tasks. To make this happen, CIOs must partner up with external and internal teams. They need to get their heads together to understand which type of data AI is good at parsing.
To view the original article in full, visit the following link: https://enterprisersproject.com/article/2019/4/ai-retail-two-data-priorities-cios