Artificial Intelligence or AI is one of the hottest technology trends that has invaded the business scenario in recent years. The technology empowers computers to replicate human intelligence probably manner. For this reason, it opens new frontiers for businesses as they can take advantage of AI-powered applications to automate their business processes and operations to drive growth and efficiency.
We, at SourceOn IT, believe in delivering the best-in-class performance to our clients by developing applications that specifically cater to their requirements and maximize their ROI by automating their business operations. Our expertise extends to the entire range of AI technologies.
Fortune 1000 retailers were among the earliest and most aggressive backers of artificial intelligence (AI), especially with the arrival of e-commerce and, particularly, online pricing. Yet retailers have been hesitant to fully embrace AI deployments in many other areas of their business for a wide range of reasons, including underlying data inaccuracies, operational disruptions, and even perceptions of privacy issues.
As a reasoning intelligence, it can tell what those patterns mean: Are they reflecting deviations in normal enterprise systems behaviour that mean a system breakdown is looming or an attack from malicious sources is imminent? And as an operating intelligence, it can help manage the problem — both making recommendations for how to fix it as well as invoking automated, prescribed actions to fix it.
The impact of more progressive AI will be felt in two broad ways. First, it will help retailers do what they are already doing far better, boost profit margins, more accurately target prospects, and shave costs off an increasingly complex global supply chain. Second, AI will bring brand-new capabilities to retail. “That’s the potential of AI.
In the next few years, though, most of that hesitancy is expected to change for multiple reasons. Business processes are projected to improve, and so is the underlying accuracy of some data, such as measurements of inventory. Retail executives will also likely change and adapt, especially as shoppers with no memory of a pre-internet world grow in numbers.
Retail startups, built from an AI perspective, will fiercely compete in various market segments. Most critically, though, new oceans of retail-related data—derived from material collected through the internet of things (IoT), mobile, and even legacy telecommunications transmissions—will make advanced AI usage more viable and practical. Human analysts will be hard-pressed to keep up.
AI is now used by retailers for price optimization and loyalty programs, among other things, but the challenge lies in applying it to areas of their businesses where it hasn’t yet been extensively used, such as customer call centres, supply chains, and merchandise planning.
Also, the very nature of AI perfectly fits the new online operations. AI works best when dealing with massive data sets and a business’s need for extreme speed— a combination that would make using human analysts either impractical or impossible. E-commerce required tracking all stock-keeping units (SKUs)— meaning all products and variations thereof— and all customers, plus such things as what competitors charge.
The results were the massive data sets that enable AI to perform best and faster pricing adjustments by retailers because of the speed that AI provided in making them. We are seeing that AI is adaptive, scalable, and autonomous.Contact US