AI in retail: Two data priorities for CIOs
More and more enterprises are becoming aware of the power of AI and how it helps them improve the efficiency of their working. A study found that more CIOs of enterprises had already deployed artificial intelligence or were going to do so shortly in their business.
There are a range of benefits for enterprises adopting AI:
Better customer satisfaction:
By providing the customers with much better and personalised experiences, AI helps the enterprises have much more satisfied customers than before. This means that the customers are more loyal to the brand and thus are much more likely to have a long-term relationship with the organisation.
The power of AI helps the management take better decisions in terms of the cost savings and the utilisation of the resources. This leads to much more efficient use of the resources and thus in turn helps increase the revenue by promoting cost savings.
Better Problem Resolution:
AI helps the management in better resolve the problems that arise during the operations and also within shorter time spans. AI helps by providing with the most useful insights and the best available choices.
Predicting the impacts of new products:
AI allows for predictive analysis where the business can have a look at how their new product or service will be taken up by the customers even before release of it. This helps in taking better decisions so as to improve the product so as to make it more customer focused.
These were a few benefits of AI in enterprises, but there are two main things that are to be taken care of by the CIO’s before adopting AI in their retail enterprises:
The importance of data completeness:
Data completeness means that the data which is available must be complete in all senses. Consider the example of clothes, all the associated data such as the colour, size, fabric type, the fitting, the material durability must be available. As customers are becoming more and more tech savvy, they are also looking out for much more in depth information on the products that they are looking out to purchase.
This means that the AI algorithms must be provided the complete data rather than only few parts of it.
With a large number of organisations adopting AI, the concept of data sharing becomes much more important. Data sharing means that the data that is collected by one organisations system must be interoperable with the data that is present in other organisations systems. This also allows for better collaborations between the different organisations. A restaurant and a delivery service can share their respective data so as to get better results for the both of them.
The concepts of Completeness of the Data and data sharing must be kept in mind by the CIO’s of the enterprises who are looking to adopt AI for their business. The benefits provided by the adoption of AI will be for both the customers – who will get a better experience as well as for the business by having better revenues.
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