Operations 2.0 is coming – are retailers ready?

Successful retailers are already modernising their work environments, extracting more value from their data, deepening their understanding of customers, innovating faster and migrating their operations to the cloud – all to become more competitive. While some retailers are focused on improving their existing operations processes, this is not enough. Real value creation and cost reduction comes when retailers reimagine the operations process entirely and take a digital-first strategy, rather than making incremental changes to existing models. This is where artificial intelligence (AI) has a crucial role to play. Cognizant's research indicates that the revenue impact of new technologies, including AI, is $634bn (£483bn) globally.