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Artificial Intelligence Offers $340 Billion Opportunity in Retail: Study

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The use of Artificial Intelligence (AI) offers about $340 billion (roughly Rs. 23.8 lakh crores) cost-saving opportunity for those retail companies that are able to scale and expand the scope of their existing deployments, according to a new global study from French technology services major Capgemini. However, just one percent of retailers have achieved this level of deployment so far, showed the results from the study titled "Building the Retail Superstar: How unleashing AI across functions offers a multi-billion dollar opportunity". The researchers found that most retailers are focusing their AI efforts on sales and marketing when there is a significant opportunity to unleash AI use cases across the value chain. "Our research shows a clear imbalance of organisations prioritising cost, data and ROI (return on investment) when deploying AI, with only a small minority considering the customer pain points also," Kees Jacobs, Vice President, Global Consumer Products and Retail Sector at Capgemini said in a statement. "These two factors need to be given equal weighting if long-term AI growth, with all of the benefits it brings, is to be achieved," Jacobs added.


Artificial Intelligence offers $340 billion opportunity to retail sector: Capgemini

#artificialintelligence

The use of Artificial Intelligence (AI) offers about $340 billion cost-saving opportunity for those retail companies that are able to scale and expand the scope of their existing deployments, according to a new global study from French technology services major Capgemini. However, just one per cent of retailers have achieved this level of deployment so far, showed the results from the study titled "Building the Retail Superstar: How unleashing AI across functions offers a multi-billion dollar opportunity". The researchers found that most retailers are focusing their AI efforts on sales and marketing when there is a significant opportunity to unleash AI use cases across the value chain. "Our research shows a clear imbalance of organisations prioritizing cost, data and ROI (return on investment) when deploying AI, with only a small minority considering the customer pain points also," Kees Jacobs, Vice President, Global Consumer Products and Retail Sector at Capgemini said in a statement. "These two factors need to be given equal weighting if long-term AI growth, with all of the benefits it brings, is to be achieved," Jacobs added.


Artificial Intelligence offers $340 billion opportunity to retail sector: Capgemini

#artificialintelligence

The use of Artificial Intelligence (AI) offers about $340 billion cost-saving opportunities for those retail sectors that are able to balance and increase the scope of their current deployments, according to a new global study from French technology services NSE 0.05 % major Capgemini. But, only one percent of retailers have got this level of deployment till now, showed the results from the study titled "Building the Retail Superstar: How unleashing AI across functions offers a multi-billion dollar opportunity". According to the study, most retailers are concentrating their AI efforts on sales and marketing purposes. And there is also a major opportunity to release AI use cases across the value chain. "Our research shows a clear imbalance of organisations prioritizing cost, data and ROI (return on investment) when deploying AI, with only a small minority considering the customer pain points also," Kees Jacobs, Vice President, Global Consumer Products and Retail Sector at Capgemini said in a statement.


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#artificialintelligence

Now Get InvestmentGuruIndia.com news on WhatsApp. Paris- The use of Artificial Intelligence (AI) offers about $340 billion cost-saving opportunity for those retail companies that are able to scale and expand the scope of their existing deployments, according to a new global study from French technology services major Capgemini. However, just one per cent of retailers have achieved this level of deployment so far, showed the results from the study titled "Building the Retail Superstar: How unleashing AI across functions offers a multi-billion dollar opportunity". The researchers found that most retailers are focusing their AI efforts on sales and marketing when there is a significant opportunity to unleash AI use cases across the value chain. "Our research shows a clear imbalance of organisations prioritizing cost, data and ROI (return on investment) when deploying AI, with only a small minority considering the customer pain points also," Kees Jacobs, Vice President, Global Consumer Products and Retail Sector at Capgemini said in a statement.


The Internet of Things in the retail industry

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RFID and the Internet of Things as we understand it today, have a strong historical relationship with manufacturing, warehousing, consumer goods and retail. Kevin Ashton, who coined the term Internet of Things, in fact was working as a marketer at CPG brand P&G when co-founding the MIT Auto-ID Center and was directly inspired by a challenge in retail as you can read here. The challenge was related with logistics, supply chain management and inventory management, all elements which are key for retailers. So it shouldn't come as a surprise that the Internet of Things offers great opportunities in transportation and logistics but also in the digital transformation of a crucial shackle of many supply chains: retail. Moreover, retailers have worked with RFID since quite some time.