Described simply, artificial intelligence (AI) is a field that combines computer science and robust data sets, to enable problem-solving. The umbrella term encompasses the subfields of machine learning and the more recently developed deep learning, which itself is a subfield of machine learning. Both use AI algorithms to create expert systems that make predictions or classifications based on input data. The first reports of AI use in radiology date back to 1992 when it was used to detect microcalcifications in mammography1 and was more commonly known as computer-aided detection. It wasn't until around the mid-2010s that it really started to be seen as a potential solution to the daily challenges, such as volume burden, faced by radiologists.

Consumers have always demanded innovation from the retail industry. Shopping habits and product demands are constantly evolving, and retailers invest a significant amount of capital to monitor trends and cater to fluctuating behaviors. Recently, advancing technology has quickened the pace of change and made it even harder to win consumer attention in an increasingly crowded marketplace. More than ever, success requires financial and managerial flexibility and adaptiveness--areas where private equity can play a vital role. Below, read my thoughts on three key areas where our industry is partnering with retailers to help them keep ahead in the fast-changing sector.