If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
As the modern world seeks innovation and convenience, retail providers are faced with the new challenge -- to keep up with the trend or fall behind. Due to this, many retailers are delving into the latest technologies that seek to address the new needs of their businesses, and that may mean looking toward enterprise software development. Let's look at how retailers are innovating and dive deeper into their artificial intelligence and robotics solutions. According to Statista, by 2021 online e-commerce sales are set to total a record of $4.8 trillion (USD). Meanwhile, in 2018 this amount was estimated at a lower $2.8 trillion.
Petuum, an artificial intelligence platform company, announced Petuum Neurobots, a series of intelligent process automation (IPA) tools that provide cutting-edge AI capabilities to robotic process automation (RPA). This enables enterprise customers to quickly and cost-effectively deploy powerful RPA bots with the most advanced AI and machine learning (ML) technology. "We believe AI technology must be accessible to all companies of all sizes across different industries to achieve better business results. Neurobots are a critical part of Petuum's larger strategy to provide state-of-the-art AI that will transform RPA bots into intelligent agents that are cognitive, able to learn, think, and collaborate (with human and other bots), and therefore realize fully-operationalized business automation," said Dr. Eric Xing, founder and CEO of Petuum. The first Neurobots introduced include Kaibot for interactive conversational applications such as chatbots, Chimebot for automatic speech recognition, Chicbot for fashion applications and Pixbot for image understanding and enhancements.
Artificial Intelligence (AI) and machine learning is no more an unheard concept. AI is everywhere now and is slowly taking over routine jobs from human beings. Digital marketers and businesses are implementing AI to improve their rankings, increase sales revenue, and cut operational costs at the same time. AI is placing itself in almost every aspect of our life. Back in the 2000s, who would have thought of controlling their home appliances using Amazon Echo or Google Home?
Symphony RetailAI, a provider of AI-enabled solutions for retailers and CPG manufacturers, has announced that its annual conference, Xcelerate Retail Forum, will this year take place on 17th-18th September in Paris and 8th-9th October in Dallas. The focus of the 2019 event will be on the capabilities of AI in the retail sector, helping attendees to identify new revenue growth opportunities through the use of the technology. Xcelerate 2019 will also provide a platform for Symphony to demonstrate CINDE, an AI-enabled decision coach for retailers. "The emergence of artificial intelligence as the most powerful innovation for identifying and realising opportunities for revenue growth is undeniable," says Dr. Pallab Chatterjee, Chairman and CEO, Symphony RetailAI. "The Xcelerate Retail Forum introduces unique perspectives and actionable recommendations from industry pioneers already using AI-enabled, role-based solutions. Attendees will leave the event with a clear understanding of new approaches that drive revenue growth, improve margins and increase productivity through the power of AI."
By now, most of us are comfortable with the idea that artificial intelligence (AI) is here to stay and that it holds enormous potential to change the way the world works. However, to the average person, the conversation can seem dominated by visions of the future, with experts keen to discuss what AI will do, rather than what it does right now. AI is making a practical impact as we speak, and for industries such as retail, it is already forming a fundamental part of a business strategy. AI learns from data and in particular, it learns how to predict. These predictions can be used in many applications and then integrated into business systems and processes to automate and truly harness the power of AI.
Over the past 15 years, the traditional retail model has been dramatically disrupted by online retail. With the introduction of online retail, shopping is gradually being transformed from an offline activity to an online one. That was the first retail disruption, but it's not the last. Increasingly online retailers and offline retailers are evolving to provide an immersive, seamless, and personalised shopping experience. Customers don't want a fully digital experience while shopping; rather they want a digital shopping experience that is so seamless as to not seem like a shopping experience at all.
Nearly a third of the world's food supply gets thrown out -- from produce surplus in farmers' fields to expired products discarded by retailers to leftovers. That's the issue Timothy Richards, the Morrison Chair of Agribusiness in the W. P. Carey School of Business at Arizona State University, will be trying to solve with a new grant from the USDA's Agriculture and Food Research Initiative (NIFA). "Food waste occurs at virtually all stages of the supply chain from the farmer to the retailer to the consumer -- resulting in the disposal of potentially usable food in nearly every sector of the food system in the distribution channel between farmers and consumers," Richards said. The goal of the research is to combine grocers' inventory with machine learning algorithms to develop a better system for matching supply to consumer demand fluctuations. This would ensure customers get what they want without the need for excess food.
In this special guest feature, Matt Field, President and Co-Founder of MakerSights, says there's no denying that AI and ML are starting to change the nature of the retail industry. One of its greatest benefits will be in how intelligent automation can be used by humans to augment their jobs. Drawing from his extensive background in both retail and technology as the former employee #1 at Birchbox, Matt is helping to transform the way brands develop and bring to market new products by combining voice of the customer software and predictive analytics. Through the MakerSights platform, leading apparel, accessories, footwear and home brands are able to de-risk their most important product decisions, making more of the products their customers want, and driving greater speed and profitability across their businesses. Artificial intelligence (AI) and machine learning (ML) are no longer just buzzwords of tech giants and consulting firms.
Data helps to drive every industry now. When used effectively, it can lower operational costs and utilize resources in a more effective manner. The U.S. legal cannabis market was valued at $11.9 billion in 2018 and is expected to be worth $66.3 billion by the end of 2025. With this kind of growth, data collection and use are essential to the Cannabis industry in many ways. The access to a vast amount of data, allows growers to optimize for environmental changes and variables and can even change the strain of the product.
AI is helping retailers customize their offerings, create personalized experiences, and make shopping more convenient. Customer centricity -- putting your customer at the center of your strategy -- has long been considered the holy grail of retail marketing. In the digital age, customer-centricity revolves around data and smart technologies like artificial intelligence (AI). With the help of AI, companies collect as much data as they can about their customers' wants, needs, and preferences, and then apply it to customize their offerings, create personalized shopping experiences, and make the purchase process simpler and more convenient. An example of new tools available for understanding customer habits is the Personality Insights service made possible by IBM's AI platform, Watson.