More On AI and Investment Priorities
A recent survey of retailers and consumer goods companies by Relex, and reported by Chain Store Age this April, showed 57% of these companies plan to invest in predictive and generative AI in the next three to five years. AI and machine learning was their 5th spending priority for technology. This supports our last post on the speed of AI adoption. The top 4 priorities were:
- Enhancing e-commerce capabilities
- Improving inventory management
- Improving demand forecasting
- Leveraging data analytics.
Respondents rated rapidly shifting customer demand, global events and disruptions, and inaccurate understanding of customer demand as their biggest threats to supply chain efficiency over the next three years.
This is good news as retailers and CG companies have a lot of scope to improve e-commerce performance by exploiting omni-channel opportunities, which in turn will improve inventory management and aid more accurate demand forecasting. Well-designed data analytics will also provide the insights needed to support the first three priorities.
For more information you can read the subjects below in our retail and consumer goods industry WIKI and EPSS. If you don’t have access, you can download a free one week trial here.
Improving e-commerce and omni-channel retailing
Improving inventory management
Demand forecasting
Analytics in Retailing and Consumer Goods-
Posted by Brian Hume
17th May 2024
