A Holistic AI Strategy: The Key to Retail Success

Retailers can significantly boost efficiency by leveraging AI-powered solutions like predictive inventory management and personalized recommendations. These technologies enhance customer experiences, optimize product availability, and improve recommendation accuracy, ultimately minimizing waste from overstocking or shortages.

The first step in your AI strategy shouldn't be on selecting the solutions to implement, but rather on establishing a robust data foundation. This entails addressing fragmented data silos and aligning AI deployments with comprehensive use cases, supported by an integrated underlying data infrastructure. Without this cohesive data foundation, efforts to enhance efficiency and unify customer experiences may result in disjointed outcomes. In addition to a suitable data foundation, it's vital to embrace a holistic approach to your AI strategy, acknowledging AI as more than merely a tool but as an orchestrator that synchronizes data, insights, and actions to greatly improve operational efficiency.

Whether it's optimizing store locations, streamlining the store opening process, modernizing stores, or effectively managing underperforming locations, each aspect requires careful consideration and integration within a comprehensive data model during the evaluation of your AI strategy.

Sushant Warikoo

SVP, Business Unit Head Retail, Cognizant

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