AI Is
Reshaping Retail
As digital and physical shopping channels blend, remaining in business has never been the same feat for retailers. AI has taken aback the retail landscape. From improving operations to helping serve customers, better.AI has curated a balance between generating revenue and satisfying customers.
Barriers To Implementing
AI In Retail
Despite the fact that AI has been reinventing the face of the retail sector, many remain skeptical about the technology.
01.
Lack of AI Talent
The scaricity of talent poses a significiant challenege for industries looking to build their own AI terms.
- Talent Scarcity Challenge
- Cost Prohibitive Hiring
- AI Skill vs Domain Expertise
- Integration Hurdles
- Alignment and Collaboration
- Exploring Alternatives
The cost associated with AI experts is often prohibitive, making it difficult for organisations to pursue AI solutions. Furthermore, hiring an I expert doesn’t guarantee their skills alone can address the organisation’s objectives as they may lack the necessary domain expertise. Integrating the domain experts into the AI team is not always the seamless process due to communication gaps that can arise. Keeping both teams aligned and effectively collaborating can be a challenge, hindering the full potential of AI solutions.
Organizations must explore alternatives to hiring full-time AI experts, such as partnerships with external AI providers or investing in up-skilling existing employees.
02.
Cost Of AI Solutions
Components of AI Cost
Implementing AI involves expenses such as hiring skilled personnel, obtaining AI tools and building necesssary infrastructure.
Challenges For Limited Budgets
Upfront costs can be significant, particularly for small businesses or individuals with constrained budgets
High Costs Of Acquisition
Implementing AI involves expenses such as hiring skilled personnel, obtaining AI tools, and building necessary infrastructure.
Inherent Experimental Nature
Implementing AI involves expenses such as hiring skilled personnel, obtaining AI tools, and building necessary infrastructure.
Continuous Refinement
Achieving goals often demands ongoing adjustments and enhancements of features, embracing an iterative approach
Importance Of Preparedness
Being ready for this iterative process is vital when leveraging AI to achieve desired outcomes
03.
Fear Of Failure
The lack of a clear understanding of how AI will impact their business and uncertainty about the potential benefits can contribute to the fear of failure in organizations.
Uncertainty And Fear Of Failure
Organisations may fear AI implementation due to unclear understand of its business impact and potential benefits.
Resource Allocation Hesitation
When decision-makers lack confidence in AI project outcomes, they might hesitate to allocate necessary resources.
Alignment Challenges
Misalignment between AI experts and organizational objectives can impede successful project implementation.
Expertise-Objective Disconnect
If AI experts aren’t aligned with organization goals, it can lead to misaligned efforts and potential project failures.
Role of Domain Experts
Domain experts are pivotal in bridging understanding and alignment gaps, aiding AI-business objective integration.
Overcoming the barriers with Emly Labs
You own skilled professionals – domain experts
Equip your skilled professionals with AI. With a deep understanding of business operations, they can identify key factors to achieve objectives. For instance, an inventory manager, empowered with AI knowledge, can optimize stock levels and minimize excess inventory or stock-outs. AI analyzes demand patterns, lead times, supplier performance, and production capacity to determine optimal stock levels, helping inventory managers reduce carrying costs while maintaining sufficient stock to meet customer demand. Empowering them with AI leadership can transform your business.
AI Experiments are no more costly
Emly Labs streamlines and optimizes AI experiments, allowing business experts to leverage their retail expertise. Our pay-as-you-go pricing model ensures you only pay for the resources you use, giving you full control over your budget while maximizing the platform’s value.
Fostering Trust
Using Emly Labs, stakeholders can gain application-level AI knowledge, enhancing communication and collaboration. Our platform provides transparency, allowing users to ask questions and receive answers, making AI systems more trustworthy. Emly Labs ensures that AI isn’t a black box anymore, fostering trust through clear communication.
Leverage External data
Sales Forecasting
Sales forecasting plays a pivotal role in helping sales teams strategize and plan their business activities. By anticipating sales, businesses can set realistic targets and efficiently allocate resources. This proactive approach enhances decision-making, enabling teams to adapt to market changes and drive sustainable growth.
Price Sensitivity
Customers consider various factors when deciding on purchases, with price being a critical determinant that significantly shapes their initial perceptions and buying behavior. While short-term discounts can stimulate sales, it’s essential to evaluate their impact on overall revenue and profitability carefully.
Customer Churn
In the business world, customer retention reigns supreme. Acquiring new customers is inherently more costly than retaining existing ones. High churn rates lead to substantial financial burdens, including lost revenue and increased customer acquisition costs. Therefore, effectively predicting and mitigating customer churn is crucial for any company’s strategy.
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