In FMCG, F = Fast. Retailers need to adapt to rapid changes in consumer attitudes and the marketplace. Every aspect of retail operations has the potential to make or break the customer experience. AI technologies are breaking down barriers and making it imperative for retailers to adopt a globally competitive retail business model. The power of machine learning has made it possible for businesses to continuously scrutinize customer behaviour data and generate alerts when the time is right for the next best action.
What are some of the AI related challenges and transformational possibilities we are faced with as a company delivering digital transformation for enterprises? This is the question I attempted to answer in my innovation keynote speech at AI Tech North, the first large scale AI conference in the North of England. It was truly exciting to share insights, my perspective and observations with AI enthusiasts, academics, graduates and leaders gathered in large numbers to discuss innovative technologies and data trends.
Your business is bound to have run-ins with defaulters. These defaults could be over late payment and non-payment issues and should be resolved quickly, as they can negatively impact your profit margin. At the same time, if you handle this situation without much tact, it could ruin the relationship with your customer.
If only you could easily identify customers that are ripe for the picking to make the channel shift to digital. You could then enhance service levels, improve customer loyalty, save time and costs, and more. Within this context, I’d like to share a recent example of our collaboration with a financial services company to predict the likelihood of customers moving from the traditional, agent-based platform to a new direct, digital channel using machine learning.
Yes, it’s possible to make that magnificent leap. In the long and arduous journey to achieving end-to-end enterprise digital transformation, machine learning coupled with big data offers a stepping stone to graduate from Business Intelligence (BI) to Artificial Intelligence (AI).