A New Study on Retailers’ Adoption of Artificial Intelligence
A recent study conducted by Forrester Research reveals that retailers are showing great enthusiasm for adopting artificial intelligence (AI) to enhance their operations and increase revenue. However, many retailers face challenges due to inadequate data management practices and lack of technical expertise required for successful implementation.
The Importance of AI in Retail
The study, commissioned by enterprise software provider Epicor, emphasizes that 70% of retailers consider an AI-powered retail management system as critical. Nevertheless, the widespread adoption of AI is still in its early stages. According to the study, “Processes like receiving and sales and operation planning see the lowest usage with less than 20% of respondents leveraging advanced AI.”
Poor Data Quality and Management as Barriers
One of the key barriers hindering retailers in their AI adoption is poor data quality and management. The study states, “77% of respondents noted that their organization struggles to gain actionable insights from the data it collects, and 67% report they’re unable to collect any usable data to help gain better business insights.” Overcoming data silos is identified as a top implementation challenge.
Lack of Technical Skills
In addition, many retailers lack the necessary technical skills to keep up with the rapid advancements in AI. The study reveals that “70% said their organization needs more education around AI retail solutions, and 65% stated they struggle to keep up with new AI technologies.”
“The first step for retailers in realizing the value of AI is gaining a better understanding of the available landscape and beginning to tackle any underlying data quality and collection issues,”
– Marco de Vries, Vice President of Product Marketing at Epicor
Investing in Data Infrastructure and Education
The study highlights the importance of retailers investing in proper data infrastructure, governance, and internal education to fully capitalize on the potential benefits of AI. With the right foundation in place, AI-powered retail management systems can provide retailers with data-driven insights to enhance efficiency, forecast demand, and deliver a superior customer experience.
To learn more about the study, you can download it here.
