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Role of AI in data-led digital transformation: 10 Key Takeaways from #TwitterChat

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AI is transforming businesses and organizations across various industries are harnessing the power of AI to automate mundane, time-intensive tasks to make data-driven decisions and improve operational efficiency. NASSCOM Insights hosted a Twitter Chat via @NasscomR on 16th June, 2020 and it witnessed huge success. The theme of the discussion was “The Role of AI in data-led digital transformation” and the invited guests were Dr. Reema Aswani, AI Research Specialist, NASSCOM Research, Vijay S Bhaskaran, Partner Intelligent Automation Leader, EY and Rimjhim Ray, Co-Founder, Spotle.AI. Here are my key takeaways from the Twitter Chat Accelerated growth in organized retail and e-commerce will bring AI-led disruption opportunities Indian Retail is one of the top five retail markets in...

NASSCOM Retail Tech Day 2020: Transformation Through Innovation

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The retail industry in India is considered one of the top five retail markets in the world by economic value. Before the global pandemic, it was expected to double by 2024 and reach USD 1.4 trillion. Within a fortnight into the COVID-19 crisis the retail industry losses crossed USD 30 billion and the number has only been on the rise. At a time when the entire nation and world are looking forward to a revival – the resurgence of the retail industry will be a key driver for social and economic recovery. And this will only be possible with technology at the forefront! NASSCOM 10,000 Startups is pleased to present a two-day virtual conference with interactive sessions focused on retail technology – NASSCOM Retail Tech Day 2020: Transformation Through Innovation. So, brace yourselves for immers...

#RetailTech: Prioritising AI opportunities in retail – Retailers’ guide to identify the right AI use cases

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A critical element for success of AI initiatives is to pick the right use cases that create long-term value for the enterprise. My previous article on AI use case landscape in retail: Guide to start your AI journey showcases a periodic table highlighting the breadth of AI use cases that retailers can implement today to start their AI journey. However, it is important that they prioritise the right use cases to accelerate their AI journey and this article talks just about that. Source: MarTech Advisor A comprehensive framework encompassing all the vital parameters is necessary before making the business case for working on an AI use case. Enterprises need to evaluate the use cases thoroughly based on their organisation’s priorities, vision, road map, culture and capabilities. Here is ...

#RetailTech: AI use case landscape in retail – Guide to start your AI journey

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9 out of 10 retail enterprises who implemented AI are still not entirely satisfied with their AI implementations Globally, retail organisations are at varying levels of AI adoption across the value chain segments. Very often, enterprises that are starting their AI journey, quickly jump to an assumed end state and start working on a use case without completely understanding feasibility and/or resultant benefits. This results in enterprises facing one or more of the following scenarios: Not fully being able to realise the ROI of their initial AI investments Understanding the transformation potential of the technology Losing the initial momentum when their initiative hits a roadblock To avoid this common pitfall, our recently launched report on Indian retail: AI imperative to data-led disrupt...

Power of tailor-made customer experiences: AI at the forefront of personalization

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91% of consumers say they are more likely to shop with brands that provide offers and recommendations that are relevant to them. Customers today have very low attention span and it is critical to show them exactly what they are looking for. This is where making the experience tailored to their requirements becomes extremely crucial. The success of personalised experiences is dependent on showing the right content to the right customer. The power of AI can make marketing campaigns much more streamlined and targeted to the needs of the customers. Source: CoFoundersTown 89% of digital businesses are investing in personalization AI plays a key role in the entire process of knowing the customer, identifying the right message/content and lastly communicating the same at the right time. Identifyi...

Understanding your customers: Customer personas and the role of AI

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70% of consumers say a company’s understanding of their personal needs influences their loyalty. In fact, 83% of consumers are willing to share their data to create a more personalised experience as long as businesses are transparent about how they are going to use it. Knowing your customer is the key for any successful business endeavour. Successful enterprises often have a clear understanding of what their customers want and the most effective way of delivering their products/services to them. The depth of knowledge is also crucial in knowing your customer’s interests, preferences and buying behaviour and can provide a competitive edge over others. Source: NoGood.IO Enterprises that are able to know what their customers want and what they expect can work on creating the right marketing c...

#TechFightsCOVID: 10 AI use cases to help retail enterprises amid COVID-19

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COVID-19 has had an unparalleled impact on the economy with a slowdown expected in most sectors including retail. In the short to mid-term, COVID-19 and subsequent nation-wide lockdown has further worsened the challenges faced by Indian retailers. With broken supply chains, it has led to a disconnected demand and supply making it difficult for retailers to cater to customer needs. It has also forced customers to rethink their purchase requirements and has led to a shift to contactless mode of deliveries, which is bound to become the new normal going forward. Establishing the right balance between demand and supply becomes key for retailers The Holy Grail for retailers is not only to identify the target customers and their real-time needs but also to proactively procure the right products t...

Women Leaders in AI – 2020

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The excitement of using Artificial Intelligence has not dwindled from the time it has been unfolded. In KPMG study on “living in the AI world 2020: achievements and challenges of AI across 5 industries (retail, financial service, healthcare, transportation, and technology), revealed that 92% of respondents agreed that leveraging the spectrum of AI technologies will make their companies run more efficiently. Amidst the admiration towards AI, IBM created the Women Leaders in AI program in 2019. This was a way to acknowledge the women leading in AI and encourage females to lend a hand in the field of AI. Through this IBM, planned to make the efforts of the honourees more visible to the world. 2020 IBM women leaders were honoured for outstanding leadership in the AI space. Here is the list of ...

Can AI make us more HUMAN?

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If a robot dies, would it make you sad? For lots of people, the answer could be “yes”. A recent relevant example is that of an AI-powered available robot called Nao. When under an environment of controlled experimentation 89 people were asked to turn it off, most of them refused to do so because Nao pleaded to stay on. In another case, an American marketing executive had been used to sharing her home office with Jibo. For most of the time, she found it dumb and annoying. However, when soon after Jibo’s makers announced its death sentence, the same executive felt sorry for him. These and many other similar references tell us something really important about our emotional response to machines. AI is supposed to be driven by objective criterion through which an agent’s behavior is measured. T...

AI Platforms – Next Frontier for Indian IT Services

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An AI Platform is a collection of open source products, cognitive technologies and proprietary capabilities that allow building, deploying and operationalizing analytical workflows and intelligent solutions. The objective of this report is to demystify AI Platforms and share case studies on AI Platforms offered by Indian IT Services companies. This report has been developed through a comprehensive study of eight AI Platforms that are being offered by key Indian IT Services companies Key Highlights 1. Demystifying AI Platforms  AI Platforms transform AI from being a series of finite point solutions to an enterprise capability, tailored and deployed to meet varied business requirements AI platforms help accelerate life cycle of enterprise AI projects by providing a structured yet flexib...