Turn technology into tangible results with Centric Software

Turn technology into tangible results with Centric SoftwareImprove your team’s efficiency and boost ROI by adopting AI that aligns with your business goals.

Every industry nowadays has been talking about artificial intelligence (AI) and retailers are no exception to this trend. With retail becoming more interactive each day, AI has found various uses in elevating customer experiences and ensuring efficient operations, amongst others.

Whilst retailers are rapidly adopting AI-powered personalisation, many risk wasting resources by following trends instead of aligning AI initiatives with business goals, said Alex Luu, Regional Strategy Director at Centric Software.

“We need to ask ourselves, ‘How can we maximise business value with AI?’ Every retailer has the same pace, so where should we invest effort and money to invest in any AI in the market?” he said.

Though AI can boost ad spend ROI by 10% to 25%, poor strategic alignment renders investments ineffective.

“The challenge of what I'm seeing here is that we normally implement AI as just a trendy solution,” Alex said, noting that some companies would look into solutions that competitors are implementing before working on such initiatives.

However, this reactionary approach can lead to misallocated budgets, unnecessary tech integrations, and little measurable impact on revenue. Additionally, businesses that fail to take a strategic, proactive approach risk falling behind competitors who anticipate market trends.

AI tools can generate countless possible answers to retailer questions, offering unparalleled precision in decision-making. The problem, however, is that many retailers fail to properly integrate AI into their workflows, leading to poor execution and underwhelming results.

“It’s important to understand the company strategy, and it’s important to put that focus on action that we can see,” Alex emphasised. Without a structured roadmap, AI adoption fails to generate meaningful business value and turns into a costly mistake.

Alex recommended the use of AI in various areas of business, from forecasting demand and analysing data to optimising inventory and understanding consumer behaviour.

“AI can ensure a retailer is not reacting, but rather being proactive to understand what's happening in the world, and they can make a decision according to what the customer is expecting,” he said.

With the right tools, businesses can make the most out of AI. To learn more about Centric Software and how it can help you stay ahead of market trends, visit them at https://www.centricsoftware.com/