Retailers Struggle to Realize AI Benefits
Nearly all retailers have implemented AI, but many are waiting for meaningful returns on investment. A report found that 97% of retailers have adopted AI, but 47% are still waiting to see measurable benefits. Poor data visibility and legacy technology are among the biggest blockers to successful AI adoption.
Key points
- 97% of retailers have implemented AI in some form, but 47% are waiting to see measurable returns on investment.
- Almost two-thirds (69%) of retailers only respond to operational problems after they have affected commercial performance.
- 79% of retailers say most or all key operation decisions still require manual intervention.
- Poor data visibility (42%) and legacy technology (35%) are among the biggest blockers to successful AI adoption.
Retailers Struggle to Realize AI Benefits
A recent report from UiPath has highlighted the challenges faced by retailers in realizing the benefits of artificial intelligence (AI). Despite 97% of retailers having implemented AI in some form, nearly half (47%) are still waiting to see measurable returns on investment.
The report found that many retailers are struggling with poor data visibility and legacy technology, which are among the biggest blockers to successful AI adoption. A third (35%) of UK retail leaders continue to blame legacy technology for slowing them down, despite years of studies and reports implying that complex tech stacks and poor data quality are among the biggest blockers.
Delayed decision-making and inventory inaccuracies are also contributing to delayed and unsuccessful AI rollouts. The report highlights the need for retailers to prioritize data quality and invest in modern technology to realize the full potential of AI.
The Impact on Retailers
The report's findings have significant implications for retailers looking to adopt AI. With 79% of retailers saying most or all key operation decisions still require manual intervention, there is a clear need for automation and AI-driven decision-making.
Retailers must prioritize data quality and invest in modern technology to realize the benefits of AI. This will enable them to make faster, more informed decisions and drive business growth.
The Way Forward
The report's findings highlight the need for retailers to rethink their approach to AI adoption. By prioritizing data quality and investing in modern technology, retailers can realize the full potential of AI and drive business growth.
In the short term, retailers must focus on addressing the blockers to successful AI adoption, including poor data visibility and legacy technology. This will enable them to make faster, more informed decisions and drive business growth.
In the long term, retailers must prioritize AI-driven decision-making and automation to drive business growth and stay ahead of the competition.
Sources
The WireByte editorial team synthesises technology news from multiple primary sources, verifies the facts, and links every source. Articles are produced with AI assistance and reviewed under our editorial policy.