New study outlines how vast sums can be made by correct utilisation of AI
A new study from the Capgemini Research Institute has dispelled some of the mystique around AI’s value to retail businesses and revealed a path to tangible growth opportunities.
Capgemini calculates a $300 billion+ opportunity for those retail companies that are able to scale and expand the scope of their existing deployments.
However, it is not straightforward – the report also found that just 1% of use cases by retailers have achieved this level of deployment today.
The study, looked at 400 global retailers that are implementing AI use cases at different stages of maturity – a group that represents 23% of the global retail market by revenue.
The study further included an extensive analysis of public data from the world’s largest 250 retailers, by revenue.
Comparing this data to 2017 equivalents, it delivers a series of reality checks that not only show how far AI has come in terms of concrete returns, but how much value it can deliver if retailers begin to prioritize less complex deployments, and diversify their focus.
The main insights from the report include:
In order to calculate the clear opportunities for future growth, such as the benefits expected and the feasibility of implementation, the Capgemini Research Institute analyzed 43 working use cases for AI.
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