Some short reflections on Artificial Intelligence…
Updated: Sep 15
I feel lucky to be a part of three major technological changes in life…
I’m lucky, during my generation we have been a part of two major technological changes in life and now the big third one is all over us.
First we start to use personal computers to process writings more efficient then on a typewriter, then calculations, which were more efficient then calculating on a calculator. Instead of filing up our work in bookshelves, we were able to save our work on floppy disks.
Secondly Internet was here, suddenly we were able to communicate fast on emails, be able to retrieve information from all over the world or spread whatever information we wanted all over the globe. Businesses were rapidly changing how they did their business. New brands that took the advantage of this technology outperformed slower and not fast adopting companies. New brands were born and developed on the Internet.
Third major change is Artificial Intelligence.
I would dare to say that AI will be a much larger change for mankind than both the PC and the Internet have been.
There are many reasons why AI are becoming such a great change for mankind. For instance, compared to a computer, the human brain is slow, an electrical signal in the brain moves at 1/100,000th the speed of the signal in a silicon chip. Imagine how fast, intelligent and efficient we can be by using AI.
Today many businesses such as Inovretail has started to develop and use AI to create unique products. Inovretail, are still in the early phases of using it, but we use it very, very efficiently in certain areas. However, I believe that AI is still at it first stage. Technically, artificial intelligence refers to algorithms created to solve a specific problem or provide a particular service. ChatGPT is artificial intelligence, it is learning how to do chat better.
In retail, where the margins are low, efficiency and customer satisfaction will always be the key factors. Only the best performing retailers manage to combine efficiency and at the same time create a great customer satisfaction. Those retailers are using the right technologies and always upgrades when new technology arrives to the market.
In the very near future, I believe that these early adaptors to new retail technology will be the winners.
We are spinning fast today but it will go much faster tomorrow and so it will continue since it has been doing from the day it was life on earth. We will never slow down, only finding our ways to be faster, smarter and more efficient.
There will not be time for retailers to consider long time before a business needs to adapt new technology. The technology must be made in the way to easy integrated to other systems and always be upgraded without any other notice from the users that new features has arrived, and it is fun and logic to use.
Inovretail is now launching a new cutting edge Click&Collect software which integrates with the stores, the e-commerce platform, different delivery options such as in store, lockers, curb side or to a courier.
Most interesting is that the Inovretail AI software supports the stores to be more efficient in picking or to choose a product for cross sell or up sell based upon customers preferences. This makes the stores to be far more efficient and the customers experience becomes personalised and focused. This creates a great connection between the store and the customer.
Smarter and faster than the store staff
The solutions learn every day and will become a very attractive “employee” to assist within in store picking, assist the store to communicate 1-1 with customers and actually support the region/district managers to creating tasks on their behalf to the store manager about being a better performing store based upon customers feedback.
Reflecting on this, we all understand what a great impact Artificial Intelligence will have in our life. Not only supporting retailers and businesses but supporting each human being to do things better, faster, and maybe help us to be a better version of ourselves.
AI has its limitations of today but that is only temporarily.
However, Inovretail has not created one single AI but several, because today AI is only learning about one specialised area. Imagine when the smart developers create a more generic AI learning more and more topics at the same time. Then is starts to become closer to a human brain….and remember, much-much faster. Maybe a bit scary?....but scary has a lot of new technologies been for mankind during our history – but it always shows us that major technological changes moves the human being to be much smarter, faster, better and to move us closer to the next big change…
Do I feel lucky to live in this period of life? OH’ YES!