Future of Retail: An Integrated Algorithmic Enterprise
Making decisions and executing them in today’s complex environment require evaluation of various cross-impacts in near real time. For example, in the case of retail space optimization or assortment planning, merchandising teams need to consider a multitude of factors and have a cross-channel view of pricing, assortment, and promotions. And the supply chain must be able to handle rapid changes to merchandising strategies.
But organizational silos prevent retailers from balancing all the internal and external dynamics at play. They are unable to preempt or adapt to changes in real time. A connected enterprise powered by algorithmic retail can certainly make this possible. And the benefits are enormous.
Value chain-optimized decisions can increase sales and profitability by 100-200 basis points (bps) and decrease costs by 30%. This paper discusses the key components of deploying scalable AI in retail with a composable, platform approach.