Researchers say there is a significant opportunity to unleash artificial intelligence across value chainParis:The use of artificial intelligence (AI) offers a cost-saving opportunity worth about $340 billion for retail companies able to scale and expand scope of their existing deployments, according to a new global study from French technology services major Capgemini.However, just one per cent of retailers have achieved this level of deployment so far, showed results from study, titled "Building Retail Superstar: How unleashing AI across functions offers a multi-billion dollar opportunity".The researchers found that most retailers are focusing their artificial intelligence efforts on sales andmarketing when there is a significant opportunity to unleash artificial intelligence use cases across value chain."Our research shows a clear imbalance of organisations prioritizing cost, data and ROI (return on investment) when deploying AI, with only a small minority considering customer pain points also," Kees Jacobs, vice president, global consumer products and retail sector at Capgemini, said in a statement."These two factors need to be given equal weighting if long-term artificial intelligence growth, with all of benefits it brings, is to be achieved," Mr Jacobs added.For study, published by Capgemini Research Institute, researchers looked at 400 global retailers that are implementing artificial intelligence use cases at different stages of maturity.
This group of retailers represents 23 per cent of global retail market by revenue.The study further included an extensive analysis of public data from world's largest 250 retailers, by revenue.The researchers found over a quarter (28 per cent) of retailers were deploying artificial intelligence in 2018, a significant increase of artificial intelligence deployments from 2017 (17 per cent), and a seven-fold increase from 2016 (four per cent).Dispelling fears of major job losses due to artificial intelligence deployment, results showed that 71 per cent of retailers said artificial intelligence was creating jobs today, with over two-thirds (68 per cent) of jobs being at a senior level (coordinator level or above).Meanwhile, 75 per cent declared that artificial intelligence has not replaced any jobs in their organisation so far, study said.