“CFOs must leverage five key digital competencies if they are to realise the full potential of their recent technology investments, according to Gartner.
Technological literacy, digital translation, digital learning, digital bias management and digital ambition form the five pillars of competencies for finance staff in 2021, the analyst firm declared — and advancing the emerging technologies of robotic process automation (RPA), advanced AI and more hinge on achieving them.”
“There is a high demand for AI and ML in almost all industries, and it’s not going to reduce. Currently, AI technology holds a global market value of over $30 billion US. It’s forecasted that the global AI market will grow rapidly in the coming years, reaching up to $126 billion US by 2025.
In Fintech alone, the use of AI in 2019 reached an estimated value of $6.67 billion US and is expected to grow over $22.6 billion US in just five years. The fintech market also expects a CAGR of 23.37% until 2025, and there are lots of factors even fastening the growth.”
“Cyber-buying was almost non-existent a decade ago, accounting for only 4.5 percent of retail sales. The latest data for 2020 show it now accounts for 16.5 percent of retail sales in 2020. That’s an amazing almost four-fold increase within a decade.
there will be three big enhancements to cyber-buying that will be applauded by some, however received skeptically by others.
The first is drone delivery
The second enhancement will be use of AI
The third new development for cyber shopping will be virtualization.”
“Thanks to advances in social media, customer engagement is at its highest point. However, as businesses scaled up, they started to realize that there was simply no way they could deal with fielding hundreds or even thousands of relevant comments, questions, and feedback from consumers. Some businesses try to hire staff to cope with this flood early on, but they quickly realize they’re fighting a losing battle. Artificial intelligence is the immediate thought when considering large amounts of data.”
“Optimizing Post Sales Support – Macy’s is piloting chatbot-guided shopper assistance that uses natural language processing technology co-developed by IBM Watson and Satisfi Labs. Other retailers have rolled out more operational-focused uses such as how Amazon and Walmart use A.I. to optimize their supply chains, delivery routes or checkouts.
Visual Search and Building New Online Experiences – Wayfair launched a visual search tool that lets customers take photos of products they like and find visually similar ones on its website or mobile app. Those search requests can be tricky when shoppers are asking to make a room more “bohemian” vs. “nautical” vs. “minimalist” via search terms they input. But advanced algorithms and computer vision make it possible for Wayfair to deliver just that.”