Insight: Unleashing the synergy of AI & ML: a new era to business transformations
July, 2023
The role of AI in streamlining Supply chains & Logistics
The Retail store of the Future
In a rapidly advancing digital era, the growth of Artificial Intelligence (AI) and Machine Learning (ML) technologies has resulted in a profound shift in a variety of industries. While these two technological terms are commonly used interchangeably, they carry distinct meaning and play different roles in our technology-rich landscape. Diving into the practical application of these technologies provides a clearer picture of their distinct functionalities.
Artificial Intelligence (AI) and Machine Learning (ML): Definitions
Artificial Intelligence, broadly speaking, refers to computer systems capable of performing tasks that traditionally required human intelligence. These tasks include understanding natural language, recognizing patterns, problem-solving, and making decisions. By incorporating AI into their business operations, companies can enhance their efficiency and accuracy, thereby improving both their performance and customer satisfaction. One pratical application of AI is seen with global retail giant Carrefour, which deployed on June 2023 an AI chatbot "Hopla" based on ChatGPT technology. Integrated into Carrefour.fr, the chatbot assists customers with their daily shopping, helping them select products based on their budgets, dietary constraints, or menu ideas, thus enhancing the customer experience significantly.
Contrastingly, the true power of Machine learning lies in predictive analysis. Indeed, while AI replicates human intelligence, Machine Learning - a subset of AI, learns from data and improves its predictions over time without being explicitly programmed to do so. Machine Learning's strength lies in its ability to identify patterns and trends in large datasets and use these insights to predict future outcomes. For instance, Amazon uses ML to recommend products to customers based on their browsing and purchasing patterns making each user's homepage unique. This ML implementation has led to a substantial increase in their sales, with a 35% boost attributed to their recommendation engine.
The power Duo: AI & ML combined
While AI and ML each bring unique capabilities to the table, their combination offers a remarkable instrument for business transformation. The fusion of AI's cognitive functionalities with ML's predictive analytics creates a powerful synergy that can revolutionise business operations.
Carrefour Group - beyond their AI chatbot, also utilises generative AI to enrich product descriptions and support internal purchasing procedures, a solution that's currently in the development stage. This combined use of AI and ML will increase the productivity of Carrefour’s team by streamlining processes and enhancing efficiency.
Moreover, AI and ML collaborate in scrutinizing vast datasets and making forecasts, a skill set indispensable in the contemporary data-driven landscape. Supported by AI, ML algorithms have the capacity to delve into intricate data, extract learnings from it, and anticipate future patterns. This aids businesses in making well-informed, strategic decisions.
Conclusion
The integration of AI and ML in business processes is not a passing trend, but rather a necessary step towards operational efficiency and growth. Companies like Carrefour and Amazon provide tangible evidence of their effective implementation, demonstrating how these technologies can shape businesses' future. As we forge ahead, the duo of AI and ML will continue to be at the forefront of business transformation, revolutionising sectors, and setting new standards for operational excellence.
“By pioneering on Generative AI, we want to be one step ahead and invent the Retail of tomorrow”
— Alexandre Bompart, Chairman and CEO of Carrefour Group