Coresight Research Report Reveals: Fragmented Applications and Disconnected Data Highlight Urgent Need for Advanced AI Platforms

The GenAI market is projected to grow at a 31.1% CAGR, reaching $235 billion by 2028. Despite this rapid expansion, many companies struggle to harness the full potential of AI due to significant technology challenges. This is detailed in “AI and Unified Data: Empowering Next-Generation Product and Shopper Intelligence,” a new report from Coresight Research in collaboration with Digital Wave Technology, a leader in AI-native solutions for sectors like retail, consumer goods, and healthcare.

“With Task Connect, we’re directly addressing the digital fatigue and overwhelm that often plague task workflows,” said Steven Kramer, CEO of WorkJam. “Our groundbreaking solution not only reduces the burden on managers by streamlining administrative tasks but also enhances productivity across the board. Task Connect enables users to seamlessly complete task steps in external systems without leaving the WorkJam app, integrating all actions into a unified workflow. By consolidating task execution workflows, Task Connect ensures frontline employees can focus on delivering exceptional customer experiences with clarity and efficiency, knowing exactly what to do, when to do it, and how to get it done. This innovation significantly improves operational excellence for businesses across various industries and truly centralizes all task activity into one application.”

The report highlights that despite the surge in AI applications, consumer industries face several challenges leading to lower margins, suboptimal operational performance, and missed opportunities. Key findings include:

  • Only 41% of U.S. retailers have integrated price planning with other critical business functions like assortment planning and promotional planning.
  • 52% of U.S. retailers are unable to execute at least 10% of their promotional campaigns effectively during any selling period.
  • Retailers misprice an average of 10% of their products each sales period.

Critical barriers to effective AI deployment include the absence of clean, high-quality data and a unified data source. Gartner predicts that 30% of GenAI projects will be abandoned post-proof of concept due to poor data quality, escalating costs, and insufficient business value.

Next-Generation AI-Native Platforms Addressing These Challenges

To overcome these obstacles, a new generation of AI-native platforms has emerged, characterized by:

  • Unified Data Model: Ensures data consistency and accuracy across diverse sources for improved decision-making.
  • Enterprise-Grade: Platforms must handle large volumes of transactions and data while maintaining high performance.
  • Cloud-Ready: Seamless integration with cloud services for scalability and flexibility.
  • Secure: Advanced security features like encryption and multi-factor authentication are essential.
  • Low-Code/No-Code, Rapid Development: Supports minimal coding for application creation and customization.

Digital Wave Technology’s ONE™ Platform addresses these issues with a next-generation solution combining product information management (PIM), digital asset management (DAM), and master data management (MDM) with native AI and GenAI. This unified platform provides consistent, accurate data across business functions, enhances margins and sales, and improves operational efficiency.

“The transformative potential of artificial intelligence for the retail and consumer sectors is indisputable,” said Deborah Weinswig, CEO of Coresight Research. “Nevertheless, organizations must equip themselves with the right tools to dismantle data silos and ensure a seamless approach across all functions. Those who fail to transition effectively to AI risk falling behind.”

“The lack of high-quality and unified data has been a huge barrier to successful AI adoption, but Digital Wave Technology has changed that paradigm with our ONE Platform,” said Lori Schafer, CEO of Digital Wave Technology. “Many of the world’s largest consumer-facing companies rely on the ONE Platform to enhance customer satisfaction, profitability, and operational efficiency.”

The report, “AI and Unified Data: Empowering Next-Generation Product and Shopper Intelligence,” is available for free download. It is based on surveys of 150 retail business decision-makers in the U.S., conducted by Coresight Research, and is current as of July 3, 2024.

About Digital Wave Technology

Digital Wave Technology delivers comprehensive and extensible AI solutions for global corporations in consumer industries such as retail, consumer goods, and healthcare. Its integrated analytical platform offers both packaged and flexible applications, enabling rapid development of new solutions and giving customers a competitive edge. For more information, visit www.digitalwavetechnology.com.

Source link

Share your love

Newsletter Updates

Enter your email address below and subscribe to our newsletter