New Coresight Research Report: Fragmented Applications and Disjointed Data Highlight the Need for Next-Gen AI Platforms

The Generative AI (GenAI) market is expanding at an impressive compound annual growth rate (CAGR) of 31.1% and is projected to reach $235 billion by 2028. However, despite this growth, many companies face significant technological hurdles that hinder their ability to fully leverage the business potential of AI implementations. This information comes from the latest report, “AI and Unified Data: Empowering Next-Generation Product and Shopper Intelligence,” published by Coresight Research in collaboration with Digital Wave Technology, a leader in AI-native enterprise solutions for industries such as retail, consumer goods, and healthcare.

“AI’s transformative potential for the retail and consumer sectors is undeniable. It will soon impact every aspect of business, from internal productivity to external consumer interactions,” the report highlights.

Despite the rapid growth of GenAI, the report underscores that consumer industries continue to face substantial challenges, leading to lower margins, operational inefficiencies, and missed opportunities. Key findings from the Coresight-Digital Wave Technology report include:

  • Only 41% of U.S.-based retailers have fully integrated price planning with related business functions like assortment planning, allocations, promotional planning, and markdown optimization.
  • 52% of U.S. retailers fail to execute at least 10% of their promotional campaigns accurately in any given period.
  • On average, 10% of products are mispriced during a sales period.

The absence of clean, high-quality data and robust analytics capabilities poses a major barrier to successful AI deployment. Without a unified, real-time data source, disconnects between systems occur, preventing AI from reaching its full potential. Gartner predicts that 30% of GenAI projects will be abandoned after proof of concept due to poor data quality, rising costs, and a lack of perceived business value.

Next-Generation AI Platforms: The Solution to Unlocking AI’s Full Potential

To overcome these challenges, a new wave of AI-native platforms has emerged, characterized by five essential attributes:

  1. Unified Data Model – Modern retail platforms must handle vast amounts of data from diverse sources. A unified data model ensures consistency, accuracy, and improved decision-making.
  2. Enterprise-Grade – AI platforms must be scalable, reliable, and capable of managing high transaction volumes while delivering top-notch performance.
  3. Cloud-Ready – Seamless integration with cloud services is essential to ensure scalability and flexibility.
  4. Secure – Advanced security features such as encryption, multi-factor authentication, and continuous monitoring are necessary to protect customer and product data.
  5. Low-Code/No-Code, Rapid Development, and Extensibility – Platforms that offer low-code/no-code development empower users to create applications with minimal coding. Extensibility allows for customization and integration with other systems.

Digital Wave Technology’s ONE™ Platform: A Game-Changer for AI Adoption

Digital Wave Technology’s ONE™ Platform addresses the challenges that have hindered first-generation GenAI implementations. It combines product information management (PIM), digital asset management (DAM), and master data management (MDM) with native AI capabilities to create a unified source of truth for consistent, accurate data across business functions. The platform supports improved margins, operational efficiency, and faster time-to-market by aligning product launches and campaigns with customer expectations.

The ONE™ Platform’s unified structure accelerates the introduction of new products and services, integrates workflows, and ensures data consistency across the enterprise. Its modern AI platform characteristics, such as rapid application development and scalability, allow organizations to derive actionable insights from data.

“The transformative power of AI is clear, but companies need the right tools to dismantle data silos and integrate their operations effectively,” said Deborah Weinswig, CEO of Coresight Research. “Enterprises that fail to embrace AI risk becoming obsolete. Many companies are experiencing FOBO—fear of being obsolete—if they don’t begin developing an AI roadmap.”

Lori Schafer, CEO of Digital Wave Technology, added, “Data quality and unification have been major barriers to AI success, but our ONE™ Platform changes that. It has become the go-to enterprise AI solution for many of the world’s largest consumer-facing companies, helping to enhance customer satisfaction, improve profitability, and drive efficiency.”

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

About Digital Wave Technology

Digital Wave Technology delivers enterprise AI applications designed to meet the critical business needs of global corporations in retail, consumer goods, and healthcare. Its integrated platform provides ready-to-use, extensible applications and supports the rapid development of new solutions, offering customers a competitive edge. Learn more at www.digitalwavetechnology.com.

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