Gate One, the specialist transformation consultancy, teamed up with Nvidia and Silicon Valley Bank to host a breakfast seminar on the significant changes artificial intelligence (AI) and video analytics are having on the retail industry.
The event was held at the offices of City law firm Osborne Clarke and explored AI and video analytics from a number of different angles. This included the immediate opportunity for retailers adopting AI to transform customer service and insight into their business; the perception of AI in retail and the impact on GDPR and privacy concerns; the cultural change required to adopt AI and how to empower customers; and best practice in deploying AI solutions including data analytics, video analytics, and security and privacy concerns.
Among the guest speakers were:
Charbel Aoun (Nvidia) – who shared the exciting opportunities provided by existing technology, from loss prevention, to store analytics, to autonomous shopping.
Ben Tye (Partner, Gate One) – who discussed the possible barriers to implementation of AI and video analytics. He also shared an effective model for scaling innovation from proof of concept to real business transformation.
Alex McCracken (CEO, Silicon Valley Bank) – who hosted a panel discussion on the misconceptions of AI in the retail industry, reasons for the resistance to change and the issues retailers typically face when deploying AI.
Ben Tye of Gate One said: “Despite a fiercely competitive retail market, great opportunity exists for those retailers who dare to innovate and adopt AI and video analytics to transform customer service and insight into their business. Of course, this isn’t without its challenges. Lack of access to proper data, unsuitable tools and prioritising the technology over the business problems were cited by our speakers as some of the main obstacles to adoption and deployment. Privacy implications are also a major factor. Yet this doesn’t change the fact that early adopters could potentially reap huge rewards.”
For more on the issues that were raised at this event click the read more button. If you’re interested in attending future events on this topic, please contact us.