AGI: Enough with the hype; let’s ask the important questions
Today’s horse-race coverage of artificial general intelligence fails to consider its implications.
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Stay ahead of the competition with the latest tech like IoT, machine learning and blockchain.
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Explore Belcan’s flexible, custom-tailored solutions.
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Realize the next frontier of enterprise performance.
Enhance operations, boost efficiency, remove technical debt and modernize apps for the future.
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September 14, 2022
It will take a renewed push for data-driven insights, cross-sector partnerships and managing the talent shortage to carve out a path for the future.
In many ways, retail remains at the vanguard of digital transformation, sitting closest to changing consumer demands and with the lowest barriers to entry for disruptors.
But nobody could have prepared retail executives for the virus-induced global lockdowns that confined shoppers to their homes and reduced physical trade to practically zero. These sudden new dynamics forced retailers to rethink how they could operate in digital-only, low-contact environments, and underscored the need for agility and resiliency.
Now, the issues facing retailers are multiplying again. Even digital-native challengers are not immune to supply chain shocks and must reinvent themselves. Leading retailers are looking to expand their service offerings into other industries to engage with consumers outside of retail, such as banking, healthcare and manufacturing. This market convergence caters to consumer expectations for integrated cross-sector experiences (such as checking in with a doctor while shopping for groceries) and enables retailers to attract customers who would otherwise head elsewhere.
Such profound diversification poses new complexities, spurring conflicting priorities and increased competition. In addition to tussling over market share with competitors, retailers are pressed to attract new talent pools to drive transformation journeys forward.
Talent shortages have hit retailers particularly hard. Droves of shop floor workers have found new forms of employment or are simply looking outside of traditional retail opportunities after the tough operating environment of the past two years. Moving into other markets also puts retailers into direct competition for knowledge workers with industries that face different economic realities and, as a result, can pay more for the best talent.
For retail, the future is far from certain. And in a cutthroat market, there is little room for failure, and even less for those who hesitate. Recent Economist Impact research supported by Cognizant suggests a tough road ahead for retailers, albeit a road peppered with opportunity, beginning with their technological investments.
Respondents were asked which technologies and methodologies their business has adopted or is planning to adopt in the next two years. (Percent of respondents)
Response base: 250 senior retail executives
Source: Economist Impact Survey 2022
Fig 1
Respondents were asked to what extent their company’s strategy prioritized the following areas. (Percent of respondents saying business-critical or medium/high priority)
Response base: 250 senior retail executives
Source: Economist Impact Survey 2022
Fig 2
Respondents were asked to identify the most significant challenges their business faced when implementing new processes, services and technologies in the past year. Select up to five. (Percent of respondents selecting each challenge.)
Response base: 250 senior retail executives
Source: Economist Impact Survey 2022
Fig 3
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The views and opinions expressed in this report are those of Cognizant and do not necessarily reflect the view and policies of Economist Impact. Data presented is from an Economist Impact executive survey, commissioned by Cognizant, conducted in early 2022.
This article was written by Girish Dhaneshwar, Consulting Practice Leader, in Cognizant’s Retail, Consumer Goods, Travel & Hospitality Practice, and Duncan Roberts, Senior Manager in Cognizant Research.
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