How to Bootstrap an AI Startup by Michael Koch
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November 22, 2023
Artificial intelligence (AI) is opening opportunities for retail giants to cut costs and boost efficiency, with many worried about the prospects of job cuts and mass layoffs.
The latest research by the Centre for Retail Research (CRR) highlighted astonishing job cuts in the retail sector, with nearly 15,000 jobs lost so far in 2023. The majority of these losses (11,689) were attributed to two retail giants – Tesco and Asda.
Amid the staggering number of job cuts, Amazon is actively rolling out its “Just Walk Out” technology, effectively eliminating check-out assistants. In 2016, DHL started using collaborative robots that can perform packing, kitting and other manual tasks.
Meanwhile, IKEA has expanded its autonomous fleet to 100 drones to optimise the manual process of checking barcodes of over 10,000 IKEA’s stocking spots which could take up to three months.
There is nothing new about the way retail companies navigate financial pressures. But it seems like artificial intelligence and automation might offer them a novel – and cheap – solution to tasks.
“People look at this completely the wrong way,” says Michael Koch, who has been developing AI and ML applications since 2012 for brands like McDonald’s, PepsiCo and Visa. “It’s not about a loss of jobs with the development of AI. Instead all AI does is give businesses the ability to take mass quantities of data and make faster, better decisions,”
“It’s more of a shift for more data-driven insights to really impact and accelerate the retail space.”
Source: https://www.chargedretail.co.uk/2023/03/22/is-ai-coming-for-retail-jobs/
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