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A new study by Forrester Research shows that while retailers are eager to adopt artificial intelligence to streamline operations and increase revenue, many struggle with data management and lack the technical skills necessary for successful AI implementation.
Commissioned by enterprise software provider Epicor, the study reveals that 70% of retailers see an AI-driven retail management system as essential, yet AI adoption is still in its early stages. Processes like receiving and sales and operation planning have the lowest adoption rates, with less than 20% of respondents using advanced AI.
One major obstacle is poor data quality and management. The study reports that 77% of organizations struggle to derive actionable insights from their collected data, and 67% are unable to collect usable data for better business insights. Overcoming data silos is identified as a top challenge.
Additionally, many retailers lack the technical skills needed to keep up with AI advancements. The study found that 70% of organizations require more education on AI retail solutions, and 65% find it difficult to keep up with new AI technologies.
Marco de Vries, Vice President of Product Marketing at Epicor, emphasized that the initial step for retailers to benefit from AI involves understanding the available landscape and addressing data quality and collection issues.
The study underscores the importance of investing in proper data infrastructure, governance, and internal education for retailers to fully leverage AI’s potential. With the right foundation, AI-powered retail management systems can offer data-driven insights to enhance efficiency, predict demand, and improve the customer experience.
To delve deeper into the findings, download the study here.
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