AI-supported data use is no longer just hype, but a real game changer that can successfully boost business with a dynamic flywheel effect. According to recent studies, the impact of AI is 10 times faster and 300 times more powerful than the first industrial revolution. And yet, many companies are still unsure whether AI serves a purpose and how it can be used profitably. With a lack of AI knowledge, many companies lack an AI strategy. At the diconium Commerce Masters 2023 in Stuttgart, we joined 40 decision-makers from various sectors of the German economy to shed light on what is important for such a strategy and what role data plays in the AI-driven transformation.
One thing is clear: the successful application of AI can be an overwhelming task. The field is evolving almost exponentially, and it's hard to keep up with the growing algorithmic advances, use cases, initiatives, and startups. But even if organizations are only at the beginning of an AI journey, it's important to act now and create the right AI environment. Because only those who create the right conditions today will be able to harness the enormous potential of the AI revolution to fundamentally change their business models and drive sustainable economic growth.
In the "Data Strategy & Artificial Intelligence" workshop, Andreas Grund, Pascal Dagne, and Adnan Bicaj focused on a particularly exciting area that is being revolutionized by data and AI: commerce. In their introduction, they vividly demonstrated the great potential of (generative) artificial intelligence to exert a significant influence on the commerce value chain and the associated customer experience. From content creation and product development, personalization, and customer service to marketing, sales, CRM, or pricing: AI can completely rethink the value chain in commerce. This was also exemplified by practical examples from Coca-Cola with Create Real Magic for increased engagement through co-creation and from Carrefour with a smart chatbot for enhancing the customer experience. Further insights into the potential and development of AI-supported chatbots were provided by diconium's Dicobot. Projects like these are made possible by a scalable and customer-centric data platform.
After the comprehensive input on data strategies and AI, the participants continued in a total of three small groups. Each workshop group directly reflected on the processes and procedures relating to artificial intelligence using specific use cases to assess the impact on their company.
In the final wrap-up, the participants summarized the most important findings and key takeaways from the group work. The following learned strategies were particularly important to them in creating a successful data and AI strategy:
Want to get started with AI in commerce? We are happy to support you and your company! You can find more information about our services and consulting in the field of e-commerce here.