As one of Revionics’ newer team members, I was excited to attend for the first time our signature annual event – Revionics Insight. Before I attended the event, to me AI sometimes felt like an elusive far-off technology that really only appears in Sci-Fi movies. But after Insight 2018’s keynote speakers on Monday October 1, 2018 everyone in the audience – me included –was made aware that AI has arrived and it’s going to affect us all, drastically. The sessions also highlighted the critical business value of analytics.
James McCann from McCann Investment Advisory quoted McKinsey’s Global Institute Research on job automation, educating the audience that automation will impact 60% of occupations, and at least 30% of constituent work activities could be automated.
Roughly 75 million jobs are going to be disrupted by the year 2022. Let that sink in: 75 million jobs by 2022, just 4 short years away.
What does this mean for us? 3 to 14% of the global workforce will need to switch operational categories. We will need to learn to be flexible in our careers and business pathways. McCann also laid out the interconnectedness of industries – how self-driving cars will affect grocery or how AI predictions will help agriculture to literally grow.
Did you know that high-end retailers are using 3D printing? Yeah, me neither. AI isn’t just for sci-fi and these aren’t just statistics from Dr. Emmett Brown.
The next speakers continued to hammer home the need for flexibility and analytics in fast-changing industries. Martin Schumacher, Chief Customer and Commercial Officer of Metro Cash & Carry Russia, followed up McCann’s presentation by touching on the areas where analytics and other innovative technologies are overhauling the current retail industry.
Schumacher, who was formerly CEO of Metro Cash & Carry Ukraine, cited the statistic that 50% of recent sales made by Metro Ukraine were in categories they had reengineered, and the reengineered categories drove higher sales growth than in the non-reengineered categories.
Luke Rauch, Senior Director of U.S. Insights from Walgreens, reinforced Schumacher’s points by stating, “brick and mortar isn’t dead, the key is how it’s optimized.” Rauch talked about how to meld digital and personal in the current retail industry, through apps, promotions, and staying ahead of the curve.
The morning wrapped up with one clear message: We are at the intersection of physical and digital, and leveraging artificial intelligence in business, careers and pricing is the way to navigate through to a successful future.