Setting Digital Transformation Goals

Setting Digital Transformation Goals

To set effective digital transformation goals, your business needs the tools and knowledge to harness the developing technology that’s changing the retail landscape.

To support retailers in setting informed goals, we hosted Setting Digital Transformation Goals on the 22^nd of June 2023, joined by speakers from Meta, RPC, Informatica and Mendix. Delving into omnichannel data, low-code app development, shopping in the Metaverse, the legislation around generative AI and more, our speakers shed light on the opportunities – and challenges – of technological advancement in retail. Our partners worked with members to discuss case studies and posed questions in these areas, leading to interesting discussions.

Below, discover some of the key insights from our speakers.

Key insight from the session

Meta - multidimensional shopping

Technology is changing every facet of modern life, none more so than one of our favourite pastimes, shopping.  In the early 2000s, the rise of mobile and digital sparked a shopping revolution as consumers started to use online and in-store channels interchangeably.

Now, a new era of multidimensional shopping is dawning as a desire for more immersion, and connectivity drives the adoption of new technologies that allow people to shop across channels, devices and even realities.

Simply put, the already blurred lines between physical and digital are becoming even less distinct as shopping becomes a more interconnected experience.

Increasingly, the shopping journey begins online and ends in-store.  We are also seeing a surge in journeys that start in-store and end online.  Omni-channel shoppers shop more frequently and spend more than in-store-only shoppers so understanding and developing seamless on and offline customer journeys is crucial to success.  In fact, consumers want even more engaging and more immersive shopping experiences, powered by new technologies such as Augmented Reality and Live Shopping. We call this multi-dimensional shopping. 

Many retailers are experimenting with great success and developing competitive advantages.  Meta’s key piece of advice: start testing and learning now, as multidimensional shopping is the future of shopping.

David Josephs, Head of Retail Industry, and Isabel Evans, Retail Client Partner, Meta

RPC – AI regulation

Utilising generative AI in the retail sector has the potential to achieve many benefits, such as improved consumer engagement and customer service, more efficient business processes and reductions in operating costs.  However, users need to be mindful of the risks of using generative AI, including AI "hallucinations”, security concerns, data and IP implications, ethical considerations, and the potential for reputational damage if issues arise.    

The contractual terms that apply to your use of AI will depend on your provider, with the key ones being confidentiality, IP (especially ownership of the outputs and usage rights of the provider to the inputs) and liability.  Although AI tools are still very much nascent, current laws (such as copyright and equality legislation) will equally apply to AI systems and output.  Many jurisdictions, including the UK, are also in various stages of the development of AI-specific regulation – so keep an eye on changes to legislation.

Tania Williams and Helen Armstrong, Partners at RPC

Informatica

In the era of data-driven decision-making, the significance of clean and trusted data cannot be overstated, particularly in the domains of analytics and artificial intelligence (AI). This discussion aimed to explore the vital role that clean and trusted data plays in driving accurate insights, reliable predictions, and ethical AI applications.

1. What is clean and trusted data, and why is it crucial for analytics and AI?
2. What are the potential consequences of relying on dirty or untrusted data for decision-making in analytics and AI systems?
3. What are the common challenges and obstacles in ensuring data cleanliness and trustworthiness in organizations?
4. How can organizations establish and maintain data quality standards to ensure the reliability of analytics and AI outcomes?
5. How can data governance frameworks and regulatory measures help enhance data cleanliness and trustworthiness in analytics and AI?

As well as this, participants gained insights into the critical role of clean and trusted data in unlocking the full potential of analytics and AI, fostering responsible decision-making, and ensuring the ethical deployment of AI technologies.

Tim Davies, Head of Retail and CPG UK&I, and Steve Holyer, Data Platform Leader, Informatica

Conclusions

The discussions fostered in these sessions encouraged retailers to brainstorm their upcoming digital transformation goals, taking into account the potential of upcoming technology.

With the benefits of clean, well-managed data and online shopping extending to brick-and-mortar businesses, digital transformation goals were shown to benefit not only online shopping but retail as a whole.

If you were interested in the content of this event or would like to attend Digital Transformation events in the future, our July 11^th webinar on Generative AI is open to members and non-members – register for free.

To discuss any topics you would like covered in future digital transformation events, or to express interest in speaking at future events, please get in touch with kathryn.lloyd@brc.org.uk.