In the retail sector, Lemick sees AI as a valuable tool for small and mid-sized retailers, particularly in customer service. He also discusses the future potential of AI in monitoring and analyzing customer behavior, assessing transactions, and identifying vulnerabilities for theft or fraud. Lemick advises businesses interested in AI to start small, have a plan in place, and be prepared to monitor and fine-tune the technology.
Key takeaways:
- AI technology has become more commercially accessible and efficient, with significant evolution in its language aspect. However, it still requires a great deal of human attention to function effectively.
- In the insurance industry, AI has great potential in interpreting data, gaining insights, spotting trends and identifying problems. It can be particularly useful in risk assessment, claims, underwriting and fraud detection.
- In the retail industry, AI can be used in areas like the supply chain, forecasting, point of sale and customer service. It can also be used to determine what products to sell and when, how much and at what price.
- Companies should approach new innovations with curiosity and an open mind, start small with a minimal budget, carefully gauge and evaluate risks before expanding, and be prepared to take advantage when a new innovation emerges.