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Retail and consumer brands are projected to boost their AI investments by 52% in the coming year, moving beyond traditional IT budgets. Companies plan to allocate an average of 3.32% of their revenue to AI, which translates to significant annual spending for larger businesses. This investment is expanding into various operational areas, including customer service and supply chain management.
The study reveals that a vast majority of executives and their teams are already utilizing AI, with expectations for increased usage in integrated business planning. A notable rise in AI applications for personalized customer service is anticipated, highlighting the importance of human-AI collaboration. However, the report also points out a concerning gap in AI governance, emphasizing the need for better risk management practices.
• AI investments in retail and consumer brands expected to rise significantly.
• Majority of executives already using AI, with plans for increased application.
AI governance refers to the frameworks and practices for managing AI risks and ensuring ethical use.
Human-AI collaboration involves the partnership between human workers and AI systems to enhance productivity.
Personalized customer service uses AI to tailor responses and interactions based on individual customer data.
IBM is a leader in AI research and development, providing insights into AI investment trends in retail.
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