AI Streamlining Operations Behind the Scenes
AI’s impact extends beyond customer interactions; it’s also optimising backend processes such as inventory management. Walmart has implemented AI-powered systems like Luminate, which forecasts demand based on sales data and market trends. Incorporating AI, Walmart has seen a 30% reduction in stockouts and a 20% decrease in inventory costs. As AI continues to integrate into supply chains, Walmart anticipates a further reduction of 10-15% in operational costs over the next few years. Pricing is another area where AI is making waves. Uber’s pricing algorithm, which adjusts prices based on real-time demand and supply, has boosted its revenue by 25% during peak hours. In e-commerce, AI tools like Prisync and BlackCurve help businesses set competitive prices by analysing demand and competitor pricing in real-time. This ensures that pricing strategies are optimised for maximum profitability, keeping companies ahead of the curve.
