Artificial Intelligence is intelligence produced by machines. Artificial Intelligence is applied when the machine mimics the functions associated with that of the human brains, namely “cognitive functions”, such as “learning” and “problem solving”. In this post, we shall discuss the importance of Artificial Intelligence and applications of it, specifically in retail.

Firstly, Artificial Intelligence automates repetitive learning and discovery through data. Often, many processes are very time consuming and inefficient. By using artificial intelligence, many repetitive task can be automated, saving time and cost for businesses. Secondly, Artificial Intelligence adds intelligence to existing products. Automation, conversational platforms, bots and smart machines can be combined with large amounts of data to improve many technologies at home and at work. Thirdly, Artificial Intelligence can help one get the most out of data collected. Through careful processing and analysis, trends can be observed and inferred.

Applications of the technology include in industries like retail. AI provide customers with virtual shopping experiences, offering personal recommendations and the different purchase options available. In Singapore, specifically, Capitaland has begun to adopt solutions leveraging machine learning smarts to better serve their customers and ahead of their customers. As of November 2016, Capitaland customers can enjoy a slew of virtual concierge serves that allow them to hail rides, book restaurants and browse retailer offerings by simply chatting with Sparkle- the Group’s fully automated AI chatbot. It is one of the first in the industries to embrace online-to-offline and offline-to-online (O2O). With the launch of Sparkle and partnerships with tech stalwarts and well-loved retail brands, Capitaland is leading the way into the next era of consumerism, defined by convergent offline-ANDonline (O&O) experiences. Rewards programs are also introduced with the chatbot. These efforts help maximise consumer experiences.

However, does this means that AI will replace humans? No, it will not. While AI is more efficient in its operations, however it lacks creativity and emotional feelings. To continue to advance, we will require humans to constantly come up with new innovations and ideas. Furthermore, AI robots are very specialised and a robot used for a specific purpose cannot be used interchangeably with another robot used for another purpose. Therefore, this makes them very inflexible and highly unlikely to replace humans completely.

In conclusion, it is undoubtedly that with AI technology, it can greatly simplify our lives, allowing for mundane, repetitive jobs to be done for efficiently. However, there is a limit on its prospects and capabilities.  

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