Defining Artificial Intelligence
If you have not cut the cord yet and still watch live TV, you are probably familiar with the Progressive commercial, "Econ 101." The spot shows the insurance company's well-known agents standing in a kitchen discussing the economy with a woman. Her son interrupts and asks, 'What's the economy?' The four adults in the scene struggle to answer, prompting the child to say he is just going to look it up.
Why do I bring this up? Because this week, I attended the National Retail Federation's NRF Big Show in New York and while walking the multilevel show floor, I couldn't stop thinking about this commercial — not because NRF is suddenly in the insurance business, but because artificial intelligence (AI) was practically being shouted at me aisle after aisle, booth after booth, and each exhibitor seemed to be defining AI differently.
I have a sneaky feeling that if I asked five, 10 or even 20 people what AI is, I would get a variety of answers and, similar to the Progressive commercial, some would struggle to define it. So, I looked it up. According to a Google inquiry, AI "is a set of technologies that allow computers to perform complex tasks." OK, and what does that mean?
My point: AI has been a buzzword in the convenience channel — and everywhere — for the past couple of years. Last year, I noted that what had once been a business meeting concept was becoming a practical application. However, there is no single application and maybe that is the beauty of AI. It can be used to tailor the right promotions to the right consumer at the right time. It can be used to manage inventory. It can be used to streamline foodservice operations and reduce waste.
What gives me pause, though, is the sheer number of companies currently touting AI products and platforms to the retail industry. It is enough to make one's head spin.
With much research and trial and error, convenience store operators will undoubtedly find the right AI application for their operations. But if you are feeling overwhelmed by the concept, know you are not alone. The first step may be to look it up.
