Artificial Intelligence in Retail Industry: Importance, Type, Use and Role as a Business Tool

Digital Business & New
Technologies

CONTENTS
INTRODUCTION......................................................................................................................1
DISCUSSION............................................................................................................................1
Importance of the topic...........................................................................................................1
Evolution of the topic.............................................................................................................1
Description of the technology utilized...................................................................................2
Technological and software platforms used...........................................................................2
Type of business or firms use this technology.......................................................................3
Artificial intelligence as a business tool and its effectiveness...............................................3
RELATIONSHIP BETWEEN OLD AND NEW EMERGING THEORIES ON BUSINESS
AND MANAGEMENT STRUCTURES...................................................................................3
Scientific management theory................................................................................................3
Bureaucratic management approach.......................................................................................4
Contingency theory................................................................................................................4
System theory.........................................................................................................................5
CONCLUSION..........................................................................................................................5
REFERENCES...........................................................................................................................6

INTRODUCTION
Technology being referred as the utilization of knowledge as well as science for
varied practical determination and also for resolving varied issues. The rising level of
advancement of technology in the modern world has significantly paved the way for
assortment of multi0functional devices and innovations like smart watches, computers,
automated supply chain, wireless system and so forth (Nadkarni and Prügl, 2021). This has
made the life of people quite easy and simple. Once such innovation is artificial intelligence
which is now being deployed in many industries generating huge demand of skilled
workforce. Based on the this, the main aim of the current research report is to emphasize on
the utilization of artificial intelligence in the retail industry wherein its importance, type, use
and role as a business tool will be focused along with association amid digital technologies
and both old and newly emerging theories will also be included.
DISCUSSION
Importance of the topic
Speaking about artificial intelligence, it has replaced the individual driven as well as
redundant evaluation. it is more expedient procedure which makes sure steadiness in the retail
industry. The retail industry can make use of this technology along with advanced algorithms
for realizing the requirements of the clients on the basis of different things, for example social
media behaviour, patterns of purchasing things, information related to demographics etc. on
the other side, the automated supply chain will also support the retail firms in decreasing their
operational costs as it will render a supportive hand on reducing the cost of inventory, labour,
warehousing and overhead. Artificial intelligence will also help the retail firms in decreasing
the errors concerned with the manual process and will offer accurate data. Thus, it is quite
crucial for this industry (Jain and Ranjan, 2020).
Evolution of the topic
There has been improvement in the efficiency, accuracy as well as pace throughout
the different branches of the retail business because of the integration of artificial intelligence
and machine learning solutions. Further, these solutions in the supply chain, retail and other
sectors have enhanced and permitted the businesses with high level of data which is majorly
leveraged into novel business prospects and enhanced operations of retail. Moreover, with the
support of the artificial intelligence, the retail industry is not in a position to offer extra-
ordinary services to their clients. for surviving in this competitive marketplace, the firms in
1