Marks and Spencer uses artificial intelligence in its premises for better business operations
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This project plan focuses on the use of artificial intelligence in Marks and Spencer for better business operations. It discusses the aim, objectives, literature review, and challenges faced by the company. The project aims to develop the use of artificial intelligence in order to improve business performance.
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Table of Contents Project Plan................................................................................................................................2 Overview of the project idea..................................................................................................2 Project aim and objectives.....................................................................................................2 Problem statement..................................................................................................................2 Literature review....................................................................................................................2 Conclusion..............................................................................................................................3 Time guidelines......................................................................................................................3 Assessment 2..............................................................................................................................4 Executive summary................................................................................................................4 Background of the chosen topic.............................................................................................4 Project aim and objectives.....................................................................................................5 Literature review....................................................................................................................5 Conclusion..............................................................................................................................8 Recommendations..................................................................................................................9 REFERENCES.........................................................................................................................10
Topic: “Marks and Spencer uses artificial intelligence in its premises for better business operations” Project Plan Overview of the project idea Marks and Spencer is one of the top retail firm in UK who is specializes in its best customer service in the world. That is why, it is seeking to introduce new techniques in order to improve the business operations. In the same way, in this modern era of digitalization every company is introducing new and advance technology which in turn assist to enhance the business performance. The current plan will based upon introducing artificial intelligence in its business area which help to meet the define aim and attract more range of customers towards it. Project aim and objectives The aim of this project is to develop new and advance technology within the business area that helps to meet the define aim. Aim: “To develop the use of artificial intelligence in its premises for better business operations: A study on Marks and Spencer” Objectives: To understand the concept of artificial intelligence To analyze the impact of using artificial intelligence upon the business performance To determine the challenged face by the company while using artificial intelligence To recommend the ways through which the company may overcome the challenges. Problem statement The problem related to this study is such that due to not having enough time, researcher is not able to conduct in depth research and that is why, it affected the results and also, nit able to meet the define aim and well. Literature review According toSeranmadevi and Kumar (2019)in this era of digitalization, every company complying with advance technologies and this in turn assist to minimize the wastage of time. That is why, company uses digital marketing tool that helps to attract range
of customers. In the same way, there are some retail firm which also uses artificial intelligence which is refers to the human intelligence in the machine that are actually program like human and mimic their actions. Even the traits of these artificial intelligence are also designed in such a way that helps to solve many problem of the company. On the other side, Ferrini (2019)provide their views and specify that in this 20 century, scientist and IT specialist design the machines in such a better way that helps in speech recognition, problem solving and learning as well as planning. That is why, companies uses this technologies in order to meet the define aim and objectives of the company. Conclusion By summing up above report it has been concluded that using this technology will help the company to improve the business operations and that is why, it is necessary for the company to adopt new techniques which in turn assist to meet the define aim. Hence, using artificial intelligence is the best and effective way that help the company to take it at another level of success. Time guidelines ParticularsWeek 1Week 2Week 3Week 4Week 5 Developing aimand objectives Literature review Conclusion Submitting project plan Background Indepth secondary research Problem statement Conclusion Submission
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Assessment 2 Executive summary The present report is based upon the study of Marks and Spencer and the aim of this report is to create awareness of the digital technologies. It is so because in the era of digitalization, every company uses many tools and techniques which directly and indirectly help the business to improve the performance and enhance their financial performance as well. In the same way, study on this topic, researcher wants to determine the positive and negative impact of using artificial intelligence in Marks and Spencer. Therefore, by using different corporate example, researcher draw attention of the quoted firm to invest in artificial intelligence which in turn assist to meet the define aim and objectives. Thus, through the report, researcher present the use and importance of artificial intelligence which in turn assist to improve the efficiency and increase productivity in order toattainthebusinesssuccess.Notonlythis,thistechnologyhelptoimprovethe communication and management styles in order to access to analytics data and customer experience as well. Background of the chosen topic In the era of digitalisation every company uses digital technology and tools for marketing. In the same way, the current report is help to create awareness relate to advance technology. The first and foremost, technology affect a firm’s ability to communicate with customers, in the same way Marks and Spencer is also have a brand image at international level that is why it has a strong customer base. In order to attract new customers towards itself, it is necessary for a company to use advanced technology which help to improve the businessoperationandenhancesitsfinancialability.Suchthatwhencustomeruses technology to interact with business, the company benefit because better communication creates stronger public image. That is why, using artificial intelligence within a premises is considered one of the most comfortable and convenient option for retail firms as it help to improve the customer experience as well. The chosen firm for is report is Marks and Spencer which is one of the top retail firm in UK. From last many years the companies majorly focus on innovation and complying with technological factors. That is why it is necessary for a company to implement artificial intelligence into it's working environment so that it will improve the business operation and take a business as per the level of success without causing any error. Search
that within 2 years the company launches payment system for the Apple users through online mode and this is done by analysing the demand of customers (Chawla and et.al., 2019). In the same way, using artificial intelligence within its business area will also help to sort out the problem of customer and they get frequent solutions of their queries. As world’s top company are also uses this technology in order to improve their customer services and minimize their time as well.Hence, this new project plan is beneficial for Marks and Spencer because it assist to meet the define aim and cope up with many challenges as well. Project aim and objectives Aim: “To develop the use of artificial intelligence in its premises for better business operations: A study on Marks and Spencer” Objectives: To understand the concept of artificial intelligence To analyze the impact of using artificial intelligence upon the business performance To determine the challenged face by the company while using artificial intelligence To recommend the ways through which the company may overcome the challenges. Literature review Concept of Artificial intelligence According toCastelo-Branco and et.al., (2020)artificial intelligence is also known as machine intelligence which is demonstrated by machine. Therefore, it has become a key element in the digitalisation of in store retail by personalising the customer experience and also keeping aging the customers towards business for retail companies artificial intelligence is consider as an opportunity in order to bridge the gap between virtual and physical sales channel. On the other side,Kreutzer and Sirrenberg (2020)present their views and stated that there are many retail forms who place robots and touch panels in their stores which helps to keep customer locate an item and get answer of their queries. Also help to find out how the product can make their life easier. In the same way these artificial intelligence provide 24/7 hours assistance to the customer and it reduces manpower cost which in turn help the company to improve its financial position. In the opinion ofLiu and et.al., (2018)Artificial intelligence in retail help to detect the new trends with demand and this change assist in retail industry. It is analysed that trend in fashion industry changes very fast because of adding new designs in its store and the
Artificial intelligence help the company to analyse the design trough an images to copy the styles. That is why it can be stated that artificial intelligence help the retail industry to change the views of customers and assist stop the details from to improve customer experience service as well. Play importance of artificial intelligence is not up to identify the new trends in retail industry but it also used in ecommerce facilities as well. Such that artificial intelligence help company to sense, predict and automate ecommerce option which is helpful forbusinessperformance.Likemanycompaniessuccessfullyimplementingartificial intelligence to enhance their ecommerce engine and capabilities to generate revenue through effective sales and marketing as well. For example, one of the top companies uses AI is Google which keep innovating and developing new system for their customers by adding new features in its existing model. Impact of using this advance tool upon business operations Artificial intelligence is considered one of the leading technology that every retail internet on looking to scale their business. SoKrasyuk, Yanenko and Nazarova (2020)stated that AI introduce the new technologies into the retail industry, like if Marks and Spencer use this technology in its business area, then it help on automated product tagging. It is so because it has a image recognition driven which produces 90% accuracy and more than 20% of the conversion through better search. Thus, it is stated that it creates positive impact upon the company (Impact of using Artificial Intelligence within retail sector,2019). On the other side, it also help to improve the sales of the company such that when company have the advance tool to tackle the issue of the customers, then its customer services is enhanced which in turn assist to attract range of customers towards it. In addition to this,Jha and et.al., (2020)present their views that customers generally attract to those companies who uses advance technology in its business area. It is so because the growing attention towards customers help to draw their attention towards it. That is why, they require frequent solution of their queries. In the same way, robots which is a part of artificial intelligence which help the company to meet the define aim. Hence, using AI into the business area will help the firm to reduce the human cost like, cashier in retail sector will be replaced by smart machine and self- service ticket offices that helps to reduce the number of cashier. In the same way, for warehousing operations which took enough time for sort out
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the thing. But with the use of AI, they perform the task 24*7 which help the company to perform the work by spending less time. On the other side,Kreutzer and Sirrenberg (2020)present their views that AI allow the company to determine the buyer behaviour recognition and which in turn assist the firm to increase the sales as well. As Marks and Spencer have range of products and as it is also deal in the clothes which is related to men, women and kids. That is why, AI will assist the firm to determine the new trend within a market and this in turn help the company to meet the define aim and objectives. Therefore,Lévesque, Obschonka and Nambisan (2020)stated that using artificial intelligence within the working environment will be more beneficial for the company because it save resources by automating process. Also by generating the right information within a business will help the company to reach at further level of success and this in turn sustain the brand image as well. Further, it is also stated that with the use of advancetechnology,itassisttoautomatedroutineoperationsandalsooptimizethe workflows by analysing the user behaviour. Challenges face by the company to developing this tool Kuznetsova and Romeiko (2020)stated that by implementing artificial intelligence, company face many challenges and one of the most effective challenge is data privacy and security. It is so because most of the AI application rely on the huge volumes of data and as company feed sensitive and personal data into the system. At that time, company faces issue to breach the law of privacy and security and this in turn consider as a challenge for the firm. On the other side, government also take action in order to cope up with these problem and that is why, implement the laws that will help to sort out the problem such that General Data protection regulation which is actually designed in order to protect the personal data of customers (Challenges that company face while using Artificial Intelligence,2019). On the other side,Semenov, Chernokulsky and Razmochaeva (2017)explain that companies do not have special IT professionals who assist the company to implement the AI into the business and that is why, they are not ready to invest money in such AI based project. As there are not enough people who can make other business understand the vision of machine language in the world, that is why, it may leads to data leak problem. Therefore, most of the top company also avoid to invest into these project. It is analyzed that every thing have their own pros and cons, but when company implement these digital tools, make sure
that the firm have specialized professionals who are ready to tackle the problem and meet the define aim as well. In addition to this,Liu and et.al., (2018)present their views in the study that data scarcity is consider one of the another challenge that also affect the implementation of Artificial Intelligence into the business. It is so because the organization have access to more data in present time than before. That is why, AI needs effective training session, so that it will be easy to understand the things easy. Or if, it did not get any such training then it will affect the overall system into adverse manner, which leads to affect the overall brand image in negative manner. Problem identified During this project, researcher analyzed that due to having less time, it is not easy to conduct in-depth research and that is why, it affect the results in opposite manner. Also while conducting research, it is also analyzed that most of the sites are access denied and that is why, it affect the results or outcome of the research in adverse manner. Apart from this, during the study, I analyzed that I do not posses string research skills and that is why, I faces issue to search the terms and as a result, it takes long time which creates negative impression upon the results. In addition to this, I also realized that I do not have a critical thinking abilities which may also affect the results because these skills assist to conduct the literature review section in better manner. In addition to this, as the report is completed based upon digital technology i.e. artificial intelligence which help me to raise my IT skills because there are many advantage of using digital technology and that is why, study on this provide me an opportunity. But on the critical note, I analyzed that I also have a good interest in this area and that is why, I chooses this topic because the world is completely depend upon the advance technology which help to meet the define aim and improve the business operations. Conclusion By summing up above report it has been concluded that digital technologies play a crucial role in the success of company. As report concluded that artificial intelligence help the company to determine the buyer behaviour, automated product tagging, provide 24*7 customer service, which clearly shows that artificial intelligence plays an important role in
the retail sector. On the other side, it also creates positive impact upon the business such that it helps to improve the efficiency of business of operation and enhances the sales which directly affect the company’s financial position in positive manner. In addition to this it has been also concluded from the literature review section that company also faces many challengeswhileimplementingartificialintelligenceintoitsbusinesssuchthatdata protection is the foremost challenge which company faces in which the chances of sharing personal data to 3rd parties increases. That is why most of the top retail from do not want to invest in such digital technology but it has both pros and cons but it depends on the company why it chooses this tool with a specific purpose. Further, it can be concluded that by implementing artificial intelligence into Marks and Spencer, then it help to improve the business operation and increase its efficiency by provide effective training to their employees in order to understand the usage of this digital application. As report also concluded that researcher faces issue related to low availability of time through which, it did not conduct in-depth analysis of the research, that is why, most of the results are not generated in appropriate manner. Recommendations From the above it is to be recommended to the business to use effective training sessiontotheiremployeeswhichinturnhelptounderstandtheusageofArtificial intelligence within the working environment. Also, through this effective training session company’s employee also determine the importance of artificial intelligence within the working environment. In addition to this, it is also suggested to the Marks and Spencer to hire skilled and top IT professionals who possesses strong knowledge related to the digital technology so that it will be easy to handle any query related to this. Moreover, these specialist provide effective training to the employees and train then to use the machine in order to minimize the time and utilize that time in other activities. Therefore, it is analyzed that by using this option, company generate an opportunity which help to meet the define aim and objectives. Further, it is also recommended to the firm to start setting the standard which in turn assist to enhance the company’s sales. Such that by using benchmarking as a standard tool for measuring the performance, the firm determine the progress within each month, week and quarter. Also, company should save some amount from its revenue in order to invest into new
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techniques which in turn help to improve the efficiency and this help the business to take further level of success and meet the define aim as well.
REFERENCES Books and Journals Castelo-Branco, F. and et.al., 2020. Business Intelligence and Data Mining to Support Sales in Retail. InMarketing and Smart Technologies(pp. 406-419). Springer, Singapore. Chawla, A. and et.al., 2019. Demand Forecasting Using Artificial Neural Networks—A Case StudyofAmericanRetailCorporation.InApplicationsofArtificialIntelligence Techniques in Engineering(pp. 79-89). Springer, Singapore. Ferrini, S., 2019.Digital Innovations Disrupting the food retail industry: The case of Auchan Retail Italia(Bachelor's thesis, Università Ca'Foscari Venezia). Jha, N. and et.al., 2020, May. Customer Segmentation and Churn Prediction in Online Retail. InCanadian Conference on Artificial Intelligence(pp. 328-334). Springer, Cham. Krasyuk, I., Yanenko, M. and Nazarova, E., 2020, May. Conceptual and strategic framework for the digitalization of modern retail as part of innovative marketing. InE3S Web of Conferences(Vol. 164, p.09006). EDP Sciences. Kreutzer, R.T. and Sirrenberg, M., 2020. Fields of Application of Artificial Intelligence— Retail, Service and Maintenance Sector. InUnderstanding Artificial Intelligence(pp. 155-166). Springer, Cham. Kreutzer, R.T. and Sirrenberg, M., 2020.Understanding Artificial Intelligence. Springer International Publishing. Kuznetsova, A. and Romeiko, A., 2020. Retail service technologies: augmented reality and deep learning opportunities. Lévesque, M., Obschonka, M. and Nambisan, S., 2020. Pursuing Impactful Entrepreneurship Research Using Artificial Intelligence. Liu, L., and et.al., 2018, September. A smart unstaffed retail shop based on artificial intelligence and IoT. In2018 IEEE 23rd International workshop on computer aided modeling and design of communication links and networks (CAMAD)(pp. 1-4). IEEE. Semenov, V. P., Chernokulsky, V. V. and Razmochaeva, N. V., 2017, October. Research of artificial intelligence in the retail management problems. In2017 IEEE II International Conference on Control in Technical Systems (CTS)(pp. 333-336). IEEE. Seranmadevi, R. and Kumar, A., 2019. Experiencing the AI emergence in Indian retail–Early adopters approach.Management Science Letters.9(1). pp.33-42. Online Impact of using Artificial Intelligence within retail sector.2019. [Online]. Available through: <https://vue.ai/blog/intelligent-retail-automation/benefits-of-ai-in-retail-for-2020/>. Challenges that company face while using Artificial Intelligence.2019. [Online]. Available through:<https://towardsdatascience.com/artificial-intelligence-opportunities- challenges-in-businesses-ede2e96ae935>.