In the space of just a few short years, Artificial Intelligence (AI) has gone from being a somewhat niche field, to front and centre in the public consciousness. With the rise of ChatGPT and similar platforms, there is much speculation about where this technology is heading, and what its impact will be on our personal and professional lives. Indeed, organisations across numerous sectors are already exploring the different ways it can be utilised to reduce costs, optimise efficiency, and improve service quality.
Although digital transformation amongst Legal firms has typically been comparatively slow compared to other sectors, the journey has picked up speed over the course of the last decade.
Retailers - be they small local shops, online sellers, or top global brands - generate, transfer, and store more data than ever before, ranging from customer data (both online and in-store, as we have considered in previous articles), to supply chain and asset tracking data. Whether it's shopping online or utilising in-store apps to access the latest savings and special offers, the way customers shop has fundamentally changed forever, with the data they generate online and in person allowing retailers to build up unique personas that drive truly bespoke experiences.
There's no doubt that the current economic environment has led to feelings of instability, in both our personal and professional lives. Consumers are feeling the pinch, and with rising inflation and interest rates, they will have no choice but to curtail their spending. The impact on business is similarly far-reaching. Aside from the economic impact of the reduction in spending, there is the very real situation that both employees and customers will be experiencing stress in their personal lives. As a result, many organisations across the public and private sectors are evaluating how to best maintain their service quality under these difficult circumstances.
The Retail sector is more diverse, dynamic, and rapidly changing than any other time in its history. This not only encompasses the way customers make their purchases – with online shopping, click-and-collect, and in-person shopping all converging to offer true, end-to-end experiences – but also the way retailers open and operate new sites. Whether this means trendy pop-up shops, kiosks at other brands' locations, or booths at events, retailers from up-and-coming start-ups to global leaders are no longer relying on fixed high-street locations to welcome their customers and put their wares on display, instead making sure they are present wherever their ideal customers are, and fully prepared to offer a world-class experience that builds brand recognition and loyalty.
When it comes to building brand loyalty, customers increasingly expect the retailers they shop from - whether that's online, in person, or via click-and-collect - to demonstrate tangible efforts to operate in an ethical, sustainable, and environmentally friendly manner in everything they do.
Even as the end of lockdown approaches, it is clear that hybrid working is here to stay, with organisations utilising remote and office-based working on a flexible basis, in order to combine the advantages of both.
Failure Demand: "Demand caused by failure to do something or do something right for the customer"
The UK's housing industry must contend with a number of singular challenges, as they ensure they remain efficient, scalable and profitable, while still keep the wellbeing of their tenants at the centre of everything.