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Leading digital transformation solutions company UST has unveiled the ’UST Retail GenAI platform’, which is designed to transform its retail operations through the power of Generative AI. Steve Rempel, Senior Vice-President and International Chief Information Officer at Walgreens Boots Alliance, inaugurated the platform at the London Innovation Lab recently.
Rempel shed light on critical success factors to enable GenAI adoption, including the need to appreciate the trust cycle while planning various investments, a UST spokesperson said. Prior to the inauguration, Krishna Sudheendra, CEO, shared the focus with which UST is championing the adoption of Generative AI, including an in-house programme to train 25,000 employees.
Unlocking huge potential
Sudheendra quoted research to point out that AI has the potential to unlock between $400-$660 billion in economic value for the retail industry. However, few companies have fully realised the potential of new technologies. Developed in-house by UST’s technology and industry sector experts, the UST Retail GenAI platform combines established business models with key GenAI capabilities such as search, summarisation, automation, and creation to revolutionise retail practices.
Effective decision-making
It enables larger business teams to have an out-of-the-box experience for scenarios in the retail enterprise that benefit from GenAI-led investments, the company spokesperson said. The platform maps the alignment between GenAI and business capabilities, allowing for more effective decision-making. It enables retailers to safely and swiftly pilot GenAI-driven solutions, test various scenarios and outcomes, accelerate innovation, and optimise operations. Retailers can conceptualise and plan AI strategies with the help of scenario cards, which integrate enterprise know-how to address specific challenges.
Structured approach
Sudheendra said UST has partnered with six of the world’s top 10 retailers, transforming their businesses. “While AI is already transforming retail operations, we still need to unlock its full potential. The UST Retail GenAI Platform offers a structured approach for exploring generative AI scenarios, marking a milestone in our mission to revolutionise retail operations through the power of generative AI. This is aligned to our focus on building platforms that can help scale adoption of GenAI-led ways of working,” he added.
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