Retailers are ready to transform their multisite operations with AI in 2022
Last fall, EcoEnergy Insights participated in Edison Electric Institute’s National Key Accounts Workshop in California. At the event, the EcoEnergy Insight team sought to gauge retailers on their readiness for AI adoption. The team asked participating retailers for feedback and observed a clear trend - they are convinced that a long-term plan to tackle the energy needs of their multi-site operations is necessary.
In response to our questionnaire, 86% of participating retailers said they want to prioritize store operations with AI, while 71% of the respondents said they are comfortable with making decisions based on AI recommendations.
Below are further insights from the survey:
- 90% of those who were comfortable making a decision with AI rated that they were highly comfortable using a mobile application to plan and prioritize actions on store equipment operations and that they were comfortable interacting with service partners through a mobile app.
- While the respondents were split on using voice assistants, those that were comfortable using them were also comfortable using a mobile app to plan and prioritize actions on store equipment operations.
- Of those who were comfortable using mobile apps to plan actions, over 90% of were also comfortable interacting with service partners to complete those actions.
The ease around using mobile apps also contributes to an increasing interest in AI solutions. Apart from being comfortable with making decisions based on AI recommendations, 86% of respondents said they were also comfortable interacting with their service partners through the mobile app to complete actions like manual repair of a rooftop unit.
The acceptance of apps is a reflection of how the acceptance of AI has moved beyond the initial stages of adoption and the subsequent learning curve, and the audience is open to carrying out complex tasks with AI to solve their business problems. They are open to using AI and changing the way they work.
Our findings corroborate a PwC survey results that observed a 35% increase in AI adoption in the U.S. market during the pandemic. Business leaders now have concrete proof that AI drives profitability in industries that adapted to technology faster. At EcoEnergy Insights, retail clients who have joined the AI movement with our CORTIX™ platform cite AI as a key strategic differentiator and a competitive advantage through:
- Digital transformation
- Improving operational efficiency
- Augmenting decision-making capabilities
The CORTIX platform is helping businesses achieve their business goals with predictive decision-making based on intelligent analytics of collected data and improving business processes through predictions and precise recommendations – in simple natural language.
The survey also asked respondents to rank the metrics they would like to view on a dashboard, to help them become more productive and efficient. A majority of participants pointed to a portfolio view of the connected sensors and temperature for improved occupant comfort as the most important factor on their dashboard view, followed by work order tracing and AI-enabled autonomous actions.
Which of the following metrics would you view / would like to view, on a dashboard?
We are now witnessing a shift with retailers’ teams. They want to use AI solutions in their business. and are looking to align the metrics they track with how they can help can solve issues and support organizational goals. The results confirm one critical factor of using AI effectively - transforming the core aspects of a business through digitization. For retail, HVAC operation is one of those core aspects. It impacts customer behavior by providing a comfortable in-store experience and impacts operations costs by consuming energy and requiring routine service.
Future-Proof Your Retail Business With EcoEnergy Insights
The survey feedback clearly shows that AI solutions for store equipment operations are becoming increasingly adopted. As business leaders invest more in intelligent analytics platforms, the more the platforms will evolve. And eventually, the competitive edge the platforms provide will become necessary for businesses.
AI platforms are already evolving at a very swift pace. The algorithms are becoming more and more holistic as they generate and process more industry-specific reports. The ease of use of such platforms is taking a considerable leap too. Implementation complexities are reducing as AI companies understand more context-based nuances of the industry.
Working with AI allows users to also adopt new and easier ways of working such as using voice assistant to help make informed decisions in advance.
At EcoEnergy Insights, we understand the challenges retailers have in implementing an AI solution and then using it effectively to drive change and optimization of processes. We offer our CORTIX platform that provides predictive actionable insights, prescriptive recommendations and autonomous actions. Our BluEdge™ Command Centers offer 24/7 remote support and proactive actions to help retailers make the shift to using AI to improve store equipment operations and achieve business goals.
EcoEnergy Insights Named “Overall IoT Company of The Year” for 2021
EcoEnergy Insights won the 2021 “Best Predictive Analytics Platform” award for the CORTIX™ platform
EcoEnergy Insights was awarded the Frost & Sullivan’s 2020 Global Artificial Intelligence-driven Building Technologies Customer Value Leadership Award