Paul Magel, president of the business applications divisions at CGS, the IT solution company, believes that AI will offer fashion retailers intelligent tools for various aspects of their operations, such as sales, production, design, and distribution. In the sourcing and retail industry, immediate value can be derived from AI in demand forecasting and optimising inventory management. The president emphasised the importance of supplying clean and accurate data to AI systems, as the quality of the results depends on the quality of the input.
The rise of artificial intelligence (AI) should be viewed as an opportunity rather than a threat. The comparison was made between AI and the introduction of power tools, emphasising that companies that effectively utilise AI will have the greatest success in the future.
Moreover, the president acknowledged the significance of human learning in effectively communicating with AI and addressing concerns regarding intellectual property associated with AI-generated content.
Companies were encouraged to harness AI to navigate market disruptions more efficiently and advised to adopt technology that delivers quick returns on investment.
