New GenAI platform aims to transform retail operations

UST, a leading digital transformation solutions company, has unveiled its 'UST Retail GenAI platform' at the London Innovation Lab. Steve Rempel, SVP & International CIO at Walgreens Boots Alliance, inaugurated the platform that reportedly aims to transform retail operations through the power of Generative AI.  

The company cites research findings to make the point about how Gen AI has the potential to unlock between $400B and $660B in economic value for the retail industry. ”However, few companies have fully realized the potential of new technologies.Developed in-house by UST’s technology and industry sector experts, the platform combines established business models with key GenAI capabilities such as search, summarization, automation, and creation to revolutionize retail practices,” shares the company statement. 

According to the company, this state-of-the-art platform enables larger business teams to have an out-of-box experience for scenarios in the retail enterprise that would benefit from GenAI-led investments. “The platform maps the alignment between GenAI and business capabilities, allowing for more effective decision-making. The UST Retail GenAI platform enables retailers to safely and swiftly pilot GenAI-driven solutions, test various scenarios and outcomes, accelerate innovation, and optimize operations. Retailers can conceptualize and plan their AI strategies with the help of scenario cards, which integrate the 'Enterprise knowhow' to address specific challenges.” 

"At UST, we've partnered with six of the world's top ten 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 AIscenarios, marking a significant milestone in our mission to revolutionize retail operations through the power of generative AI. This is aligned to our focus on building platforms that can help scale the adoption of GenAI-led ways of working,” said Krishna Sudheendra, Chief Executive Officer, UST. 

The benefits of investing in digital transformation and specifically AI were echoed in a recent survey commissioned by UST, where respondents cited building resilience to cope with future disruption the highest, increasing profitability, and improving sustainability as key outcomes of technological advancements within their business, adds the company statement.