Jon StojanVast amounts of data are generated daily, and companies are racing to utilize it to streamline operations, enhance customer experiences, and drive profitability. This instance has prompted businesses to utilize artificial intelligence (AI) to stay competitive in a data-driven world. With its ability to process and analyze unstructured data, AI presents immense potential in producing opportunities for insightful decision-making. The prediction that generative AI alone could boost the global gross domestic product (GDP) by 7% over the next decade emphasizes the massive impact of this technology.
The allure of AI is undeniable. However, its adoption and implementation require substantial investments in time, money, and expertise. This is particularly true when companies decide to build their AI systems internally, from the ground up. This process requires not only massive amounts of financial resources but also finding the expertise and teams required to manage the operations. The resources required for this undertaking are prohibitive for smaller companies, meaning they struggle to take advantage of AI and keep up with bigger players in their industries.
The financial burden can be overwhelming. In 2022, global corporate investment in AI reached nearly $190 billion. Such investments might be justifiable for large enterprises. On the contrary, for small to mid-sized retailers, the cost and effort involved make the prospect of AI adoption seem out of reach. Prem Kiran, the CEO and Founder of Hypersonix, Inc., provides valuable insights into this complex landscape.
Kiran is a respected voice in the AI community. He has solidified his influence in the space as a serial entrepreneur with a track record of scaling enterprise companies. The CEO boasts extensive expertise, previously assuming senior executive roles at SAP, where he led the Business Analytics Groups. This experience makes him well-versed in navigating the challenges and identifying opportunities for AI in business.
He shares, “I’ve always had a tendency to steer clear of buzzwords that get tossed around, but I’ve always believed in the power of data. When you combine it with algorithms, machine learning, and AI, the results can be transformative for a business. That’s the vision driving us at Hypersonix.”
The seasoned professional’s perspective on AI implementation is relevant for small and mid-sized retailers who might find themselves at a crossroads. “Smaller retailers recognize the potential of AI. They also have a strong appetite for innovation like the big players,” Kiran states. “The issue is the traditional approach of building AI systems from scratch is simply not feasible for them. The financial strain and resource allocation needed would erode their profit margins. They could also jeopardize their business operations.”
Kiran asserts that the key is for small to mid-sized retailers to adopt AI in an affordable and efficient way without compromising on the benefits that AI can bring. He advises businesses to consider AI as a service instead of attempting to build it in-house. The AI landscape has evolved, and there are platforms that offer AI solutions on a service basis. They provide access to sophisticated AI tools without demanding substantial upfront investments.
“Small and mid-sized businesses can gain the same advantages that large companies can achieve only after years of development and millions of dollars spent by leveraging AI as a service,” the CEO emphasizes. Hypersonix emerges as a reliable partner in this space. It developed ProfitGPT, an AI platform designed to help eCommerce and retail businesses grow profitably.
The innovative platform is built on a Commerce Large Language Model, which provides actionable intelligence across various aspects of the business (e.g., sales, shipping, competition analysis, demand forecasting, etc.). For instance, the Pricing AI feature within ProfitGPT allows retailers to optimize their pricing strategies by analyzing vast amounts of competitive data. It ensures their pricing remains competitive without sacrificing margins. Similarly, the Competitor AI feature offers clients insights into their competitor’s strategies. It enables them to adjust their approach in real time to stay ahead in a saturated market.
Hypersonix stands out for integrating seamlessly with existing eCommerce, ERP, financial, and accounting platforms. With its offerings, businesses can tap into advanced AI capabilities without needing extensive IT resources or a lengthy setup process. This plug-and-play model benefits smaller players.
The forward-thinking company further distinguishes itself with its modular approach to AI implementation. “We understand that not all businesses have the same needs and challenges,” says Kiran. “Hypersonix’s platform is designed to be flexible. Retailers can start with the modules that address their most pressing concerns. Whether it’s pricing optimization, competitor analysis, or inventory management, we offer solutions that suit every need.” This modular approach guarantees businesses that they can scale their AI capabilities as they grow.
For those concerned about data regulations, Hypersonix adheres to System and Organization Controls (SOC) standards. SOC is crucial for businesses handling sensitive data. By complying with SOC, the company safeguards its customers’ data, assuring them that Hypersonix’s AI-driven processes are secure and reliable.
The demand for AI implementation continues to grow, and businesses must carefully consider how they approach this advanced technology. Kiran’s insights and the solutions offered by Hypersonix can help small and mid-sized retailers leverage AI without incurring prohibitive costs or long development times.