Three out of ten companies in the consumer and retail sector have partially or extensively adopted Artificial Intelligence (AI). However, this figure could reach 85% in the next three years, representing an increase of over 150%, according to a survey conducted by KPMG.
As for the implementation of generative AI, adoption is still more timid: only 14% of companies currently use this technology, but the expectation is that this number will reach 60% in the coming years.
“The consumer and retail sector is making considerable progress in adopting Artificial Intelligence in finance. There has been an increase in the use of technology due to benefits such as data processing, effective reporting, predictive and real-time analysis. Overall, most companies report that the returns generated are meeting or exceeding expectations and may have an impact on several sectors in the future,” highlights Fernando Gambôa, KPMG’s leading partner for consumer and retail in Brazil and South America.
Regarding the industry’s level of maturity in adopting AI, 55% of companies are already in the implementation phase, 27% are leading the way in using it, and only 18% are still in the initial phase. In addition, companies in the sector currently allocate 9% of their budget to AI. This percentage is expected to grow to 13.8% in the next three years.
When asked about the main barriers to adopting AI, retail executives pointed out the vulnerability of data security and privacy as their biggest concern, mentioned by 58% of respondents. Next came the lack of skills and technical knowledge, with 56%, and the difficulty in collecting relevant and consistent data, with 47%. Despite the challenges, the study revealed that the sector is already recording a return on investment (ROI) of 29% with the use of AI.
“Companies are turning to AI in various aspects of their financial areas. The survey results indicate that accounting and financial planning were the areas that have made the most progress in the implementation and use of AI, mainly due to the potential benefits it brings to many of their activities, which can range from improving data processing and financial reporting to real-time data and predictive analysis,” says Rodrigo Gonzalez, lead partner for technology and innovation for auditing at KPMG in Brazil.
Image: Envato
*This text was translated by AI
