September Edition: AI and retail, cyber strategies in private equity investments and the business case for prioritizing supply chain diversity

Presenting the trends, insights and emerging stories you need in this moment.

Generative AI-powered stores and the future of retail

Generative AI is set to revolutionize the retail industry by transforming operations, empowering colleagues and driving growth. This technology offers a dual advantage by improving cost efficiency and productivity while enhancing customer experience.

Generative AI streamlines store operations by automating repetitive tasks like scheduling and customer inquiries, freeing up colleagues to focus on customer interaction and sales. It also acts as a copilot, assisting with complex customer queries and supporting decision-making in inventory management and production planning.

Equipping colleagues with generative AI enables them to transition to customer-facing roles, boosting sales and customer loyalty. Additionally, generative AI enables hyper-personalized customer outreach, providing relevant promotions and product recommendations.?

To shed light on these developments, Oliver Wyman has released The Future Of Retail - Generative AI-Powered Retail Stores Report , which reviews how implementing generative AI in retail holds significant potential for cost efficiency, improved service and sales growth.

Creating value in private equity investments through robust cyber strategies

In today's business landscape, organizations are embracing new technologies to enhance efficiency and customer experiences. However, growing cyber threats underscore the need for effective cyber risk management.

For private equity funds investing in companies of all sizes and industries, understanding and quantifying cyber risk is essential to evaluating the viability of a target company. Most private equity funds prioritize strengthening a portfolio company's cybersecurity as a crucial aspect of their value creation and exit strategies.

In a recent episode of Marsh’s Risk in Context podcast series, Paul Knowles speaks with David Hau , Jeff Bird and Allison Pan about the challenges that private equity funds face in relation to cybersecurity, including the difficulty of linking cybersecurity to financial decision-making. The conversation emphasizes the significance of collaboration in enhancing an organization's cyber hygiene as a value-creation strategy.

The strategic importance of diversifying your supply chain

The strategic importance of diverse enterprise spend is increasing, going beyond social responsibility. Supplier diversity programs promote healthy competition, lower prices and foster innovation in the supply chain, all of which benefits both businesses and communities.

To fully embrace supplier diversity, organizations should take a comprehensive approach . This involves executive sponsorship, setting metrics and goals, regularly reporting on diverse spend, mandating subcontracting and outreach, implementing fair evaluation processes and integrating diverse suppliers in professional services.

?The return on investment of supplier diversity can be significant and diverse. It includes accessing new markets, driving innovation, enhancing the brand, achieving cost savings, boosting employee engagement and ensuring compliance. By adopting these practices, organizations demonstrate a tangible commitment to supplier diversity and contribute to a more inclusive and equitable business environment.

Meet Marsh McLennan

As we recognize Hispanic and Latinx Heritage Month this September and October, we are proud to introduce Duare Perez Alonso , a Guy Carpenter Managing Director based in our New York office. Originally from the Canary Islands in Spain, Duare left to study abroad at the age of 18, which eventually led him to the US where he has lived since 2006.

Duare joined Marsh McLennan a year ago as a part of the Guy Carpenter Global Analytics & Advisory team, where he helps to establish the "Guy Carpenter View" by connecting data sources and making their capabilities more accessible to clients. Using his background in reinsurance and finance, Duare works alongside clients to set risk tolerance frameworks, capital allocations and ongoing growth strategies.?

In addition to participating in Marsh McLennan’s Hispanic and Latinx Heritage Month 2024 program , he stays in touch with his background through traditions and customs, particularly the importance of family, community and kindness. Perez and his wife continue this tradition by hosting neighborhood meals and games in their home in Doylestown, passing on these values to their children.

Are you already connected with Duare? If not, check out his profile , follow and connect with him to keep up with his latest work and thought leadership.

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