The Internet of Things (IoT) and Artificial Intelligence (AI) are the foundation of the next major shift in the retail technology landscape – the intelligent edge. Edge computing allows data to be accessed where it is created and enables business processes outside the core IT environment.
In 2022, the International Data Corporation (IDC) predicted that European edge computing investments will reach $40 billion in 2022 and increase to nearly $64 billion through 2025, with a five-year compound annual growth rate (CAGR) of 16.4% .
Edge platforms are crucial to creating connected value chains that can detect and correct issues in real-time to support better decisions. For example, edge devices can monitor refrigeration and energy consumption to improve in-store margins and reduce unnecessary costs. As such, they can mitigate the impact of high inflation and the struggle for profitability.
The challenge for retail CIOs is to leverage the business value of IoT data by delivering edge platforms that can orchestrate complex workflows.