[Video] The AI Powered Future of Category Leadership - Insite AI (2024)

Join Vic Miles, retail and consumer goods industry leader at Microsoft and Shaveer Mirpuri, co-founder and CEO of Insite AI on this episode of “Beyond the Tech”

In this episode, of “Beyond the Tech” Mirpuri shares his journey into the field of artificial intelligence (AI) and how his experience in data science, computer science, and business led him to explore the practical applications of AI in various industries, including retail and consumer goods. He discusses the role of AI in automating data ingestion, scenario planning, optimization, and forecasting, enabling humans to focus on strategic and creative decision-making. Mirpuri emphasizes the importance of AI that provide explainable demand forecasting and insights into the drivers and constraints affecting sales for consumer brands.

The conversation focuses on the potential of AI to drive value for consumer goods companies in areas like hyper localized assortment optimization, demand forecasting, understanding price elasticities, and scenario planning. Mirpuri emphasizes the importance of explainable AI models that can break down the drivers and constraints affecting demand, sales, and pricing. He discusses the ability of AI to project accuracy into the future based on historical data and various factors, as well as the capability to run simulations starting from future time periods when business changes are planned. Mirpuri also highlights the value of scenario planning using AI to prepare for unpredictable events and macroeconomic conditions. Overall, the discussion underscores the potential of AI to provide granular insights, optimize decision-making, and drive growth strategies for consumer goods companies.

The discussion revolves around the necessity and potential benefits of investing in AI for consumer goods companies. Mirpuri acknowledges the significant time and efficiency gains AI can provide, enabling employees to be more strategic and thoughtful.

Mirpuri also underscores the exponential lead early adopters could gain over late adopters, as AI allows brands to optimize assortments, pricing, promotions, and decision-making processes. However, he stresses the importance of executive education and understanding AI methodologies to appreciate its use cases and ROI fully.

About Shaveer Mirpuri

Former executive and board member of two early stage VC backed companies (IPO and acquired), Shaveer subsequently invested in several tech companies in e-commerce, AI, consumer brands, and manufacturing, including new businesses with large corporate partners. Prior to this, he was a consultant to Walmart’s former CEO on AI. In 2019, the American Chamber of Commerce named him a top 3 in entrepreneurship, and today he is an active member of the Forbes Technology Council.

About Vic Miles

Vic Miles is the Americas Business Strategy Leader for Microsoft’s Retail Industry solutions group. Vic is responsible for go to market strategies, guidance to the client service teams and the integrated solution plan for Microsoft products in the retail industry. Vic joined Microsoft in April 2008 after over 10 years in retail as a Wal- Mart IT leader. Vic has built a specialty around retail store operations. His knowledge comes from leading application development for in-store retail systems, during his tenure at Walmart. Vic serves as an advisor to retail executives around the globe where he helps to achieve the Microsoft mission of empowering every person and organization on the planet to achieve more.