amp; CEO of Coca Cola, James Quincey discuss how Generative AI practices were driving digital innovation, as well as some of the ethical implications involved in the take-up of AI. Starting to get brilliant Although the take up of AI is not a new phenomenon, Coca Cola CEO Quincey believes that the retail and business community is still in the early stages of its adoption. Across the industry, he believes that its impact is vastly overestimated in the short term, while its potential under-estimated in the long term. Quincey explained that Coca Cola is currently using AI internally to great effect. “We started feeding all our internal documents into the AI model. Now we have a little button that can say, ‘what’s the HR policy on this, or how should I approach the technical maintenance of [something], and it’ll spit out the answer,” he said. IGA CEO Ross added that retailers are “the poster children” for big data. While data is generated with every transaction, it can be difficult to process, and even more challenging to convert that data into relevant insights that help businesses make key decisions. AI now has the potential to utilise data, and effectively communicate and integrate it across the entire business network. “[For instance] if there’s a problem with produce – or we’re having a sales shortfall – the people with the cultural wisdom in the store can interact with that data, and ask questions in a language they understand [and] in order to fix [their] problems,” Ross said. “Suddenly, using AI, [I can] combine the street smarts of the retail operation, with ubiquitous access to all that data. And that’s where we start getting brilliant. “I couldn’t be more excited about it.” The change curve Ross explained that IGA is using cutting technology across its international store network. This includes, but is not limited to, using robots for stock management, and AI engines to optimise shopper flow. Microsoft Japan president Tsusuka agreed that there is almost incomprehensible amount of data available, and that generative AI has the potential to utilise and personalise it for retailers.  Meanwhile, Quincey explained that – as with other technological advancements – there would be a period of trial and error, where people work to understand its capabilities. He believes AI would likely lead to some job losses, but that the majority of jobs would be enhanced by the technology “The first fear is that it’s going to get rid of me. But the historical and current observation would be that it enhances most jobs. It also pushes you to do things differently. People will have to adopt and change, and we’ll mess around. Then we’ll go through the change curve, getting rid of those boring activities that occupied us, and allowed us not to think,” he said. “[Next] we’ll focus on high value activities. [It] might over time shift how we value jobs. We’ve spent the last 60-70 years increasingly valuing knowledge workers. But, if knowledge workers become more available through the press of a button, what jobs are we going to value.” Tsusuka backed this up, referencing a report from a study of about 31,000 workers, which showed that 49 per cent were concerned that they would lose their jobs. Further, 70 per cent said they would use AI technology if it helped with their job. “A young and old talent pool is ready to embrace [AI], and I think there’s a re-skilling revolution going on too,” Tsusuka said. “The old jobs are no longer going to be the same. If you look at the jobs of a decade from now, they are going to change anyway, [but] I think generative AI will accelerate that,” she said. Flooded with content The panel also discussed the challenges that generative AI could present in the short and long-term future. According to Quincey, retailers and businesses who were not experimenting now – and are trying to play catch up later on – could find it difficult to keep up. He put forward the argument that – through AI image creation technology – it would be easier to engage with consumers through digital mediums. With the cost of marketing and advertising potentially going down, people would be able to produce more of it. As a result, the market would be flooded with more content. A cheapening of the product could potentially lead to a reversion back to physical experiences – in line with customer presences. Ross maintained that there was the risk that AI technologies like ChatGPT produce incorrect responses. This, he said, could potentially lead to brand and reputational damage. But, he said that we’re still in the “early, early stages of this and – as the technology matures – the reliability of these commercial engines would improve. He added that the democratisation and ease of access to data through AI would enable people to make “smarter consumer decisions.” For instance, if consumers can ask AI to help them improve their diet, or make recommendations, their decisions could inform businesses to make relevant changes. “I think what makes it so exciting is when the consumer gets hold of our data, and begins to interact with it, they’re going to be teaching us [in ways] that we’ve always been too close to see,” Ross said. Good outweighing bad Tsusaka believes that the good will likely outweigh the bad with generative AI but – as business and consumer leaders – they need to make sure that responsible practices were adhered to, and they were using this tool to support its ESG and other goals. Quincy agreed that AI is likely more good than bad, but said that it was important that executives have a strong understanding of the fundamentals of the AI it’s using. He added that companies would continue to use AI in a number of different ways, with regulation set to follow. “The dark side is that it’ll throw up a huge amount of disinformation over the next few years, but there’ll be a whole section of AI users that will make the world better, and won’t be so talked about,” he said. One of the key dangers, Ross said, is bias. As such, he believes that it would be important to keep an eye on who’s loading and collating the data. Tsusaka added that leaders need to have a roadmap in how they use the technology. “The most successful and exciting digital use cases are the ones that affect the top line,” she said. “So thinking about that balance [is important].”