WOMEN IN THE NEWS
Pioneering AI Lori Schafer, CEO of Digital Wave Technology, shares how generative AI can equip retailers and suppliers to succeed as technology evolves By Julianne Mobilian
The topic of artificial intelligence hit the broader mainstream in November 2022 when OpenAI launched its ChatGPT function. AI is still a new concept, but it will undoubtedly shape the retail sector for years to come. DSN caught up with Lori Schafer, CEO of Digital Wave Technology, to discuss how generative AI can break into operations channels. She also discusses how women can succeed in technical roles within retail.
Drug Store News: How has Digital Wave Technology
adapted its solutions to meet the evolving needs of retailers? Lori Schafer: Digital Wave Technology has leveraged its extensive expertise in retail, consumer brands and retail technology to adapt to the evolving needs of retailers. The company’s core strength lies in product data intelligence, addressing the complexities of ensuring the right product, content, placements, pricing, promotions, and inventory across all customer touchpoints. Digital Wave has built a platform that integrates master data across retail applications, from Product Information Management to merchandising, marketing and fulfillment solutions. This platform incorporates the latest cloud architecture including an analytical, highly scalable database and secure AI and generative AI capabilities native within the platform, enabling rapid development and adaptability of all retail applications. By providing a consistent and reliable data foundation, Digital Wave ensures one version of the truth and accuracy across channels, delivering actionable insights and equips retailers to enhance operations, improve customer experiences, and prepares retailers for an ever-changing future.
30 August 2024 DRUGSTORENEWS.COM
DSN: In your experience, what are the key challenges female leaders face in the retail technology sector, and how can these be overcome?
LS: I want to flip this question on its head and instead ask: how can female leaders use their position in the retail technology sector as a competitive advantage? The industry has made great strides in advancing women into executive roles. Women often bring nurturing and empathetic qualities, excel at reading people, and strive to understand subjects deeply before speaking. These traits enhance credibility and authenticity. Understanding the domain and how technology adds business value is crucial in retail technology. Additionally, women’s strengths in customer satisfaction and mentoring further bolster their effectiveness.
DSN: Could you share a recent success story where Digital Wave Technology improved the retail operations of a client? LS: Digital Wave Technology recently helped a multi-billion-dollar retailer by deploying PIM with Generative AI and AI Price Optimization. This resulted in a 50% increase in drop-shipped SKUs in 120 days and reallocated 25% of