The Potential for Artificial Intelligence in Food Retail

Promoting and Advancing Petroleum Marketing, Retail Grocery, and Convenience Stores in West Virginia

Driving Local Business and Community Growth Across West Virginia

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OMEGA is a West Virginia-based organization dedicated to supporting and advancing the business interests of the state’s petroleum marketing, retail grocery, and convenience store industries.

As a network of over 225 locally owned businesses, OMEGA actively promotes cooperation, advocates for favorable legislation, and provides education and resources to its members. With over 50,000 employees, OMEGA members significantly contribute to the state’s economy, generating more than 10% of all state taxes and supporting local communities through scholarships, charitable donations, and civic involvement.

OMEGA is committed to fostering industry growth while serving West Virginians with essential services like fuel, food, and convenience.

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OMEGA offers three types of membership: Convenience Store Members, Petroleum Marketer Members, and Grocer Members, all of which play a vital role in providing fuel, food, and essentials across West Virginia. As a liaison with state and national agencies, OMEGA works closely with organizations like NACS, PMAA, FMI, and the N.G.A. to advocate on behalf of its members.

We keep members informed through newsletters, legislative updates, an online resource hub, and educational seminars. Additional member benefits include access to the Encova Workers’ Compensation Discount Program and participation in our annual Trade Expo and fundraising efforts for children’s charities. OMEGA is here to support, advocate, and enhance the success of our industry members.

According to a fall 2017 MIT study, 85 percent of executives believe artificial intelligence will transform their companies, but only one in five have done anything to begin incorporating it into their operations.

By: Doug Baker, Vice President, Private Brands & Technology, Food Marketing Institute <img src="https://www.fmi.org/images/default-source/blog-images/retailer-using-technology-in-the-aisle.tmb-large-350-.jpg?sfvrsn=76b4796e_1" data-displaymode="Thumbnail" alt="Retailer Using Technology in the Aisle" title="Retailer Using Technology in the Aisle" style="float: right; margin: 10px;" /> According to a fall 2017 <a href="https://sloanreview.mit.edu/projects/reshaping-business-with-artificial-intelligence/?utm_medium=pr&utm_source=release&utm_campaign=airpt17">MIT study</a>, 85 percent of executives believe artificial intelligence will transform their companies, but only one in five have done anything to begin incorporating it into their operations. When you think about AI you might immediately jump to the idea of robots and computers. But the reality is that a lot of AI applications are around leveraging both internal and external data in new ways. This can help food retailers better satisfy the mandate from consumers to understand and anticipate needs in real time, delivering both a world class physical and digital experience. This is perhaps the first step in the AI journey and represents the chance to develop a competitive, data-driven advantage. It’s an exciting time as AI has globally moved from science fiction to measurable impact and ROI. According to r4 Technologies, “The job of artificial intelligence is to continuously sense what people want and deliver value, faster and faster, by tapping into the wealth of information trapped inside legacy systems.” Forgoing fear, uncertainty and doubt, AI is already being used by many retailers and manufacturers to drive merchandising, marketing, supply chain, ecommerce, loyalty and more, delivering real profit and growth within existing and new outlets.   Still, food retailers have important questions about AI, including: <ul> <li>What are the solid AI use cases that have a direct and measurable return on investment? </li> <li>How can retail companies using AI stay ahead of competitors? </li> <li>What innovations are being pioneered as potential retail game-changers?</li> <li>Which AI applications have a direct, hardline return on investment?</li> </ul> FMI hopes to be a resource for you as you ask your questions and explore your business options. Retail technology and the consumer experience are certainly at a pivotal time and we all need to evaluate the options and look around the corner to prepare. FMI will be exploring these questions and more during the <a href="https://www.fmi.org/midwinter-conference">Midwinter Executive Conference</a> where <a href="http://www.r4.co/">r4 Technologies</a>, an AI innovator and Enterprise AI Platform, will lead an Executive Roundtable discussion on Sunday afternoon, January 28th on the opportunities with AI with real world cases from both food retail and applications we can translate from other industries. We encourage you to take this <a href="http://tr.subscribermail.com/cc.cfm?sendto=https%3A%2F%2Fwww%2Esurveymonkey%2Ecom%2Fr%2FGBSC3M5&tempid=b989fb6bd0f04d69848bf9ca20de27d8&mailid=0edcd30e426949ddbfa9eb6f30de375e">quick 1-minute AI survey </a>in advance to help inform the session. In addition, FMI is hosting <a href="https://shoptalk.com/grocerytalk">Grocerytalk</a> at Shoptalk in March with AI sessions and exhibitors. Also we have a webinar planned for March on applications of Artificial Intelligence Check the schedule for more details, <a href="http://www.fmi.org/Webinars">www.FMI.org/Webinars</a>.

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Supporting West Virginia Communities

OMEGA members play a vital role in West Virginia, supporting communities through substantial tax contributions and a wide-reaching presence across the state. With over 55% of the population living in border counties, our members are dedicated to serving both local and regional needs. Beyond business, we’re proud to give back, having contributed over $3.1 million to children’s charities since 2003, reflecting our commitment to making a positive difference.