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Could Custobot do our shopping for us in a few years time?
Thanks for asking!
The subject of today's episode is a form of technology that's halfway between artificial intelligence and blockchain.
What's more, American technology consulting company Gartner included it in its list of the top 10 strategic technology trends for 2024.
The word is a combination of customer and robot.
Gartner say that customer systems are capable of autonomously negotiating and purchasing goods and services in exchange for payments.
They're intelligent enough to behave like customers, buying services and supplies for both their owners and themselves.
An extract from Gartner's press release reads By 2028, 15 billion connected products will exist with the potential to behave as customers, with billions more to follow in the coming years.
This growth trend will be the source of trillions of dollars in revenues by 2030 and eventually become more significant than the arrival of digital commerce.
Custobots can take various forms artificial intelligence, connected devices or even small physical robots that can move around to assist customers.
They can also collect and analyze data such as purchase history, previous interactions and preferences.
Do you have any concrete examples of how one could use a custom bot?
One possible benefit is that custom bots, at least in theory, act more logically than humans, which is because their decisions are influenced by calculations, so they're immune to advertising.
That means they can help businesses make more rational financial decisions, for example.
They could also improve sales forecasting through automated orders, allowing companies to sell prior to production.
With Custobots handling tasks like that, human employees will have more free time to engage in higher value, creative tasks or solve complex problems.
That of course comes with the flip side that the use of Custerbots could eliminate some human jobs.
By calculating needs based on past consumption, Custerbots can assist human customers in making efficient purchases and thereby saving money.
For example, if a person often throws away perishable fruit or leftover milk bottles, the Custerbot might purchase smaller quantities to reduce waste.
The technology could also help buy products from geographically close locations, meaning shipping costs are lower, or choose higher quality products that are more expensive in the short term but cheaper in the long run.
Just think of a refrigerator that orders food items on its own, or smart coffee machines and electric toothbrushes that buy capsules or replacement heads.
And Custobot technology is actually already out there.
For example some printers are programmed to order ink cartridges just before they run out.
And smart speakers like Alexa are also compatible with cars, bikes or toilets, allowing users to make purchases for refills.
There you have it.
Now you know whether Custobots could do our shopping for us in a few years' time.
In under three minutes, we answer your questions and help you understand the true meaning behind the trends, concepts and acronyms that are making headlines.
Listen along and you will really know for sure.
