Yahoo Finance
Popular coffeehouse chain Starbucks Corporation (SBUX) is reportedly developing in-house software that uses artificial intelligence (AI) to decrease its reliance on outside software vendors.
Starbucks depends upon a Microsoft (MSFT) system that tracks inventory and an International Business Machines (IBM) tool that manages maintenance.
According to a Bloomberg report, the company's AI-based software is set to roll out by the end of next year, which could reduce its dependence on these software giants.
Right now, Starbucks is spending about $400 million a year on software, which is expected to be reduced with the help of AI.
The company is reportedly examining every contract and service as part of a wider plan to reduce costs by $2 billion.
While software stocks did not take the news kindly, SBUX's stock gained 2.54% intraday on July 9 as a result of this.
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Headquartered at the Starbucks Center in Seattle, Washington, Starbucks is one of the world's largest coffeehouse chains.
The company operates a broad network of company-owned and licensed stores across major markets, supported by wholesale and consumer-packaged goods businesses.
It has continued to refine its store portfolio while expanding drive-thru and international locations, strengthening digital ordering and loyalty engagement, and responding to inflation-related cost pressures.
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