Walmart is heavily investing in new technology and trying out new programs and processes to be more consumer-friendly. Helping lead this charge is Jon Alferness, the big-box retailer's chief product officer.

What does Walmart's chief product officer do? In his words, he "[acts] as a nexus point to bring together [employees across teams] -- whether it's folks in design, engineering or business science -- to solve customer problems that deliver against the business goals and the business outcomes at scale." Essentially, if there's a big project that requires many different teams, Alferness is likely helping spearhead it.

Alferness joined the Modern Retail Podcast this week and spoke about his approach to the role, Walmart's latest product updates and his philosophy to buzzy emerging tech like artificial intelligence. He dove into how he approaches big product launches that transcend departments, as well as the data and research he uses when launching a new endeavor.

The tying bind behind all of this is that new products need to solve for a real need. When it comes to AI, for example, the product can't exist for its own sake. In fact, in his estimation, a new AI project shouldn't even have the technology in the name.

"From my point of view, it's not important to say, 'Hey, so we built such and such product, now powered with AI,'" he said. "I don't think customers care one way or another. I think they just want their problem solved."