Feb 26, 2020
The Retail Industry Leaders Association (RILA) is the trade association representing the world’s largest retail brands and industry experts. RILA has awarded invent.ai, a provider of AI solutions for retailers, with the 2020 Startup Innovation Award for Supply Chain. Invent.ai's solutions use artificial intelligence (AI) to help companies optimize their inventory and pricing levels.
Each of the finalists presented their solutions to the attendees during a general session at LINK2020, and attendees voted on the winner. “We’re honored to win RILA’s Startup Innovation Award,” said Gurhan Kok, founder of invent.ai. “The tremendous feedback we’ve received shows retailers are ready to take inventory management to the next level and that our profit-maximizing solution, driven by state-of-the-art AI, is what they have been waiting for.”
“As retailers look to evolve their supply chains to meet consumer demands in new and exciting ways, exposure to new players and cutting-edge solutions is incredibly valuable,” said Jess Dankert, RILA’s Vice President of Supply Chain. “The Awards showcase innovation, and the fact that top retail supply chain executives chose invent.ai as the winner is a great testament to their technology and hard work. RILA is honored to be able to recognize them in Dallas.”
How does AI-decisioning give your business a competitive advantage?
An effective supply chain plan for retailers makes use of advanced AI to process vast amounts of data, predict demand and make real-time, long-term decisions. This leads to more supply chain resilience, thus improving efficiency. AI enhances several parts of a supply chain making it cost-effective for the companies overall. From sourcing raw materials to the delivery of the finished product, AI-driven solutions create complete visibility of a product or potential optimization opportunities in fulfillment, reducing lead times and costs. Below are some of the ways AI creates resilient supply chains.
- Demand forecasting: Using historical data, market trends, social media, weather patterns and other factors advanced AI predicts the future more accurately. This results in better inventory management and reduction of phantom inventory and lost sales.
- Real-time tracking: Not only can advanced AI track inventory in real-time, it can also automate allocation and replenishment based on demand, thus maintaining inventory levels optimally.
- Route-optimization and delivery scheduling: AI-powered systems can swiftly analyze weather patterns, traffic conditions, delivery windows and the number of deliveries to be made. Transportation costs are thus significantly mitigated and it also results in lower carbon emissions. This feature can be a game changer when it comes to last-mile delivery and just-in-time (JIT) delivery for the rush of holiday retail.
- Supply chain management (SCM): In older systems, several parts of the supply chain may work separately from one another. AI-decisioning brings such parts together to create a seamless experience..
- Dynamic pricing: AI models analyze market conditions, customer behavior, competitor pricing and demand forecasting in real time. Thus, AI helps predict and mitigate disruptions, improving overall supply chain resilience. This results in maximizing revenue while also improving customer satisfaction.
Advanced AI is revolutionizing the supply chain by improving efficiency, reducing costs, enhancing customer experience and increasing flexibility in a rapidly changing market. However, the potential benefits of AI-driven solutions make it a critical component for future-proofing supply chain operations. As AI technologies become more accessible and integrated into business strategies, companies that adopt them will know how to make the most of the situation in the evolving global marketplace. Explore the value of AI for retail by connecting with an expert at invent.ai today.