Artificial Intelligence (AI) is probably one of the hottest disruptive technology in the world today. While many are still uncertain about how AI can be applied and relevant to their business, statistics show that retailers are able to gain up to 60% more of operating margins with the adoption of AI technology. Believe it or not – it is definitely a game changer that boosts or even transforms your business if you adopt it well.
We increasingly receive enquiries from our clients about AI technologies, and most of them are from the Retail B2C industry – In this highly competitive field, players are looking for something more than just traditional BI analytics – they crave for more advanced and predictive analysis to cope with their aggressive business growth, to facilitate their decision making, and help them sell and operate in a “SMARTER” way.
Hummingbird Analytics embraces machine learning technologies and comes with sets of AI engines. To satisfy the urgent needs from most of our clients, we first start with Demand Forecasting, which is critical to most businesses especially Retailers. With it, you can save time from doing hundreds of manual simulations and you can directly perform the data- driven forecasting based on your historical sales data. The recommended forecast can be narrowed down to location, store and even SKU level, allowing you to better manage your stock and even cash flow to meet the upcoming demand. Demand forecasting AI engine was available to market from May 2019.
We have a comprehensive release roadmap for our AI engines on a bi-monthly basis, Store Replenishment is going to be our next analytics engine releasing in August 2019. Inventory management is never an easy task – consider criteria like stock transition time and stock on-hand, the Store Replenishment engine enables companies to effectively manage their stock allocation to different locations and sales channels, and thus optimize their stock level and make sure they don’t miss any business opportunity.