Jan 11 2019
Symphony RetailAI to showcase innovative AI-enabled solutions launched in 2018 that enable high-volume retailers to ‘identify, activate and realize’ profitable revenue growth
Symphony RetailAI, the leading global provider of Artificial Intelligence-enabled decision platforms, solutions and customer-centric insights that drive validated growth for retailers and CPG manufacturers, today announced rapid acceleration of the company’s AI capabilities over the past year.
This includes the introduction of new AI-enabled solutions and expanded features to existing solutions, industry recognition for Symphony RetailAI’s continued innovation, and early results that emphasize the impact of AI for delivering profitable revenue growth for its retail customers. Symphony RetailAI will showcase its newest solutions at NRF booth #3036.
“When we launched Symphony RetailAI at NRF 2018, we anticipated that AI capabilities would define advantage and success for high-volume retailers and CPG manufacturers moving forward,” said Dr. Pallab Chatterjee, Chairman and CEO, Symphony RetailAI. “Our progress in the last year proves that AI isn’t just transforming retail, it’s already enabling it. To further support this, we have launched a framework for the adoption of our AI-enabled solutions that helps our customers to intelligently identify growth opportunities, activate and execute informed decisions, and realize the value from AI by measuring the improvement in revenue and profit.”
Innovation has made AI-enabled retail a reality
In the last 12 months, Symphony RetailAI introduced new AI-enabled solutions that have helped its customers identify billions of dollars of revenue growth opportunities, through supporting some of retail’s most critical and data-driven processes:
- In the spring, the company launched SR Promotion PlanningAI to provide prescriptive recommendations and “what-if” analysis for marketers.
- SR Personalized MarketingAI was introduced mid-2018, leveraging unique shopper data and prescriptive analytics to send targeted offers across channels.
- Most recently announced was SR Demand ForecastingAI, a solution that incorporates machine learning to understand sales patterns, anomalies and external impacts, and determines their relevance to significantly improve demand forecasts.
In addition to these new AI offerings, Symphony RetailAI added new skills to its unique digital analytic assistant CINDE (Conversational Insights and Decision Engine), and released SR Virtual Store Remodeling, allowing high-volume retailers and CPG manufacturers to implement new store layouts and test category concepts faster and at lower cost, incorporating shopper feedback generated through virtual reality testing.
A new way to realize the true value of AI
To help high volume retailers and CPG manufacturers move beyond the hype of artificial intelligence and toward the actual realization of benefits, Symphony RetailAI has launched its three-pronged approach to delivering profitable revenue growth – “Identify, Activate, Realize.”
- Identify – Uncover growth opportunities through AI recommendations
- Activate – Plan and execute intelligent actions
- Realize – Measure the improvement in revenue and profit
This provides Symphony RetailAI a framework for moving its customers through logical steps that lead directly to measurable revenue and profit gains. For example, SR Demand ForecastingAI is showing early results up to a 50% increase in forecast accuracy and 75% reduction in errors. SR Personalized MarketingAI has helped retailers achieve a 50% improvement in offer redemption rates. And SR Promotion PlanningAI is driving up to 4x greater promotional effectiveness, thereby maximizing sales, margins and volumes.
Industry recognition in 2018 and a vision for 2019
Symphony RetailAI’s innovative approach to applying technology to solve retail-specific challenges, as well as the accelerated development of its AI-enabled offerings, has not gone unnoticed in the industry. Last month, the company won “Best Use of AI in Retail” in The Global Annual Achievement Awards for Artificial Intelligence (Awards.AI), and earlier in 2018, EnsembleIQ’s 2018 Retail Technology Innovation Index identified Symphony RetailAI as one of the top four companies for retail product innovation.
“The pace of change in the retail industry demands that high-volume retailers and CPG manufacturers regularly find ways to do more, at scale and at speed, than they do today,” said Graeme Cooksley, President and COO, Symphony RetailAI. “Our AI, machine learning, and virtual and augmented reality solutions are proven to do just that – delivering significant benefits across marketing, merchandising, supply chain and retail operations. Last year was an exciting year for us as we helped move AI from hype to reality for our customers, and we look forward to bringing new, industry-leading innovations to market in 2019 and beyond.”
Source: https://www.symphonyretailai.com/ai-enabled-retail-on-full-display-at-the-nrf-big-show-2019/