Innovations in Machine Learning and Artificial Intelligence Help Tap into Multiple Demand Signals to Sense and Respond with Greater Precision
Logility, Inc., a leading provider of advanced retail planning and collaborative supply chain optimization solutions, continues to deliver innovations that help retail and consumer goods businesses serve a more demanding consumer. At NRF 2019, Logility unveiled new advanced demand sensing and analytics capabilities to sense and respond with greater precision. Utilizing advanced artificial intelligence (AI) and machine learning (ML) techniques, Logility Voyager Solutions™ uncovers the hidden opportunities within both structured and unstructured data sources (demand signals) to help retailers sense and respond to the rapid shifts in consumer behavior and preferences.
“We are bringing greater precision to retail forecasting and allowing planners to focus on the results and not the process. By turning data into action and automating routine processes we can significantly collapse planning cycles, remove risk and increase confidence in the plans.”
Today, retailers are challenged to ensure each location and channel is able to profitably serve its consumers by placing the right merchandise at the right place at just the right time. Historically, retail planning teams might have to wait four or more weeks to receive sales and shipment information. Often, especially in fashion retail, this was too late as the planning team would be onto the next collection. Logility’s enhanced demand sensing capabilities allow retailers to tap into data such as point of sale (POS), competitive pricing and promotions, as well as syndicated data sources such as weather and new housing starts to generate a more accurate demand forecast. This information helps retailers and consumer products companies sense market opportunities and deploy inventory based on precise allocation and replenishment plans by channel/location to ensure consumers are able to purchase the merchandise they want, when and where they want it.
Logility’s machine learning algorithms utilize multiple demand signals to sense changes and automatically adjust the forecast and replenishment plans. The result is that Logility’s demand sensing improves short-term forecasting by up to 40 percent while enabling organizations to have a leaner inventory deployment strategy, increased inventory turns and a greater than 10 percent customer service level improvement.
“Retail is about speed and the ability to cost effectively delight consumers across multiple channels,” said Allan Dow, president, Logility. “We are bringing greater precision to retail forecasting and allowing planners to focus on the results and not the process. By turning data into action and automating routine processes we can significantly collapse planning cycles, remove risk and increase confidence in the plans.”