Did you know that Artificial Intelligence saves up to 100 million dollars in Retail production?
The proposal for redistributing stock in the store that is based on the application of Intelligent Artificial ROIvolution, from the management company Retail Analyticalways, has achieved savings in Retail production worth 100 million dollars (around 90 million dollars) in the last two months.
· In two months, the unnecessary production of 2,914,000 product units has been avoided (the figure varies according to store coverage preferences)
· In terms of sustainability, Analyticalways contributes to preventing 73% of fashion production from being incinerated or discarded
· At the same time, the optimization of the stock increases the profitability of the Retailer
Mobilizing an average of 10% of the stock, working with the specific “transfer” functionality, the ROIvolution application has managed to save millions of dollars that were going to be unnecessarily invested in new manufacturing, and apply them to strategies with a higher rate of return. This figure is obtained by eliminating the unnecessary investment that companies would have made if they did not have the tool that predicts that it is not necessary because it will not be profitable.
The main objective of this adaptation of the available stock to the real demand is to optimize the sales process from the moment the product is conceived, so that excessive production, toxic stock or slow movers are eradicated.
Eco-friendly management triggers realities such as the reduction of polluting agents, energy or water consumption during production
The two main consequences of this methodology are an adequate investment in stock, on the one hand, and the drastic reduction of overstock on the other. At a global level, we would be talking about zero impact on the environment, that is, those materials or products that predictions indicate are not necessary to create would not be manufactured.
In the current business context, in which the production of some sectors, such as fashion, has doubled in the last decade, eco-friendly management triggers realities such as the reduction of polluting agents, energy consumption or water during production (each year 93,000 million cubic meters of water are used, which is equivalent to the supply of five million people according to the UN). Unfortunately, according to the Greenpeace platform, up to 73% of the clothing produced annually ends up incinerated or in landfills.
Now you know, predictive alghoritms and Artificial Intelligence save up to 100 million dollars in Retail production.
You might also be interested in…
Up selling and cross selling: increase your sales with practicle examples
Analyticalways and Linx, united for a common goal: Retail optimization