Tredence will leverage Databricks’ Lakehouse Platform to help retailers in solving the trillion-dollar problem of out of stocks.
Tredence Inc., a leading data science and AI engineering company, announced a partnership with Databricks, the leader in unified analytics founded by the original creators of Apache Spark™. The partnership has jointly built the On-Shelf Availability Solution (OSA) accelerator that helps retailers and manufacturers solve out-of-stocks by combining Databricks’ data processing capabilities and Tredence’s expertise in AI/ML.
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Shoppers encounter an out-of-stock (OOS) as often as once in three shopping trips, according to IHL Group research. On-shelf availability (OSA) is the biggest challenge in Retail as retailers miss out on nearly $1 trillion in global sales because they do not have on-hand what customers want to buy in their stores.
The On-Shelf Availability accelerator co-created by Tredence and Databricks promotes real-time out-of-stock alerts, enables retailers to optimize on-shelf availability and identifies root-cause drivers of out-of-stock to improve day-to-day sales. The accelerator is a robust foundation of best practices, quick-start guides and notebooks for a full out-of-stock or supply chain solution.
As a result of the partnership, enterprise organizations will:
- Identify historical out of stocks
- Predict out of stock risks
- Create automated and accurate out of stock alert models
- Equip retail associates to act quickly and replenish shelves
- Quantify the business value to improve on-shelf availability
Tredence is focused on solving the last mile problem in analytics and works with the largest retailers on the planet to understand the nuances of modeling out-of-stock (OOS). Databricks’ Lakehouse Platform helps organizations accelerate innovation by unifying data teams with an open and scalable platform for all their data-driven use cases. The combination of Tredence’s advanced data science capabilities and Databricks’s data processing provides a winning combination.
“We’re excited to be working with Tredence as they leverage the power of Databricks’ Lakehouse Platform to help retailers solve critical pain points and uncover actionable insights from their data,” said Rob Saker, Global Industry Lead, Retail & Manufacturing, at Databricks. “We look forward to seeing the value this Solution Accelerator and our partnership deliver for customers.”
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“Tredence is excited to co-innovate with Databricks to deliver transformational Industry Solution Accelerators leveraging our advanced AI/ML-powered data analytics expertise. Our partnership enables Tredence data scientists to combine the real-time processing power of Databricks’ Lakehouse with Tredence Studio, an Enterprise Innovation Platform that operationalizes AI and rapidly develops Machine Learning Solution Accelerators at scale. Together with Databricks, we expect to meet the explosive enterprise customer demand to scale industry-specific AI/ML innovation and deliver transformational industry value in real-time for their business,” – Rich Williams, VP – Data Engineering, Tredence.