Symphony RetailAI, a leading global provider of integrated AI-powered marketing, merchandising and supply chain solutions for FMCG retailers and manufacturers, today announced that it was recognized as a Representative Vendor in 2021 Gartner Market Guide for Retail Store Inventory Management Applications [1] (Gartner subscription required). Symphony RetailAI is one of 13 vendors named in the report that provide all major components described in the research.
Read More: Zipwhip Expands Into Canada With Calgary Developer Hub
According to this report, Gartner states, “For Tier 1 unified commerce retailers, store inventory management (SIM) refers to the efficient and effective management of stock across all in-store processes down to SKU/item-level granularity.” Further it adds, “With the lines between store inventory and ‘upstream’ inventory blurring, retailers should evaluate their SIM deployment strategy holistically in conjunction with upstream demand forecasting, inventory allocation and replenishment processes. AI-based intelligence to drive more accurate demand forecasting should be analyzed in tandem with the data inputs gleaned from real-time IoT data streams from the store. This will, in turn, enable creation of tailored market assortments and forward deployment of inventory to stores based on localized market needs.”[1]
Gartner’s report also mentions, “Ultimately, AI will be the single biggest influence on retailers’ ability to discern real-time inventory feeds across their entire estate, particularly in their stores.”[1]
Symphony RetailAI’s GOLD Supply Chain Optimization Suite is comprised of Supply Chain Insights, Inventory Management, Order Fulfillment, Distributed Order Management, Click and Collect, and Master Data Management. Through a unified, end-to-end view of the supply chain, each application supports fresh item inventory management to reduce food waste and minimize out of stocks.
Read More: SalesTechStar Interview with Atif Mushtaq, Founder & Chief Product Officer at SlashNext, Inc.
Access to the right data in real time equips associates to make informed decisions around in-store stock and the fulfillment of omnichannel orders. Finally, as a part of Symphony RetailAI’s single, cloud-native data platform, the GOLD Supply Chain Optimization Suite is supported by the company’s forecasting and replenishment solutions. With accurate and AI-powered demand forecasts and a consolidated view of inventory, retailers are able to reduce costs and improve customer service in stores.
“We believe that our inclusion in Gartner’s Market Guide for Retail Store Inventory Management Applications is confirmation of our suite’s alignment with today’s business needs, particularly as retailers look to reduce inventory-carrying costs and satisfy customer demand in an omnichannel environment,” said Patrick Buellet, Chief Strategy Officer, Symphony RetailAI. “Also, in our review of Gartner’s analysis, we’re one of only four Representative Vendors that meet all of the evaluated capabilities for SIM applications. By leveraging the Symphony RetailAI GOLD Supply Chain Optimization Suite, our customers achieve up to a 35% reduction in inventory, 40% improvement in productivity, and a 45% reduction in waste.”
Read More: How Intelligent Business Plans Can Forge Stronger B2B Relationships