Ikigai to Showcase Unique Generative AI Solution for Retail Demand Forecasting at NRF 2024 Innovation Lab
During the show, Ikigai Labs will showcase retail applications of its generative AI platform for tabular data. Ikigai Labs’ gen AI approach to time series and tabular data rewrites the way companies approach data reconciliation, demand forecasting and planning. Its patented Large Graphical Models (LGMs) are specifically designed for multi-variate, tabular and time series forecasting. By finding and applying dependencies and relationships between internal and external factors and variables in real time, retailers can generate accurate forecasts and make better operating decisions, ultimately leading to increased profitability and customer satisfaction.
“Demand forecasting can be particularly challenging for retailers with limited sales data from new SKUs or vendors, as well as for those experiencing external, often unpredictable, influences such as weather, supply chain disruptions, or changing customer sentiment”
“Demand forecasting can be particularly challenging for retailers with limited sales data from new SKUs or vendors, as well as for those experiencing external, often unpredictable, influences such as weather, supply chain disruptions, or changing customer sentiment,” says Devavrat Shah, co-founder and CEO of Ikigai Labs. “The Ikigai Labs demand forecasting solution simplifies the reconciliation of internal and external data to create a single source of data for forecasting and planning input.”
For large retailers, missing forecast accuracy by even a few percentage points can translate into a loss of millions of dollars. Excess inventory incurs high carrying costs, risk of damage or obsolescence and profit-eroding markdowns. Too little inventory translates to lost revenue opportunities and dissatisfied customers. Ikigai’s platform is designed to address the unique challenges of retailers, leveraging its LGM models to deliver 20% greater forecast accuracy to help optimize inventory, reduce costs, grow sales and increase supply chain flexibility.
Visitors to the Ikigai booth #8005 will experience Ikigai’s capabilities first-hand, learn about the company’s generative AI platform, and its aiMatch, aiCast and aiPlan models that power industry solutions such as demand forecasting for retail.
Ikigai Labs, a company that uniquely unlocks the power of generative AI for tabular and time series data, will be attending NRF 2024 (booth #8005 in the Innovation Lab), the National Retail Federation’s flagship industry event, held January 13 through 16 at the Javits Convention Center in New York City.
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