Alloy.ai has added new predictive and generative artificial intelligence (AI) features to its software platform.
The features aim to help consumer brands overcome the sales, inventory, forecasting and supply chain challenges they face in today’s uncertain economy and unpredictable demand, the company said in a Thursday (Sept. 7) press release.
Consumer goods brands can now avoid out-of-stocks and on-time in full (OTIF) fines, grow incremental sales, forecast more accurately and achieve full visibility into their finished-goods supply chains, according to the release.
The analytics features use advanced simulations to predict potential sales and inventory problems, and then prescribe specific actions that companies can take to avoid them, the release said.
“The Alloy.ai application is powered by a data platform that automatically aggregates and harmonizes point-of-sale (POS) data from all of a company’s retail and eCommerce channels, and syncs it with inventory and internal supply chain data from a company’s [enterprise resource planning (ERP)] systems,” according to the release. This integration gives Alloy.ai’s customers “instant visibility into demand and inventory across their own networks and those of their retailers.”
In addition to Alloy.ai’s core capabilities, such as POS trend analysis, cross-retailer lost sales alerts and promotional impact experiments, customers can now benefit from a range of new features, according to the press release. These include proactively identifying warehouse stock risks, making better allocation decisions, identifying opportunities for incremental sales and gaining full supply chain inventory visibility.
One of the standout features of Alloy.ai is its generative AI-powered assistant, the release said. Users can ask questions using normal language and receive instant answers from the AI assistant. This eliminates the need to configure dashboards or dig through data, as the AI assistant does the work.
PYMNTS Intelligence has found that retailers have turned to AI solutions to enhance the customer experience in response to the rise of eCommerce and the need for convenience and flexibility.
AI has emerged as a transformative technology in the retail sector, with the potential to generate efficiency gains and new revenue, according to the PYMNTS report “What Self-Service Retail Is Teaching Banks About Self-Service Banking.”
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