It’s no secret—blending machine learning and AI with human data reporting is the ‘best practices’ method of integrating retail data across a supply chain. Once accomplished, this strategy has the power to improve business performance and generate higher profits. With results like this, who can argue?
We can all agree that this approach is the gold standard of productivity. However, a year of pandemic dictated pivots has, unfortunately, created a shortage of onsite employees to handle the human aspect of this process. And the unexpected impact of the pandemic has many retailers needing a fortune teller to help them utilize AI for minimal losses and increased profits.
Well, the retail data science experts at Proxima360 might have the answer—their new retail-focused AI tool, Adivino, literally meaning fortune teller in Spanish.
The team at Proxima360developed the Adivino software as a cost-effective and user-friendly alternative to traditional data analytics and forecast reporting. Specifically, Adivino allows retailers to make changes in their data projections more efficiently by eliminating the need for extensive training of human employees.
Any business that sells commercial goods or services, not just retailers, can useAdivino.. This tool allows companies to maximize their bandwidth and other related resources to accommodate extensive inventories. Adivino can produce sales forecast with considerable accuracy and speed.
Why Proxima360 Developed Adivino
Analyzing and mapping trends in consumer behavior is a big business. Discovering who bought which items during certain times of the year is essential data that provides a clearer picture of how sales forecasts might look like in upcoming months.
Finding the right balance between human data reporting and AI was challenging enough before the pandemic. Retail business owners, managers, and employees often could not find cohesive solutions that balanced machine learning and analytics with human-generated data.
The post-COVID reporting processes have become even more complicated. March-December 2020, retail forecasts were voided due to pandemic complications. Like a chain reaction, all projections of inventories or finances for the remainder of 2020 were up in the air without integrating multiple new factors into the data. Adding this piece would be problematic since retailers’ human capital was depleted.
How is Adivino Different?
Proxima360 created Adivino to take on the original challenges of ad-hoc data reporting. Adivino is also designed to address COVID-19 related issues in retail data reporting.
How are these goals accomplished? First, Adivino utilizes both AI and the human element to identify problems as variables within the software.
Then Adivino creates algorithms based on those variables. These algorithms allow the software to learn various possible scenarios that could impact the numerical values on a spreadsheet report. Unlike past data, these multiple scenarios create accurate forecasting models that require very few alterations by employees.
Adivino allows retail businesses to eliminate the laborious and possibly inaccurate reporting of the past with a software that is like a step into the future. With Adivino, retail companies can build specific and much more accurate algorithms from scratch and alter those algorithms whenever necessary. Basically, Adivino’s AI eliminates the expensive cycle of the past and replaces it with a more efficient and accurate method that offers near-full autonomy.
Scanning through spreadsheets and analyzing outdated and possibly inaccurate data is no way to run a business—at least not a successful one. Data used to drive business must be specific and accurate, and Proxima360 has solved this problem with their new software, Adivino.
Credit: Google News