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RESENSE: Intelligent Retail

Intelligent Retail

RESENSE®, an AI/ML based Business Platform for Intelligent Retail

RESENSE® – a Cloud hosted Service (SaaS) platform – offers range of services across business functions for retail and consumer brands.

Driven by AI/ML forecasts using over 40 Algorithms and incorporating 12 External Predictors providing 85% accuracy in predictions, RESENSE delivers automated idents from stores to warehouse and warehouse to vendors leading to more efficient inventory cycles and Days of Holding (DoH), along with ability to manage price elasticity.

RESENSE Heralds Dawn of Intelligent Retail

Resense LogoTraditional forecasting models are becoming off-the-mark since historic trends will have a very little reflection in the future. RESENSE probably the FIRST of its kind in the world to provide Intelligent approach to Supply Chain and Marketing Management in the Retail Industry.

Services on RESENSE Intelligent Retail Platform

RESENSE, a comprehensive business services platform for Retail and Consumer brands to drive automation of key business drivers of Merchandising, Supply Chain, Marketing, and Operations, currently offers the following Cloud-hosted Services (SAAS).

Optimize the impact of historic & recent trends
Supplies disruption, the introduction of new sales channels, change in customer buying patterns and basket profile and shift in demographics & catchment profile have created new challenges for demand forecasting. RESENSE optimizes the impact of historic and recent sales trends to achieve highly accurate demand forecasting.

Deeper intelligence through external influencing factors
The influence of external factors such as holidays, weather, local & national events, new launches, competition, demographic dynamics, and other demand drivers is considered while forecasting the demand at the store & SKU level.

Considering other forecasting challenges
Handle other key demand forecasting challenges, including new product introductions, price changes, promotions, seasons, cannibalization, perishable products, intermittent & random demand patterns in our forecasting engine.

Short-term & Long-term forecasting
Integration of short-term demand sensing and long-term demand forecasting into one seamless demand modeling helps continuous improvement in accuracy and drives the required business needs to support from daily to monthly or annual planning needs..

Automated Demand/Sales forecasting
AI combined with ML models using a library of algorithms generates an ensemble of forecasts at SKU/store level to improve forecast accuracy. This empowers merchandise planners to apply their experience and expertise toward continuous improvement.

Fill Rate optimization
Managing fill rate at stores and stocking points above 95% is critical to not just deliver the best shopping experience to your customers but also to improve sales throughput. RESENSE helps brands to reduce their stock-out situations dramatically.

Manage Days of Holding (DoH)
Days of Holding at SKU level is required not just to optimize the inventory levels but also to enhance the customer experience, especially for fresh, perishable, and expiry date SKUs. This also helps to reduce wastages or dump to a very large extent. RESENSE allows brands to manage DoH at the SKU levels to drive the most efficient inventory cycle.

Highly accurate replenishment automation
Create thousands of indents from stores to warehouses or warehouses to vendors every day using AI/ML driven RESENSE demand forecasting models to calculate usable inventory and stocks in transit. Our replenishment engine rationalizes over 95% fill rate with DoH standards set for every SKU and this can help achieve a reduction in inventory cost from 10-30% by value.

Improved Supply Chain efficiency
Managing DoH levels and desired fill rates also leads to a significant reduction in wastages and overall inventory load across the business. This not only reduces mark-down sales but also improves full-price sales throughput driving to higher efficiency from overall inventory investments and faster rotation of inventory across the business.

Manage new product introductions and ramp-downs
Attribute-based forecasting of a new product helps efficient allocation of these products in the business followed by controlled ramp-down of items to be discontinued leads to minimizing residual stock and facilitating smooth assortment shift.

Achieve improved omnichannel fulfillment
RESENSE provides multi-channel demand forecasting and fulfillment models to ensure accurate accounting of inventory required for each sales channel.

Shift planners focus on high-value work
Automated replenishment helps planners to focus on exception management, performance analysis, and continuous improvement while leveraging visual dashboards to keep track of KPIs and discover root causes.

Full-price sales throughput
Our price recommendation engine supported by highly accurate automated allocation helps in improving the full price sales throughput by 10% and above. This is not just helping to lighten the inventory load but also improves overall margins on sales.

Identify and apply timely markdowns
RESENSE helps identify products for markdown and recommends timely, optimized discounts based on desired sales throughput, reducing the risk of excess stock. This is also applicable to end-of-season or end-of-life sales.

Value through exceptions
Our optimized markdowns modeling helps you clear inventory ahead of the planned transition of assortment and allows new assortments to be stocked smoothly. RESENSE can also recommend optimum sales price of new assortment to ensure desired sales volumes and inventory levels.

Smooth transition to a new assortment
Our price recommendation engine supported by highly accurate automated allocation helps in improving the full price sales throughput by 10% and above. This is not just helping to lighten the inventory load but also improves overall margins on sales.

Price Elasticity
Our price optimization module determines potential demand across different price points using the price elasticity of the item. The price elasticity equation is developed based on past demand patterns exhibited across multiple promotions. Our solution also includes external data like competition intensity, business rules to refine the suggested price. This information is useful while determining the optimum price while liquidating excess stock or while designing a new promotion. The what-if analysis helps the business users to evaluate multiple scenarios before fixing the right price or designing the optimum promotion.

Customer Impact

Implemented at 1500 outlets of an international Food Chain. Store Managers are saving 2-3 hours (and wastage) every day by Automatic Indenting of Perishables, with RESENSE’s Intelligent Demand Forecasting.

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RESENSE® is designed and developed by data scientists and domain experts on the base of best-in-class forecasting engine by utilizing multiple forecasting algorithms, including Univariate and Multivariate Time Series forecasting models, Machine Learning (ML) including deep learning models. These models are chosen to replicate numerous different demand patterns including extreme volatile patterns.

Case Study