Manthan Uses AI and Analytics to Show Algorithmic Retailing with Context-Aware, Automated and Prescriptive Decision-Making Capabilities
Manthan, a leading AI and cloud analytics company unveiled its pioneering vision of an intelligent retail business that uses analytics augmented by artificial intelligence. This is an industry-first showcase of ‘The Store That Knows’ at the upcoming 2019 NRF Big Show in New York City. The company’s latest innovations in analytics technology combine the power of AI and Machine Learning, context aware computing, prescriptive analytics and conversational analytics in their solutions for retail.
“There is no lack of vision in the retail sector, but they often find it hard to operationalize those plans due to the tools they have. We have brought AI out of the labs, and embedded it into business applications that solve real problems”
Manthan explains that ‘The Store That Knows’ is an intelligent omnichannel business that automatically senses data and business contexts, analyzes and recommends decisions and actions across retail functions such as customer engagement, marketing, personalization, algorithmic pricing, assortment optimization, inventory optimization, store operations and supply chain. AI makes these analytics applications intelligent, human-like and automated.
“As digital data grows, and relationship between retailers and consumers becomes more complex and dynamic, AI-augmented analytics is necessary to sift through granular business moments. Going forward, users need not request for information. Systems that are intelligent and aware of data, user needs and business goals will start with recommendations that empower users by focusing on areas that need attention and action,” said Atul Jalan, Founder and CEO at Manthan.
Prescriptive Analytics from Manthan are based on three core tenets:
Algorithmic decision making
Until now, analytics has been about ‘data serving’. Business users need to scan lengthy reports and make decisions based on the data presented to them. With AI embedded analytics, business users get recommendations on the best decision options, making decision making truly data driven.
Automated insight generation
Be it issues, opportunities or anomalies, surfacing insights from data can power several retail use cases. For example, insight that green parka jackets will go out of stock in 12 days in Jefferson City store is valuable to retailer, rather than knowing current inventory levels.
By removing the need for IT intervention and coding knowledge, AI makes analytics truly business-user friendly. Manthan delivers this with Maya, a conversational voice and chat based interface that marketers, merchandisers and even executives love.
“There is no lack of vision in the retail sector, but they often find it hard to operationalize those plans due to the tools they have. We have brought AI out of the labs, and embedded it into business applications that solve real problems,” said Siva Harihariyer, SVP, Americas at Manthan.
Manthan will be showcasing its Artificial Intelligence and prescriptive capabilities at booth #4719 of the National Retail Federation (NRF) Conference & Expo, January 13-15, 2019 at the Jacob K. Javits Convention Centre, NYC.