Press Release – 10 June 2020, London, UK
The cutting-edge AI technology that predicts consumer preference during COVID-19 and “new normal”
Innovate UK supports Singular Intelligence to help Retail & FMCG suppliers with reliable demand planning and commercial decisions
Reliable forward-looking insights on changing consumer preferences and demand patterns in uncertain markets during and after the pandemic is now made possible, with the Singular Intelligence AI technology. Businesses can also use this solution in commercial decisions for improved category, pricing, promotions and revenue management.
This is a cutting-edge AI solution for decision making in crisis and market turmoil, which has been selected by Innovate UK. It combines in a novel way frontiers of AI technologies with concepts from game theory and consumer psychology. The modelling uses all relevant sources of information, including the dynamic market, consumer and COVID-19 data.
As the COVID-19 pandemic has severely impacted short- and long-term outlooks, we are witnessing chaotic demand patterns across all product categories, with changing brand and channel preferences in an already complex and dynamic multi-channel retail market. Traditional historical data-based modelling solutions have become less relevant due to the dynamically evolving consumer and market context.
Sarvesh Kumar, the Founder & CEO, Singular Intelligence said:
"The new retail would be founded with a much more robust competence to understand, anticipate, adapt and respond to evolving market events and consumer behaviour".
"AI and data are core to this transformation. Innovate UK support helps us to advance Singular Intelligence roadmap and accelerate our vision of empowering reliable, timely decisions at scale for commercial and social beneﬁts."
Singular Intelligence's product has been validated by the best in the Consumer Goods industry, including a global CPG giant, a global leading market data provider and an innovator in autonomous retail. The company has built a strong eco-system of partners like Nielsen and Microsoft. The company has a team of senior industry experts, AI & Retail researchers from academia, and technologists, who are working on a disruptive and continuous innovation roadmap.
The Innovate UK Fast Start Competition was launched in April 2020 in response to the outbreak, inviting ambitious technologies to build UK resilience. It aims to fast-track the development of innovations borne out of the coronavirus crisis, while encouraging the next generation of cutting-edge start-ups – helping to build the businesses of tomorrow.
More details on the competition outcomes can be found on the Innovate UK press release here.
Executive Chair, Innovate UK, Dr Ian Campbell, said:
"Businesses from all over the UK have answered our call rapidly to meet the challenges we face today and in the future through the power of innovation.’’
‘’The ideas we have seen can truly make a significant impact on society, improve the lives of individuals, especially those in vulnerable groups and enable businesses to prosper in challenging circumstances."
Contacts - Singular Intelligence:
Sarvesh Kumar, Founder & CEO firstname.lastname@example.org
Steve Gladwell, Industry Solutions Director, email@example.com
Singular Intelligence offers an Artificial Intelligence product and platform that enables Consumer Goods companies (suppliers, brands, retailers) to significantly improve their sales, revenue, profit, and market share. The game-changing AI platform helps optimise commercial decisions about promotions, marketing investment, pricing, supply-chain and replenishment in a way that was previously not possible.
Through their AI engine, Singular Intelligence integrates and harmonises all relevant data (Covid-19, point of sale, pricing, competition, consumer, satisfaction, branding, stocks and inventory, weather,etc.), from any sources (internal systems, external market and environment data, social and consumer data), and whatever their format (unstructured, disparate, disconnected,etc.). Their AI-augmented. Decisions platform provides reliable alerts, predictions, scenarios, and recommendations, always on.
Find more information about how Singular Intelligence is shaping the future of the CPG market at www.singularintelligence.com.