The UK's innovation agency, Innovate UK supports Singular Intelligence for FMCG & Retail resilience
Updated: Jun 11, 2020
Introducing cutting-edge consumer preferences and demand prediction technology for COVID-19 and new normal
Press Release – 10 June 2020, London, UK
'Innovate UK, the UK's Innovation agency' has chosen Singular Intelligence among the successful companies in the Fast Start Competition that was launched in response to the outbreak, inviting ambitious technologies to build UK resilience, and support them to build the next generation of cutting edge technologies.
Singular Intelligence AI technology offers reliable, forward-looking insights on changing consumer preferences and demand patterns in uncertain markets during and after the pandemic. The cutting edge solution combines in a novel way, frontiers of AI technologies with concepts from game theory and consumer psychology. The modelling uses all relevant information, including the dynamic market, consumer and COVID-19 data.
The COVID-19 pandemic has severely impacted short- and long-term outlooks with chaotic demand patterns across all product categories. We are witnessing 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. Businesses can use the innovative SI solution creating granular consumer preferences and reliable demand scenarios for an improved category, pricing, promotions and revenue management.
Sarvesh Kumar, the Founder & CEO, Singular Intelligence said
"It is not a new business model, rather the agility and innovation in the business model that will be important to survive and thrive. 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."
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."
Innovate UK is part of UK Research and Innovation. The Fast Start Competition was launched in April 2020 in response to the outbreak, inviting ambitious technologies to build UK resilience, and is being managed by Innovate UK. More details on the competition outcomes can be found on the Innovate UK press release here.
About Singular Intelligence
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.
Singular Intelligence's product has been validated by the best in the Consumer Goods Industry and autonomous retail. The company has built a strong eco-system of partners, a team of senior industry experts, AI & Retail researchers from academia, and technologists, who are working on a disruptive and continuous innovation roadmap.
Find more information about how Singular Intelligence is shaping the future of the CPG market at www.singularintelligence.com.
Contacts - Singular Intelligence
Sarvesh Kumar, Founder & CEO firstname.lastname@example.org
Steve Gladwell, Industry Solutions Director, email@example.com