In uncertain, fast-changing markets, it can seem almost impossible to adapt to consumer behaviour changes in real-time as a retail business.
But what if you could adapt to time with changes?
You can use augmented AI.
Singular intelligence considers all evolving market factors, pandemic impacts, climate change impacts, and any additional necessary causal factors to predict future consumer behaviour and supply chain issues.
Dynamic Consumer behaviour modelling: the core of business planning
Since the onset of the pandemic in 2020, all eyes have been on supply chains. With climate change and war in Europe adding to issues and unpredictability on the supply side of things, and erratic and ever-changing buying habits affecting the demand side, consumer behaviour modelling and trend forecasting have never been more challenging. And yet, the past two years' events have brought to light the need to understand changing consumer trends as the starting point in the business planning cycle.
So, what’s holding businesses back?
Data analysis and slow reaction times are primarily poor when responding to fast-changing events.
COVID-19 caused a breakdown not because the JIT supply chain model is fundamentally flawed but because the model didn’t include advanced data analytics and AI capabilities. If supply chains can anticipate, adapt and respond faster to anomalies and new situations, they can continue to be ‘just in time, even when things change.
Bringing AI and analytics into the picture is not a new business model; it is just a better way to manage the model that already exists.
Singular Intelligence’s deep learning algorithms mean that trends can be looked at on a granular level. Rather than relying on narrow historical data, we will be able to take in an overview of varying category demand in local areas at different times.
Changing weather patterns, demographic shifts and local and national events will all be modelled so that predictions are always accurate and up to date.
In a fast-changing world, historical data has become almost irrelevant. There is no ‘back to normal, we have to look forwards. That goes for data analysis as much as for anything else. We need to be able to simulate what might happen next based on all available data. That is only possible with advanced AI.
It will allow retailers:
Improved ability to anticipate consumer preferences and buying behaviour at local and granular product segment levels
To utilise dynamic insights to create predictive demand scenarios and localised daily forecasts
To evolve effective replenishment plans within the constraints of the supply chain, including potential collaborative interventions among suppliers and retailers.
To ensure that the travel of products will be as direct and contactless as possible from the factory to the consumer's home.
SIngular Intelligence’s innovative solution is always learning, using relevant data that impact consumer behaviour and predicts consumer choices.
This information generates a comprehensive granular forecast and enables retailers, consumer goods companies and delivery partners to simulate various scenarios for the most effective collaborative solutions for getting the product in the consumer’s hands.
The product modules, designed for direct business use in small to large Consumer goods and retail companies, have a framework of Predictive market exploration, Alerts and Recommendations and Scenario Simulations to facilitate agile, augmented, automated decision making.
The software is easy to use and free to try. Streamline your supply chain today with a trial of Singular Intelligence.
Sarvesh Kumar, Founder & CEO, Write me sarvesh@singularintelligence.com