Press Release – 11 June 2018
UK artificial intelligence software company, Singular Intelligence, and the leading Global maker of advanced retail technology, Shekel Brainweigh (Shekel), announced today that they have signed an OEM partnership to bring to market a game-changing Retail Store Automation Solution.
The automated solution brought by Shekel and Singular Intelligence aims to save a significant part of the 4 to 6 six percent of annual revenue lost in inefficiencies. The lack of real-time knowledge of available products in-store / on-shelf as well as their changing future demand are key reasons of out of stock, shrink and customer experience issues. With retailers under pressure to compete efficiently and improve customer experience, the global retail automation market is projected to reach USD 19 billion by 2023, at a CAGR of 10% over the period 2018-2023.
Shekel and Singular Intelligence deliver real-time, AI-driven intelligence and decisions to maximise on-shelf availability, reduce waste and shrinkage - all without impacting existing IT systems. The Singular Intelligence AI software learns from all causal factors and automates predictions and analysis at scale, with granularity of product and location, offering unprecedented accuracy. The Shekel Product Aware Technology can recognise on a standard available retail shelf each and every SKU transaction; data is transferred to Singular Intelligence AI Engine Si-Dax which provides the retailer replenishment plans, pricing & products placement recommendations – all in real time.
‘’We are augmenting and automating decision making for humans and machines in the Industry 4.0, which improves performance and eliminates unsustainable inefficiency and wastage, essentially a result of millions of sub-optimal decisions in the entire value-chain”, said Sarvesh Kumar, CEO of Singular Intelligence. “The Singular Intelligence solution brings tangible operational and financial gains in excess of 10% to both FMCG brands and retailers. It’s a real game-changer.”
‘’For the first time ever weighing devices are used as advanced IoT sensors, providing product status & transactions at the Point of Purchase accurately and in real time’’, said Yoram Ben Porat, Founder and Chairman at Shekel. “This opens the door to several applications addressing key retailers challenges: inventory management issues responsible for considerable revenue losses; out-of-stock, off sale products and shrinkage issues; supporting autonomous stores (Grab and Go) models that improves shopping experience and cutting operation costs; and bridging the gap between online & physical shopping experience by providing richer product information, targeted product promotions inside the store and in other digital media channels.”
The joint solution has already been piloted by a leading food manufacturer and is in active discussions with leading Global companies.
Singular Intelligence is an Artificial Intelligence start-up that enables Consumer Goods companies (suppliers, brands, retailers) to significantly improve their sales, revenue, profit, and market share. With their game-changing AI platform, commercial decisions about promotions, marketing investment, pricing, supply-chain and replenishment are optimised in a way that was previously not possible.
Through their AI engine, Singular Intelligence integrates and harmonises all relevant data (point of sales, 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 accurate alerts, predictions, scenarios, and recommendations, in real-time, that can be acted upon by the relevant team within the companies.
Find more information about how Singular Intelligence is shaping the future of the CPG market at www.singularintelligence.com.
Shekel Scales, since its inception in 1976, has established itself as a global leader in developing weighing technology, concentrating in highly regulated market segments – healthcare, retail and industrial. Today, with their expertise in weighing, Shekel is adding unique AI and IoT technology to its field-proven products.
Shekel BrainWeigh™ has gathered pioneers in the weighing industry and experts in the field of AI to create a multidisciplinary team that is revolutionizing the retail industry. They offer to enhance store operation efficiency, improve customer experience and enable store automation. See how Shekel BrainWeigh™ is leading you into the future of Autonomous Store and learn more about our weighing ground-breaking technologies, at www.shekelbrainweigh.com.