Consumer intelligence company NIQ and software company Databricks say they are joining forces to unveil a groundbreaking Supply Chain Solution to transform the retail landscape. The Supply Chain Solution is built on the Databricks Data Intelligence Platform and allows real-time collaboration, unlike on-premise solutions that rely on outdated information.
The initiative targets critical pain points historically plaguing the retail industry across supply chain processes. Beginning with modernizing the demand forecasting process, this solution focuses on elevating accuracy and efficiency. According to the companies, the approach involves adopting generative AI techniques, promising a groundbreaking enhancement of forecasting accuracy by an average of 10% to help retailers lower carrying costs, maintain fewer out of stocks, and have less markdowns. It surpasses conventional off-the-shelf solutions that rely on basic univariate modeling, providing a more customized edge tailored to retailers’ needs.
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“Our relationship with Databricks represents a pivotal moment in advancing retail technology to enable collaboration between retailers and supply partners,” said Jamie Clarke, Head of North America Retail at Chicago-based NIQ. “By combining NIQ’s unrivaled data capabilities and leading retail platform, Connect/Discover, with the Supply Chain Solution, alongside the expertise of Databricks, we’re committed to revolutionizing how retailers harness data to drive innovation, achieve sustainable growth, and drive true collaboration.”
NIQ’s Connect/Discover platform’s Supply Chain Solution harnesses advanced datasets to supercharge machine learning tasks by utilizing detailed panel data. The company says this approach significantly enhances personalized services and optimizes multi-channel strategies for retailers and manufacturers.
“Our alliance with NIQ signifies a collaborative endeavor to empower retailers with real-time data and machine learning capabilities,” said Rob Saker, global industry leader for retail at San Francisco-based Databricks. “The fusion of Databricks’ industry-leading data platform with the innovation prowess of our alliance underscores our commitment to driving actionable insights and fostering innovation in the retail sector.”