BluePi Consulting, an established player in data-driven solutions, for the retail sector, today, announced it has secured the Patent by the Indian Patent Office – Government of India for a System and Method for forecasting Demand for a Retail Organisation. This Patent is for the term of 20 years, commencing from 22nd January 2021, in accordance with the provisions of the Patents Act, 1970.
This marks the first Patent for BluePi and comprises a proprietary and robust algorithm to forecast demand for retail organisations. Retailers often face challenges to accurately determine the upcoming demand at a granularity of SKU and Store. This not only leads to forecast becoming coarse-grained but also losing the variability that exists for each SKU. The existing solutions suffer from one or more drawbacks such as high reliance on human input or statistical data based mathematical forecast methods. Either of these existing solutions are less accurate, error-prone, capable of processing static or historical data, not completely automated and consideration of irrelevant or inappropriate set of parameters for the forecast. The Patent helps the organisation forecast accurately the upcoming demand balancing the excess and insufficient inventory. This would help organisations to reduce the OOS and operational costs due to extra inventory.
Speaking on the achievement, Pronam Chatterjee, Co-founder and CEO, BluePi Consulting said, “This acquisition of our first Patent, is an important milestone in our path towards technological excellence and has established BluePi’s innovation leadership in the retail technology space.” He further added, “The accomplishment reiterates that we are certainly the go-to-partner for retail organisations and will support in strengthening our engagement with customers.”
BluePi, serves several established retail chains across India and has successfully presented itself as one of the ‘game changers in the retail industry‘, with its data-driven retail solutions. The organisation’s Demand forecasting and Retail analytics solutions have proved to be accurate and effective.
These smart and advanced solutions help retailers deliver better customer experience and improve their sales and drive profit margins. They leverage data-driven intelligent insights to ensure demand planning, replenishment of stocks, markdown optimization, inventory re-balancing and many more!
Check Out the New Martech Cube Podcast. For more such updates, follow us on Google News Martech News
