Ikigai Labs Unveils AI-Powered Retail Solutions at NRF 2024 Conference
San Francisco-based company, Ikigai Labs, is set to showcase its AI-powered retail solutions at the NRF 2024 Conference, the National Retail Federation’s flagship industry event. The company’s generative AI platform for tabular data aims to revolutionize the way retailers approach data reconciliation, demand forecasting, and planning. By leveraging its patented Large Graphical Models (LGMs), Ikigai Labs enables retailers to generate accurate forecasts in real time, leading to increased profitability and customer satisfaction.
Demand forecasting presents significant challenges for retailers, especially when dealing with limited sales data for new SKUs or vendors, as well as external influences such as weather patterns, supply chain disruptions, and changing customer sentiments. Ikigai Labs’ demand forecasting solution simplifies the process by reconciling internal and external data to create a single source of data for forecasting and planning inputs.
Accurate forecast accuracy is crucial for large retailers, as even a few percentage points’ deviation can result in significant financial losses. Excess inventory incurs high carrying costs, risks damage or obsolescence, and requires profit-eroding markdowns. On the other hand, inadequate inventory leads to missed revenue opportunities and dissatisfied customers. Ikigai’s platform addresses these challenges and delivers 20% greater forecast accuracy, enabling retailers to optimize inventory, reduce costs, grow sales, and increase supply chain flexibility.
At the NRF conference, visitors to Ikigai Labs’ booth will have the opportunity to experience the company’s capabilities firsthand. The showcase will feature Ikigai’s generative AI platform, as well as its aiMatch, aiCast, and aiPlan models that power industry solutions such as demand forecasting for retail.
Ikigai Labs’ generative AI is built on award-winning MIT research and transforms tabular and time series data into predictive and actionable insights. The company’s Large Graphical Model (LGM) platform blends human intuition with powerful AI, resulting in data-driven, human-centered decisions. With seamless integration capabilities with any IT setup and support for over 200 data sources, Ikigai is transforming industries with its efficiency and precision. The platform has already delivered notable results, including a 20% improvement in forecasting accuracy and a 70% reduction in data analysis time.
As retailers face increasing pressure to maximize efficiency and stay competitive, AI-powered solutions offer a promising path forward. Ikigai Labs’ retail applications of generative AI are set to revolutionize the industry by enabling accurate demand forecasting and better operational decision-making. The company’s presence at the NRF 2024 Conference signifies its commitment to driving innovation in the retail sector.
Overall, Ikigai Labs’ AI-powered retail solutions have the potential to reshape the industry’s approach to data reconciliation, demand forecasting, and planning. By harnessing the power of generative AI, retailers can enhance their profitability, streamline operations, and meet the ever-evolving demands of their customers. The company’s participation at the NRF 2024 Conference is a testament to its dedication to transforming the retail landscape through cutting-edge technology.
