Molham Aref, CEOThe retail sales space has been witnessing a huge transformation. Traditionally local merchants bought in products to meet the needs of their town. The face of retail sales has changed unrecognizably since then, and is becoming more digitally driven with the amount of business information filtering into the enterprises intensifying. Amidst such a scenario, trends such as predictive analytics have become all the more relevant. From extracting insights of data to predicting trends and behavioral patterns, they have become ‘The tools’ to be leveraged on course of propelling business engagements.
Recognizing the role of predictive analytics and behavioral pattern in retail sales, Predictix helps retailers make better merchandizing, planning and supply chain decisions and achieve improved business results. Located in Atlanta, Predictix develops applications that chains Big Data and advanced analytics to solve the problems in retail sales. “Predictix focuses on the imperative role of integrity constraints which are not only used for maintaining data integrity but also for the specification of complex optimization problems,” says Molham Aref, CEO, Predictix. Predictix combines predictive analytics and cloud computing which is flexible and affordable. It enables the users to spend less time analyzing past history and more time doing planning and analysis, that include modeling options and creating and managing assortments.
The huge amount of data generated in retail sales are combined to improve operations and deliver a personalized shopping experience and struggle free management for the retailer. Predictix has a number of retail decision support offerings. The firm leverages planning tools that enables the retailers for assortment planning, merchandize financial planning and item planning. In addition Predictix offers solutions for forecasting and supply chain optimization through the Predictix application.
Predictix focuses on the imperative role of integrity constraints which are not only used for maintaining data integrity but also for the specification of complex optimization problems
The firm recently announced the next generation of its cloud based forecasting applications incorporating advanced machine learning. The supercomputers learn from mining masses of Big Data on the cloud without user intervention. This makes the forecasts more accurate. The most unique feature of Predictix is its assistance in proper budgeting, prepared by analyzing the information from business. One of the global retail sales giant Harrods had a huge challenge in planning merchandising, buying strategy and budgeting for the future. Deciding what to stock for the future was a complex process that required lots of planning. Harrods also found it challenging to maintain data with selling and non selling products. Predictix’s software-as-a service platform assisted Harrods to plan more in depth and make efficient forecasting process for each season. The software helps break down different categories to help firms visualize excessive buying decisions of items. Through careful monitoring of all inventories using the Predictix application, Harrods were able to identify the areas where overspending took place.
As retailers look for the best resources to help compete in an increasingly digital world, Predictix is forecasting to keep the future of retail sales for the resellers completely digitalized by adopting and implementing the latest technologies. Predictix plans to find and implement new ways to drive value for the customers by applying the latest technology to long standing retail chains.