In this 5-minute episode, we explore how brands can improve their accuracy in retail forecasting using advanced AI solutions. Drawing on his experience at Amazon and Stackline, Nick Block introduces Beacon Pro, an innovative technology combining various data sources to create precise forecasts. We discuss the drawbacks of traditional forecasting, the impact of inaccurate predictions on business performance, and the impressive results achieved with Beacon Pro's advanced analytics.
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Key highlights
- Current Challenges: Traditional forecasting heavily relies on historical data, resulting in inaccuracies due to evolving market conditions.
- Impact of Inaccurate Forecasts: Leads to increased out-of-stock situations, missed sales, reduced advertising opportunities, and lower market share.
- Beacon Pro's Advantage: By leveraging diverse data sources and AI, it achieves highly accurate forecasts, surpassing traditional methods.
- Proven Results: Beacon Pro has showcased a 120% accuracy boost compared to Amazon's projections and a 128% enhancement over internal brand forecasts.
Speakers
- Nick Block – Associate Director, Beacon Pro
- Red Russak – Director, Product Marketing
