Logile—a Southlake-based retail labor planning, workforce management, inventory management, and store execution provider—announced that its new complimentary Forecasting Pilot program is now available to all retailers.
The company said retailers can sign up and use what it calls the industry’s most powerful, accurate AI and ML-driven metric forecasting through a fully automated self-serve platform.
“Now more than ever, the ability to accurately forecast demand and labor requirements is critical to retailers’ success navigating economic and market volatility, controlling labor costs and preserving service levels,” Logile founder and CEO Puna Mishra said in a statement. “We welcome you to experience the accuracy with your own data—and with complete privacy, access control and security—the power of the Logile Forecasting Platform as the most accurate and intelligent forecasting platform available today in the industry.”
Mishra said the company is providing the complimentary Forecasting Pilot program with no obligation.
“We’re confident retailers will be intrigued and delighted when they compare our automated forecast results with their actuals and legacy forecasts,” Mishra said. “Our mission is to help retailers thrive with the best available tools, and this pilot should provide a window into what’s possible. Our enterprise forecasting solution introduces many additional features that bring even more precision to the game.”
Highly accurate forecasting for scheduling and stock
The company said that highly accurate forecasting is critical to retail decision making and operational efficiency in today’s uncertain, ever-changing environment.
Designed to provide an easy, fast, and low-risk way to sample the power of Logile’s forecasting platform, pilot participants can opt for eight weeks of daily forecasts for up to 100 locations and 10 metrics, the company said. Logile said the results will be published to the participants within seven days after submitting their parameters and historical data.
Logile added that in past competitive evaluations, its forecasting has outperformed the competition.
Using the latest AI and machine learning-based algorithms, Logile says it generates forecasts at each individual metric level averaging above 97% daily accuracy—which the company notes is the best in the industry.
For workforce management, every 1% improved accuracy can yield up to 50% reduction in overtime, half a percent decreased labor costs, 6% improved conversion, and 12% improved customer satisfaction, Logile said. For ordering, it says an accurate forecast leads to stock on shelf at the right time while avoiding unnecessary over-stocking, or even worse, an out-of-stock situation.
Global retail technology
Users said they believe the free offering could benefit other companies.
“I highly encourage any retailer to take advantage of Logile’s free Forecasting Pilot offering as an easy opportunity to experience the solution’s power,” Steve Netherton, CIO, VP of Continuous Improvement at Vallarta Supermarkets, said in a statement. “Vallarta relies on Logile Forecasting to deliver incredibly accurate forecasts and real-time reforecasting that drive optimal labor planning, scheduling, task management and customer service delivery. The solution’s AI and self-learning capabilities are top of industry.”
Logile, founded in 2005, provides software that’s deployed in thousands of retail locations across North America, Europe, Asia, Australia, and Oceania. Its AI, machine-learning technology, and industrial engineering boost ROI and enable operational excellence with improved performance and empowered employees, the company said.
Recently closed a Series A investment
In January, Logile announced it closed a Series A investment from Sixth Street Growth, the growth investing business of leading global investment firm Sixth Street. The new partnership with Sixth Street is aimed at accelerating the company’s market and vertical expansion, growing the team, and further fueling the development and enhancement of the company’s client solutions, the company said.
Last year, we told you about how Logile launched its new “Gig-Style Scheduling” functionality in its Employee Scheduling solution, which it calls “the market’s only task-based and most accurate labor demand-based scheduling system.”
As usual, there’s an app for that: The solution lives on Logile’s Employee Self-Service Connect mobile app.
The company says Gig-Style Scheduling enables retailers to utilize their workforce more fully in two key ways—with “gig-status associates” on their company staffs, supplemented by labor from outside “crowdsourcing” to cover additional staffing needs.
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