Visualfabriq – 2019 Best-in-Class for AI
It’s been a year of witnessing AI for the CPG industry rightfully take a centre-stage position. The industry has lagged behind in its investment of new tech such as AI, but now that’s set to change.
Having reported the importance of AI for the CPG industry over the last few years, for the first time, POI (Promotion Optimization Institute) included AI in its annual TPx vendor analysis. Amongst the record five ‘Best-in-Class’ distinctions awarded to Visualfabriq in 2019, was one for our leading AI capabilities.
POI analysts write: “Artificial Intelligence (AI) is all around us. AI is here today, and it’s not bleeding edge. AI can analyze large amounts of data quickly. AI analysis detects patterns, opportunities, and issues, evaluates options, and generates recommendations.
How are you building AI into your strategy? This is a strategic question that every retailer, manufacturer, technology vendor, and consultant partner should be asking.”
At Visualfabriq, we uniquely envisioned and built our platform with applied AI at multiple points. Today, this makes us an industry AI frontrunner with years of experience in taking our brave heart clients on an AI journey.
As with all organisational change, the transformation to AI-driven revenue management solutions is not necessarily easy, simple and comfortable for CPG companies. AI is a journey, and it can be challenging; but others have already set sail and the benefits are clear.
For Visualfabriq clients, applied AI already provides zero touch planning with:
- 90% of baselines automatically created
- 80% of promotions automatically detailed
- 99+% of promotions automatically evaluated (including sell-in, sell-out and POS data)
- 10-30% increase in accuracy
At the beginning of the year, POI’s 2019 State of the Industry Report revealed that only 16.7% of their survey respondents were already incorporating AI capabilities in their TPx and Retail Execution systems. This is an increase of just 3.7% over the past year. However, Visualfabriq CEO, Jaco Brussé sees this as a temporary state of affairs that will change sooner rather than later.
“There has so far been a broad lack of vision from CPG leadership when it comes to AI,” he says. “Now the industry is in the position where the early AI adopters such as Visualfabriq’s clients are blazing a trail that others can start to see. From here, we expect the demand for solutions with applied AI from vendors with a track record and a comprehensive AI roadmap to gain a lot of momentum. I don’t think there is any looking back now.”