Visualfabriq – POI Dallas, November 2018.
Over the past years, visualfabriq has been an ongoing sponsor and participant at the Promotion Optimization Institute’s (POI) European Summits. This year, we opened our first office on US soil, in New York City, and it was a natural step to extend our relationship with POI. visualfabriq was a proud sponsor and participant at the POI 2018 Summit held in Dallas from the 7th to 9th of November. The event attracted over 200 delegates.
For Gerard de Bruijn, visualfabriq’s Global Excellence Director and Head of US Practice and Santiago Navarro, our International Sales Manager, POI Dallas 2018 provided not just the platform to showcase our game-changing revenue management solutions but to take a fascinating industry-wide view of the US market.
“Based on the POI State of the Industry survey and Summit presentations, most companies are actively engaged with automated trade promotion management. There is an opportunity to drive trade efficiency, effectiveness and revenue management through advanced predictive modelling,” Gerard says.
Santiago notes that there was a great opportunity to bridge understanding and define how AI can be used to transform promotion planning.
“This is an important dialogue to be having at this time,” Santiago says. “We can attest to the fact that using applied AI in TPM is not something that is going to happen some time in the future. It is happening in leading CPG companies right now. I was able to have those conversations about how companies are transforming to new generation solutions such as ours smoothly and easily. With the right change management and implementation processes in place, user acceptance can be achieved quickly and effectively. It’s important to have these kinds of opportunities to bridge understanding that AI delivers simple, predictive and prescriptive planning.”
Gerard was a presenter of a POI Tech Lightning Talk; a new 5-minute format launched at POI Dallas 2018 which enabled leading solutions providers such as visualfabriq to provide a salient snapshot of their companies and solutions. It was an opportunity to showcase visualfabriq’s standing as a frontrunner in the use of Applied AI; our unique roots in the CPG industry; the immense scalability of our platform and our consistent POI Best-in-Class distinctions for financial simulation orientation and post-event analytics.
Gerard was also one of four leading industry experts who participated on a key panel discussion that looked at how CPG companies could find solutions for the high costs of having poor quality data and disorganised data sources. Gerard highlighted that the capability to process the data needed for the daily work processes is what is foundational, rather than the data itself.
“This data must be available and sustainable to apply AI,” he points out. “Unclean data leads to wrong measures to train the AI models. It’s important for businesses to realise that TPO and holistically optimizing promotions is part of the end-to-end process, not an extension. Planning must optimize promotions, and that requires AI as an integral functionality that will help companies become future-fit.”
POI Dallas 2018 also marked 10 years of the institute’s work to bring together manufacturers, retailers, solutions providers, analysts, academics and other industry experts in order to continually improve the approach to, and profitability of promotions. “visualfabriq was delighted to be the sponsor of a networking dinner which was also the platform for us to congratulate POI on their 10th anniversary,” Santi says.
Gerard adds, “Overall, the event served visualfabriq well in enabling us to make significant new connections, and provided a deeper understanding of the US CPG industry. The country lives up to its reputation as the proverbial ‘Land of Opportunity’. There is a vast amount of major CPG companies across America; many huge companies that are not necessarily known in European markets. They have yet to make the change to adopting new generation tech solutions. The opportunities are enormous for an agile, highly scalable provider such as visualfabriq. We’re definitely in the right place, at the right time!”
US CPG companies are beginning to realise that right now AI can help them to automate 90% of their baselines and 80% of their promotion planning, management and optimisation. There is significant evidence that AI models are consistently twice as accurate as human estimations. The companies who will emerge as future leaders in the industry will be those who are the early adopters of AI.
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