Nextuple, a pioneer in transforming retail and grocery fulfillment, announced a series of advanced technology enhancements designed to revolutionize the retail fulfillment process. These novel features add to its existing artificial intelligence (AI) and machine learning (ML) capabilities to address critical pain points in order fulfillment and inventory management.
The newly enhanced software suite introduces Predictive Order Promising, which leverages AI and ML to accurately predict the processing lead times for fulfillment centers, stores, drop-ship, and marketplace vendors as well as shipping transit times from carriers. This allows retailers to eliminate the manual maintenance of their network data while improving the overall speed and accuracy of the estimated delivery date, driving improved conversion rates in the process.
In addition to predictive promising, Nextuple also uses AI and ML to allow retailers to predict conversion probabilities related to shipping speed and cost which drives more profitable promising. These models are then coupled with a simulation framework that allows users to test them on historical orders before releasing to production, reducing risk and increasing confidence in the decisioning.
Nextuple is also announcing the Dynamic Inventory addition to its Inventory Microservice. The service will have dynamic safety stock calculations based on AI and ML to improve fill rates and online conversions. The service is coupled with a gen-AI-based large language model (LLM)-based inventory audit inquiry solution that allows retailers to deploy a purpose-built chatbot to answer complex queries about inventory and dynamically create inventory audit or reconciliation reports.
As a result, retailers can quickly find issues across their systems handling inventory data, reduce support costs, and find lost sales or over-promising risks.
“Ever since co-founding Nextuple, I’ve been focused on developing capabilities that help retailers and grocers exponentially improve outcomes from their OMS solutions. With the launch of Predictive Order Promising and Dynamic Inventory, we can leverage the true potential of AI, ML and Gen AI to empower our clients,” said Devadas Pattathil, co-founder and head of product at Nextuple.
SOURCE: PRNewswire