Nextuple Unveils Groundbreaking AI-Powered Predictive Order Promising
New AI-Powered solutions utilize real-time network performance and cost data to drive decision making and predict delivery performance.
ANDOVER, Mass., March 14, 2024 /CNW/ -- Nextuple, a pioneer in transforming retail and grocery fulfillment, today 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.
With this latest update, customers can expect conversion improvements from 5 to 20 percent, and cost-to-serve reductions of 3 to 15 percent, reducing overall inventory by 1 to 3 percent while improving inventory-related cancels by up to 40 percent.
"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.
"These new features will provide retailers with the intelligence and automation they need to streamline their operations, optimize inventory, and ultimately, delight their customers," said Darpan Seth, co-founder and CEO at Nextuple. "It's a step forward that we believe will empower retailers to navigate the complexities of today's marketplace with greater confidence and success."
To learn more, visit https://www.nextuple.com/.
About Nextuple
Nextuple helps customer-centric retailers and grocers create and transform omnichannel fulfillment by using a microservices architecture. The Nextuple OMS Studio enables retailers to quickly extend and scale new fulfillment experiences to delight customers, create more omnichannel agility, and accelerate time-to-value. Nextuple has offices in Massachusetts, U.S., Ontario, Canada, and Bangalore, India. To learn more, visit us at www.Nextuple.com, follow us on LinkedIn, subscribe to our YouTube channel, or join the global OMS conversation with our Order Management Gurus community.
SOURCE Nextuple
Ron Wellman, VP, Marketing, [email protected], 617-851-9718; Kathy Berardi, [email protected], 678-644-4122
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