JOIN US Retigence Technologies, a predictive analytics company focusing on supply chain optimisation, aims to have presence in 2,000 stores this year.
“Our core offering is the inventory optimisation app ‘StockWise’. Our aim is to empower retail enterprises of all sizes to optimise their supply chain. We have built our product in the cloud, and it can be accessed by any smartphone, tablet or PC,” Retigence Technologies CEO and Founder Srinibas Behera told DH.
Behera said, “We are present in 100 stores, and we have plans to reach 2,000 stores by the end of this year.” Founded in 2015, Bengaluru-based Retigence Technologies raised undisclosed money from Omnivore partners in 2015.
StockWise uses a powerful number-crunching technology that can tackle the scale, complexity and frequency of computation associated with supply chain inventory management. This sort of computing complexity is impossible to replicate on premises with normal IT infrastructure.
When asked about its beginnings, Behera said, “We started with a desire to solve a big problem faced by many businesses. One of the problems in retail is that margins are very low. On further research, we found that inventory has the biggest impact on the margin. Then we decided to work on inventory optimisation problem that manifested as stock out or overstock inventory.”
On challenges, Behera recalled, “The initial challenge was to find the big problem. Various researches and talks with established companies helped to identify problems. Finding the root cause and building algorithm took some time. The next challenge was to find customers to try the solution, and then came the challenge of building a scalable platform, and finally, funding and scaling the business.”
“We use an extremely complicated algorithm to give clients a very simple input — how much inventory of given product they should maintain,” Behera said.
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“Too little stock means loss due to missed sales, too much stock means money is tied up in inventory that isn’t moving. We solve this issue innovatively by predicting demand daily for every single SKU (stock keeping unit) and products being sold and providing these insights in real time on a simple mobile interface,” Behera said.
“There are hundreds of ERP solutions that retailers use to automate processes. However, while reordering and restocking, products are automated; how much to order and when to reorder is still a manual input. We provide this vital input for the competition. We have developed a system for micro-retailers (Kirana), where they will get insights into their inventory and sales in real time on the phone without the need for any POS (point of sale) system. This will improve their profitability and sustainability of the business,” he added.
Bankingontechnology
Retigence Technologies provides solutions for retail chains through an inventory optimisation system
StockWise app solves the over-stocking and stock-out situations in the retail industry
The company uses an extremely complicated algorithm to give clients a very simple input