GURGAON, India, March 24, 2022 /PRNewswire/ — BluePi Consulting, an established player in data-driven solutions for the retail industry, today announced that it has been granted patent by Indian Bureau of patents – Government of India for a Demand Forecasting System and Method for a Retail Organization. This patent has a term of 20 years, from January 22, 2021, in accordance with the provisions of the Patents Act 1970.
This is the first patent for BluePi and includes a proprietary and robust algorithm for forecasting demand for retail organizations. Retailers often face challenges in accurately determining upcoming demand at SKU and store granularity. This not only leads to the predictions becoming coarse, but also to losing the variability that exists for each SKU. Existing solutions suffer from one or more drawbacks such as a heavy reliance on human input or mathematical forecasting methods based on statistical data. Either of these existing solutions is less accurate, error-prone, able to handle static or historical data, is not fully automated, and takes into account a set of parameters irrelevant or inappropriate for the forecast. The patent helps the organization accurately forecast future demand by balancing excess and insufficient inventory. This would help organizations reduce OOS and operational costs due to additional inventory.
Speaking on this achievement, Pronam Chatterjee, co-founder and CEO of BluePi Consulting, said: “This acquisition of our first patent is a significant step in our journey towards technological excellence and has established BluePi’s leadership in of innovation in retail technology. He further added: ”This achievement reiterates that we are certainly the go-to partner for retail organizations and that we will support the strengthening of our engagement with customers. ”BluePi, serves several established retail chains across India and has successfully branded itself as one of the ‘Game Changers in the Retail Industry’, with its retail solutions data driven. The organization’s demand forecasting and retail analytics solutions have proven to be accurate and effective.
These smart and advanced solutions help retailers deliver a better customer experience, improve sales and increase profit margins. They leverage intelligent data-driven insights to deliver demand planning, inventory replenishment, markdown optimization, inventory rebalancing and more! About BluePi: BluePi Consulting is an established player in retail consulting and solutions, recently expanded its capabilities and also entered the BFSI sector. Founded in 2012 in Gurgaon by industry leaders, Pronam Chatterjee and Kaushik Khanna, BluePi has successfully branded itself as one of the “game changers” in the retail industry, with its retail solutions data-driven retail. Recently, BluePi launched its solutions to address several challenges in the BFSI industry and help deliver better performance by leveraging big data, data science, AI-enabled data analytics, machine learning and other technologies.
Self-funded, the organization has its operations in Bangalore and Mumbai, in addition to its headquarters in Gurgaon. For more information visit bluepiit.com PWR PWR
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