AssetFloow has revolutionised the retail industry by offering a unique solution that describes shoppers’ movements and interactions with products inside a store. Unlike other solutions that rely on cameras or sensors, AssetFloow utilizes a proprietary Behavioural Artificial Intelligence model that leverages only the sales data and store planograms. The company has worked with major retailers and CPG brands in Europe and South America, to understand shopper behaviour, plan promotions, detect sales anomalies, and optimize assortment, resulting in increased sales in less than 30 days.
Each store presents a unique set of challenges when it comes to predicting shopper behaviour, and AssetFloow’s models are designed to uncover these patterns. The company is excited to take on the challenge of “Demand prediction” for Migros, where AssetFloow will apply their Behavioral Models to forecast demands for each product at an individual store level. Currently, forecast models rely heavily on seasonal patterns and external factors such as weather and events. However, with AssetFloow, a new layer of analysis will be added to increase the accuracy of the forecast to 94% (vs 76% of state-of-art). By leveraging how shoppers behave inside the store, AssetFloow will provide Migros with Forecast models followed by the reason behind the increase/decrease in demands, with recommendations that will drive sales growth and improve their inventory management.
Usage of Standards for data interoperability:
The data that we will work don’t have personal information, AssetFloow leverages anonymous transactions. Nevertheless, the following procedure will be done:
– Encryption: Using encryption tools like PGP (Pretty Good Privacy) or GPG (GNU Privacy Guard) to encrypt sensitive data.
– Access Control: Implementing role-based access control (RBAC) to limit access to data and systems based on user roles and permissions.
– Audit Trails: Maintaining audit trails to track and monitor user activity within the system and detect any suspicious activity.
– Digital Signatures: Using digital signatures to authenticate the identity of users and ensure data integrity and non-repudiation, with the work email of the user.
– Data Governance: Establishing data governance policies and procedures to ensure the accuracy, completeness, and consistency of data.
– APIs: Using Application Programming Interfaces (APIs) to facilitate communication and interoperability between different systems and applications.
– Data Formats: Standardizing data formats to ensure compatibility and interoperability between different systems and applications.
– Metadata: Implementing metadata standards to ensure consistent and meaningful information about the data is captured and shared.
