Tata Consultancy Services’ AI-powered retail products recognised for effectively leveraging machine learning and self-aware strategic planning respectively to create value
New York | Mumbai: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organisation, has won two awards at the 2021 Artificial Intelligence Excellence Awards. TCS Optunique™, its AI-powered enterprise personalisation solution, was named the Best Theory of Mind Machine Learning Product while TCS Optumera™, its AI-powered retail optimisation suite was declared the Best Self Aware Strategic Planning Product.
TCS Optunique received the award for its ability to drive unified personalised experiences across the omnichannel journey for every customer, every time, by rapidly understanding customer intent in real time, while factoring in their long-term preferences. It is powered by over 100 algorithms, a goal-based connected interface and a future-ready single service design to accelerate the personalisation journey. With TCS Optunique, retailers can realise a 10 percent upshift in the customer base from unknown shoppers to loyal customers and 75 percent decrease in customer churn, thereby increasing the customer lifetime value.
TCS Optumera was recognised for empowering retailers to make AI-enabled integrated decisions across business areas. It uses advanced AI techniques to continuously monitor thousands of customer, market and vendor behaviours; model scenarios and customer behaviour to identify sales and margin opportunities; and recommend changes to merchandising (price, space, assortment, promotions) and supply chain levers. Global Fortune 500 companies have deployed TCS Optumera to realise a 3-5 percent increase in sales and gross margin and 50 percent reduction in time customers spend in aisles, while gaining the ability to execute five times more merchandising strategies.
“Businesses worldwide are harnessing the power of AI to build differentiated capabilities, agility and real-time adaptiveness to dynamic scenarios. Our vision is to help retailers drive topline growth with AI-powered integrated merchandising and supply chain decisions, and build customer lifetime value with contextual hyper-personalisation,” said Shankar Narayanan, business group head, Retail, CPG, Travel and Hospitality, TCS. “This recognition is yet another strong testimony to our products’ superior capabilities in the AI space.”
“We are so proud to name TCS Optunique and TCS Optumera as winners in our inaugural Artificial Intelligence Excellence Awards programme,” said Maria Jimenez, chief nominations officer for Business Intelligence Group. “It was clear to our judges that TCS Optunique utilises Machine Learning to drive unified business goals and strategies by enabling seamless integration across all channels, and TCS Optumera enables better strategic planning for enterprises across merchandising and supply chain by leveraging AI. Congratulations to the entire team!”
TCS Optunique and TCS Optumera are flagship products of the TCS Algo Retail™ suite of products and platforms which help retailers reimagine their businesses, orchestrating data flows across the retail value chain and harnessing the power of analytics, AI and machine learning to unlock exponential business value.
