Have you ever stopped at a red light despite no visible signs of any vehicles in your vicinity? Have you ever been annoyed by people who do? In hindsight, it is amusing to see we as human beings and our judgments in daily matters that are prone to errors. Being human requires us to separate the substance in our life experiences from our emotions, moral and sentimental values. Additionally, we also require knowledge about the world in order to apply our life experiences and maximize the output of our actions. Being human also demands us to recognize that as a rule of thumb, we will fail more often in this journey than we will succeed. But what if instead of human beings, objective machines driven by real time data were guiding us to be the best of ourselves? There is a new kind of space race happening all around us and the new universe human beings are chasing is the world of Artificial Intelligence (AI). Some industry leaders like Mark Zuckerberg, Elon Musk are betting big money on AI because – it will revolutionize the way we understand and apply ourselves forever.
NextOrbit is competing in this global race to reinvent the world. Predictive algorithms in its cloud platform use retailer data and relevant contextual information to uncover insights into customer behavior and management.
This information is essential for three important business objectives: To improve sales, to improve customer loyalty, and, to optimize stock. NextOrbit works with fashion brands and retailers to increase sales while significantly reducing costs.
Challenging the Traditional Worldview
The business environment is becoming safer every day from external factors, all around the world. Retail stores and fashion brands experience three major issues which directly compromises their bottom line:
Over-stock – The average brand has a full price sell through of 60% at least once a year. This means that 40% has to be marked down due to gross overestimations – this has a huge negative impact on margins.
Out-of-stock – The industry experiences an out-of-stock situation in 4-15% of their total operational hours.
Misallocation – Sending products to stores where there is little or no demand. The product could easily satisfy another customer at another location and earn brand loyalty in return.
Each of these areas requires significant improvements because there is such a small margin of error before profits are significantly impacted.
With the help of Next Orbit’s data analysis and cloud technology, businesses will be able to accurately predict future demand and improve stock allocation in terms of both quantity and geography.
Building an Innovative World
Many global companies are competing for a share of the AI technology pie. NextOrbit distinguishes itself by adding various X factors to its analysis and final evaluation.
NextOrbit data analysis takes into consideration macro-economic factors, local-national events, the weather and social signals, all of which often have huge bearings on the final outcomes for businesses.
For example, Thanksgiving is a major holiday in the U.S. By taking this holiday into account, a machine can analyze data from the previous year to understand customer behavior on this particular day. It can suggest items to pre-order and even suggest the optimum discount for each item to achieve maximum profit.
NextOrbit is venturing into areas of data consolidation and analysis which no other company has explored. This requires a leader at the helm who can navigate through practical hurdles without losing sight of its future goals.
NextOrbit founder and CEO, Kishore Rajgopal has both the experience to deal with challenging situations and the foresight to look beyond short-term solutions. Mr. Rajgopal led the Retail Technology Consulting department of Infosys in the U.S. from 2000 to 2009.
This gives him and the company an ideal vantage point from which to predict, understand and address the difficulties retailers face.
Mr. Rajgopal also has over 20 years of experience in product development, business development, business intelligence and analytics. Potential investors in NextOrbit will be encouraged to know that he has co-founded a successful similar venture before, Crowdanalytix.
Crowdanalytix is a platform that led to the development of predictive models using a global crowdsourcing approach; it received multi-million-dollar Series A funding from reputed Venture Capital firms.
The Road Ahead – The Road Less Travelled
The cloud industry has proven itself to be a trailblazer in many ways and ever more companies are opting for cloud technology to safely secure their data, make it easily available for employees, and for other practical and business reasons. So, what makes the NextOrbit cloud platform stand out from those of its rivals?
NextOrbit CEO, Kishore Rajgopal believes they have a lot more to offer than just top-of-the-line AI technology, “Our cloud platform is easy to embrace and it has been designed to grow with the needs of every retailer”.
The company’s focus on innovation and the leadership of its founder makes NextOrbit a delight to observe as the company continues to craft inventive, practical solutions to revolutionize the way retailers do business.