Quantium debuts AI-powered FMCG insights tool
- 19 December, 2019 10:47
Quantium has debuted a new artificial intelligence (AI)-powered platform that scales and automates its shopping and FMCG insights work.
The company said the new FMCG AI insights platform conducts analysis of supermarket shopping data to try and ascertain the cause of trends, and is aimed at cutting the time it takes for users to extract and then action data. The platform uses scan data sets including trillions of data points and replaces manual work that previously took days to complete.
“Before today, insights teams were provided scan data in various graphs from which they manually extracted data and conducted bespoke analysis to determine what may have caused a change,” said Quantium executive for FMCG, Karl Miklis. He said the whole point of the new platform is to proactively identify changes in the market.
“Quantium’s new AI insights platform automates the entire process, determining what has happened and likely causation, freeing up executives and insights professionals to make winning decisions in the marketplace.”
Miklis noted scan data tells brands what a consumer purchased, when they buy and in what format, and the price they paid. Quantium’s scan data is derived from Woolworths, which owns a 50 per cent stake in the analytics firm.
“Our AI platform will help brands respond to changes in the marketplace more quickly, whether they be consumer or competitor driven, and with speed to market so crucial, we are confident our customers will see real commercial value from day one,” Miklis added.
The FMCG platform is now being offered to select customers before its broader rollout next year and is being pitched at all consumer-oriented brands.
Quantium said it’s spent a decade applying AI to data sets across a range of industries including FMCG, banking, insurance, media, property, health and government.
“We are always investing in technology to deliver the best solutions to our customers. There is no single specific technology we can point to that enables this capability – it is the culmination of years of evolution and development of a complex technology ecosystem by Quantium and its partner vendors,” a spokesperson said.
“We use AI across most of our solutions in our key industries including retail, FMCG and banking, and we are currently looking into ways to bring the same personalised insights technology to users in every industry. We truly believe there is no one in today’s world that doesn’t stand to benefit from ethical and responsible applications of AI.”
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