NEW YORK and MUMBAI, India, Jan. 25, 2021 /PRNewswire/ -- Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that its AI-powered retail merchandizing and supply chain optimization software suite, TCS Optumera™, has been Highly Commended in the category 'Best Enterprise AI Solution' at The AIconics Awards.
The AIconics Awards recognize industry leaders across a broad spectrum of AI technologies, and feature more than 340 entries in 14 categories. The award for Best Enterprise AI Solution recognizes leading companies that build and apply the most innovative and effective AI solutions – in any industry.
TCS Optumera helps retailers make data-driven merchandizing and supply chain decisions regarding right-sizing store space, shopper centric omni-channel assortment, pricing strategies and compliance. Leveraging the power of AI and the TCS Algo Retail™ framework, TCS Optumera continuously analyzes more than 1,000 factors that impact key performance indicators to deliver cross-channel recommendations for optimization. Fortune 500 companies that have deployed TCS Optumera have seen a 3% to 5% increase in sales, 30% to 50% reduction in time spent, and 20 to 30% decrease in costs.
"Retailers leveraging the AI-driven optimization solution TCS Optumera are being rewarded with the agility, flexibility and data-driven insights needed to quickly respond to the drastic shifts happening across business and shopping behaviors," said Shankar Narayanan, Business Group Head, Retail, CPG, Travel & Hospitality, TCS. "This AIconics Award recognition is a strong validation of our deep domain expertise, global scale and investments in AI solutions that transform the way retailers operate to gain competitive advantage."
The TCS Algo Retail framework, enables retailers to seamlessly integrate and orchestrate data flows across the retail value chain, harnessing the power of analytics, AI and machine learning to unlock exponential business value. TCS Algo Retail suite includes Optumera and TCS OmniStore™, a unified commerce platform.
About Tata Consultancy Services Ltd. (TCS) Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world's largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 469,000 of the world's best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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