NEW YORK and MUMBAI, India, Dec. 15, 2020 /PRNewswire/ -- Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that its award-winning AI-based merchandize optimization suite for retailers, TCS Optumera™, has been named as a Representative Vendor in the Gartner Market Guide for Retail Assortment Optimization Applications in Merchandising1. The guide has recognized TCS Optumera Assortment Optimization, Competitive Assortment and Fashion Assortment offerings.
TCS Optumera is an AI-powered retail optimization suite that reshapes retailers' decision making with self-learning and multi-dimensional concurrent optimization. It harnesses the power of data, machine learning and artificial intelligence to help retailers rapidly execute changes by rendering key merchandizing processes intelligent and autonomous, optimizing space, assortment, pricing, and supply chain decisions. Retailers using TCS Optumera have reported a 3-5% increase in sales, 30%-50% reduction in time spent, 5x more strategies and 20-30% reduction in costs.
"TCS Optumera is helping leading retailers move away from traditional calendar-based category resets and pivot to intelligent merchandizing and supply chain strategies incorporating 'always-on' optimization, offer intelligent assortments aligned with market dynamics and shifting customer preferences, curate shopper-centric omnichannel experiences and drive growth," said Shankar Narayanan, Business Group Head – Retail, CPG, Travel & Hospitality, TCS.
By running its algorithms on thousands of factors that impact business KPIs, including shopper preferences and competitive assortment, TCS Optumera™ Assortment Optimization enables leading global retailers to hyper-localize assortments across stores and online channels, rationalize their SKUS, and help shoppers find what they need, maximizing sales and profitability. A sub-module, Competitive Assortment, uses a three-tier matching algorithm to provide retailers insights about gaps in their assortment, versus competition.
TCS Optumera Fashion Assortment leverages AI and computer vision capabilities using attributes, images, and trends to provide hyper-localized, size-profile based item recommendations helping retailers curate the right mix of products that resonate well with shoppers and improve sales.
TCS Optumera is part of the TCS Algo Retail™ suite which 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.
1 Gartner, "Market Guide for Retail Assortment Optimization Applications in Merchandising", Robert Hetu, October 2020
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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 AgileTM 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 453,000 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.