NIQ and Databricks Join Forces to Revolutionize Retail with Innovative Joint Solution
Powerhouse companies NIQ and Databricks, have joined forces to unveil a groundbreaking Supply Chain Solution to transform the retail landscape. NIQ is a pioneer with its unmatched data capabilities and innovative Discover technology platform, setting the benchmark in the industry. The Supply Chain Solution is built on the Databricks Data Intelligence Platform and allows real-time collaboration, unlike on-premise solutions that rely on outdated information. Together, NIQ and Databricks are propelling unprecedented advancements in retail technology.
The initiative targets critical pain points historically plaguing the retail industry across supply chain processes. Beginning with modernizing the demand forecasting process, this solution focuses on elevating accuracy and efficiency. The approach involves adopting generative AI techniques, promising a groundbreaking enhancement of forecasting accuracy by an average of 10% to help retailers lower carrying costs, maintain fewer out of stocks, and have less markdowns. This progressive leap surpasses conventional off-the-shelf solutions that rely on basic univariate modeling, providing a more customized edge tailored to retailers' needs.
"Our relationship with Databricks represents a pivotal moment in advancing retail technology to enable collaboration between retailers and supply partners," said Jamie Clarke, Head of North America Retail, NIQ. "By combining NIQ's unrivaled data capabilities and leading retail platform, Connect/Discover, with the Supply Chain Solution, alongside the expertise of Databricks, we're committed to revolutionizing how retailers harness data to drive innovation, achieve sustainable growth, and drive true collaboration."
NIQ's Connect/Discover platform's Supply Chain Solution harnesses advanced datasets to supercharge machine learning tasks by utilizing detailed panel data. This approach significantly enhances personalized services and optimizes multi-channel strategies for retailers and manufacturers.
The roadmap outlines a progressive trajectory for further retail innovation throughout 2024. This includes prioritizing refined strategies for personalization, aiming to create tailored consumer experiences as NIQ continues to invest in modern practices. Moreover, the alliance anticipates evolving collaborative efforts to spearhead the next wave of retail transformation, aiming to revolutionize industry practices further.
"Our alliance with NIQ signifies a collaborative endeavor to empower retailers with real-time data and machine learning capabilities," said Rob Saker, Global Industry Leader for Retail at Databricks. "The fusion of Databricks' industry-leading data platform with the innovation prowess of our alliance underscores our commitment to driving actionable insights and fostering innovation in the retail sector."
Experience the dynamic synergy as NIQ and Databricks converge to introduce pioneering solutions during NRF'24 Retail Big Show, scheduled from January 14-16 in New York City at the Jacob K. Javits Convention Center.
About NIQ
NIQ is the world's leading consumer intelligence company, delivering the most complete understanding of consumer buying behavior and revealing new pathways to growth. In 2023, NIQ combined with GfK, bringing together the two industry leaders with unparalleled global reach. With a holistic retail read and the most comprehensive consumer insights?delivered with advanced analytics through state-of-the-art platforms?NIQ delivers the Full ViewTM.
NIQ, is an Advent International portfolio company with operations in 100+ markets, covering more than 90% of the world's population. For more information, visit NIQ.com.
News published on and distributed by:
