Last updated on June 13th, 2024 at 04:20 pm
Symphony RetailAI has introduced Revenue Planning and Revenue Navigator, two applications within its Revenue Growth Management solution suite.
Revenue Growth Management is the first AI-enabled, end-to-end solution suite built for CPG companies that learns, senses and shapes consumer behavior by optimizing product, assortment, price, promotion and availability for profitable revenue growth.
“CPG companies understand the need to maximize retailer relationships through trade promotions and other investments, but with traditional solutions are unable to utilize them effectively as levers for shaping path to purchase,” said Steven Hornyak, president, Symphony RetailAI, CPG Solutions. “Yet, optimized trade promotions, even when effective, should be just one of many tools for revenue growth management. The Revenue Growth Management suite is a new and game-changing disruptor that identifies the hidden opportunities that increase revenue and margins and maximize the effectiveness of trade spend.”
The company says existing solutions are resource intensive, can’t balance the varying priorities of all brands and customers, and are usable only by expert analysts. So even companies with revenue management organizations that have demonstrated some initial successes often find themselves unable to deploy these practices across their global organizations in a sustainable and economical way.
“Enabling a holistic enterprise view of category, brand and consumer impact to drive enterprise intelligence and a balanced approach across the entire retail landscape is the future of trade promotions,” said Pam Brown, chief commercial officer, The Promotion Optimization Institute. “Artificial intelligence is here and is already making a difference in CPG revenue performance. Embedding it into processes and tools will drive the required changes for CPGs to survive and thrive in this turbulent landscape.”
To address this, the Revenue Growth Management suite uses AI to cleanse, harmonize and capitalize on data from diverse sources. AI-enabled applications scan all channels, retailers, markets and products to find revenue opportunities and threats. This not only helps users better predict sales performance but also discern how various levers—such as assortment, price and promotions shape purchase behavior. Acting on prescriptive and pre-emptive recommendations at scale, CPG organizations can thus optimize customer plans within and across retailers.
“We have developed Revenue Growth Management to bring deep insights on path to purchase and the power of AI in plain business terms to stakeholders across the CPG organization—either in headquarters or out in the field,” said Adeel Najmi, chief product officer, Symphony RetailAI, CPG Solutions. “Our unique automated prescriptive planning approach shifts the burden from analysts to AI. Now, account managers, executives, sales leaders and expert analysts have a tool for deep and rapid analysis at their fingertips so they can focus on strategizing, negotiating and making business decisions while they leave the heavy lifting to AI.”
Revenue Planning enables sales teams to effortlessly create retailer plans guided by corporate strategies. The solution evaluates hundreds of thousands of scenarios and automatically generates plans optimized across all channels and all customers for enterprise-level priorities. It does this while considering complex global tradeoffs and interactions on pricing, promotional frequency and depth across retailers. It saves time and improves revenues, margins and returns on trade investments.
Revenue Navigator uses AI to analyze all channels, all retailers, all markets and all products to anticipate the risks and find hidden revenue growth opportunities. The solution monitors spend effectiveness and competitive position, senses trends by channel and market for every brand and every package group and provides prescriptive guidance on best course of action to create incremental efficiency gains and margin improvements. With Revenue Navigator, CPGs can dynamically adjust plans to correct performance gaps.
SymphonyAI, with offices in Dallas, Texas, and other locations, is a group of companies that provide the leading AI-centric solutions for transforming the business enterprise by driving revenue growth and operational excellence, for the retail, CPG, healthcare and industrial verticals, and for finance, IT and other key enterprise horizontal functions. SymphonyAI reports revenue this year of $275 million and 1,500 employees.
