The Mojix AI Visibility Engine (maiven™) provides businesses with unprecedented insights and control over their inventory, driving replenishment efficiency, profitability, and client satisfaction.
January 11, 2024 09:00 AM Eastern Standard Time
BOCA RATON, Fla.–(BUSINESS WIRE)–Mojix, a global leader in real-time item-level visibility solutions for supply chains and nearshore software development services, today announces the introduction of maiven™, an exciting new product designed to address inventory challenges that are crucial in modern retail businesses.
“This marks a pivotal moment in our commitment to advancing technology that not only meets but anticipates the needs of our retail partners.”Post this
Developed to integrate into the company’s highly successful ytem™ retail platform, maiven’s latest Generative AI features and Data Chat applications – built upon Google Cloud’s AI tools such as Vertex AI – are designed to provide natural language chat interfaces to descriptive and predictive inventory insights. Key inventory anomaly indicators include Outages (Stock-out), Shortages (Understocking), and Excess Inventory (Overstocking). Maiven helps measure the economic KPI impacts of inventory level problems and prescribes actions for better inventory management. Maiven will empower both store-level merchandising managers as well as supply chain inventory managers to access real-time insights and make decisions quickly.
At the heart of maiven is the ability to provide AI insights and actions for optimized retail operations from three key perspectives:
- Spot understock and stockout risks
- Flag items with overstock potential leading to excess inventory
- Optimize sell-through rate
- Uncover seasonal and event-driven inventory trends
- Forecast imminent stockouts
- Gauge potential understock and overstock scenarios
- Project precise inventory levels
- Trigger timely replenishment alerts to avert stockouts
- Recommend strategic delays in restocking to curb excess inventory (overstock)
- Harmonize inventory flow with demand
With the availability and quantity of real-time, item-level data growing exponentially in modern supply chains, the need to accurately detect anomalies, predict consequences and propose actions is more critical than ever.
Leveraging our live AI-enabled production feature stores, Mojix is pioneering the embedding of Generative AI & Data Chat features into the existing ytem retail platform and introducing a revolutionary and precise way for users to interact with inventory data. These virtual agents seamlessly integrate with existing ytem features, providing natural language conversations that guide users to the insights they need, making data analysis more intuitive and accessible than ever before.
“As we unveil maiven, a cutting-edge generative AI tool designed to revolutionize inventory management for retailers, we are ushering in a new era of efficiency and precision leveraging real-time item-level visibility. Maiven is more than technology; it’s a game-changer for the retail industry, among other verticals. By harnessing the power of generative AI, we empower retailers to navigate the intricate landscape of inventory and asset management with unprecedented insight and foresight. It’s not just about managing stock; it’s about transforming the way businesses operate, enhancing decision-making, and ultimately, delivering an unparalleled client experience,” said Chris Cassidy, CEO of Mojix. “This marks a pivotal moment in our commitment to advancing technology that not only meets but anticipates the needs of our retail partners.”
Mojix will be exhibit in booth #3865 at NRF The Big Show on January 14-16 at the Jacob Javits Convention Center in New York City and offer exclusive previews of this product on-site.
Mojix is a leader in real-time, item-level visibility solutions and human capital management for nearshoring IT development services that provide end-to-end business intelligence for supply chains around the globe. Mojix harmonizes data to provide traceability, product authentication and automated inventory management solutions that are built on a high security, scalable SaaS platform. Mojix captures event-triggered actions and vital characteristics by tracking billions of unique identities, to follow item lifecycles from source to shelf. Companies can leverage the integrated data to increase their sales and operational efficiency, reduce risk, and enhance their customer experience. Learn more at www.mojix.com.
©Mojix, Inc. Mojix, ytem, and maiven are registered trademarks or trademarks of Mojix, Inc.
Maggie Williams Dryden
Vice President, Head of Global Marketing