TCS wins double Stevies for its retail solutions
TCS Optumera™ and TCS OmniStore™ win in the AI-ML solutions category for their robust AI models
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Omnichannel CX and Intelligent Innovation – The Future of Retail
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Modernization imperatives
TCS has been honored with dual Stevie®awards at the 19th annual International Business Awards (IBAs) for its TCS Algo Retail™ platforms.
TCS OmniStore, our AI-powered unified commerce platform, and TCS Optumera, our AI-powered retail strategic intelligence platform, were awarded silver Stevies in the Artificial Intelligence and Machine Learning Solution category.
The IBAs are the world’s premier business awards program. The 2022 IBAs attracted more than 3,700 nominations from organizations of all types in 67 nations across multiple categories.
"We are glad to win a double silver Stevies at the International Business Awards in the Artificial Intelligence/Machine Learning Solution category. It is an exciting moment for our teams that have strived relentlessly to make this happen,” said Shankar Narayanan, President, Business Group Head, Retail Cluster, at TCS. “The ever-evolving business environment and consumer behavior over the last two years have necessitated the need for modernization. An iterative approach based on emerging business scenarios and consumer trends is necessary,” he said. “Our AI-powered platforms are helping retailers adapt and pivot to grab sales and revenue opportunities, without compromising on value proposition and customer experience.”
Contextual hyper personalization with TCS OmniStore
TCS OmniStore was recognized for its innovative use of advanced AI models to enable a plethora of capabilities, from delightful customer experiences to higher productivity.
The unified commerce platform uses AI to understand the customers’ context and deliver the right product recommendations, offers, and content across omnichannel journeys, helping retailers to drive loyalty and conversions. Retailers can enable contactless commerce from product discovery to checkout such as voice-based shopping and autonomous checkout. By optimizing till labor based on intraday sales forecasting and customer distribution in stores, they can improve workforce productivity. Further, store managers can detect fraud with image and video analytics and ensure uninterrupted store experiences through business readiness health checks of critical systems and self-healing of issues.
The composable commerce architecture of TCS OmniStore gives businesses enormous flexibility to build their own commerce solution and innovate to unlock exponential value. With TCS OmniStore, retailers can realize a 10% increase in the customer base from anonymous to known users increasing CLV, 5-10% increase in sales, 40-50% decrease in labor operations, and 99.99% business availability.
TCS OmniStore™ is a truly innovative product offering seamless operation and checkout for customers in every channel, also supersedes the traditional POS model. Especially the personalization options through AI could be game changer.
Optimized merchandising decisions with TCS Optumera
TCS Optumera was recognized for its ML models that empower retailers to make integrated, value chain-optimized decisions across merchandising and supply chain.
The AI-powered retail strategic intelligence platform analyzes over 1,000 sales influencing parameters such as local events, competitor intensity, weather, and stores in addition to traditional parameters like historical performance and competition. By turning data into a competitive resource and making key business processes intelligent and autonomous, TCS Optumera helps retailers deliver hyper-localized merchandising decisions and holistic supply chain optimization that enables them to de-risk expensive investments and generate greater value while significantly differentiating themselves against competitors.
Global Fortune 500 companies that have deployed TCS Optumera have realized 3-5% increase in sales and gross margin, 30% reduction in cost to serve with concurrent optimization of supply chain KPIs, 30-50% improvement in business process efficiency, and the ability to execute over 5x strategies.
TCS Optumera™ is an impressive and comprehensive platform for making business decisions! I liked that Optumera provides the users with a large number of pre-training machine learning models that can be used to make any business decision. Additionally, I like that it provides not only supervised learning but also reinforcement learning.
The TCS Algo Retail advantage
TCS Algo Retail is our patented approach for transforming organizations into resilient, adaptable, nimble, algorithmic enterprises.
TCS OmniStore and TCS Optumera are flagship platforms of the TCS Algo Retail suite of products and platforms which help retailers reimagine their businesses, orchestrating data flows across the retail value chain, and harnessing the power of analytics, AI, and machine learning to unlock exponential business value.
