Invent Analytics, a data-driven pricing and inventory-planning solutions provider, received the Retail Industry Leaders Association (RILA) Startup Innovation Award on Tuesday at the association's LINK2020 supply chain conference.
According to founder and CEO Gurhan Kok, the solution uses artificial intelligence (AI) to help companies optimize their inventory and pricing levels. Instead of drawing from user-provided key performance indicators, the self-learning solution looks at profit margin and inventory carrying cost to decide where inventory should be located and at what level.
RILA received more than 50 nominations, which were then narrowed down by its Supply Chain Technology Advisory Council to three finalists: Invent Analytics, autonomous delivery-vehicle provider Gatik, and autonomous mobile robot provider Magazino. Each of the finalists presented their solutions on Monday to the attendees during a general session at LINK2020, and attendees voted on the winner.
In addition to the Startup Innovation Award, RILA hosted a "startup crawl," where attendees could in quick succession visit a number of kiosks in the event's exhibit hall representing new startup supply chain technology.