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Centric Software Unveils AI Innovations in Retail

Centric Software®, based in California, has announced significant enhancements to its planning platform, Centric Planning™. These advancements leverage artificial intelligence to provide retailers with smarter tools for demand forecasting, assortment intelligence, and streamlined integrations with other Centric products. This upgrade aims to deliver greater value and operational efficiency for various sectors including fashion, luxury goods, and consumer products.

Harnessing AI for Demand Forecasting and Inventory Management

The latest features of Centric Planning are designed to transform how brands manage their supply chain and inventory. By employing AI-driven forecasting, retailers can now establish real-time connections to essential workflows regarding product assortment and go-to-market strategies. This revolutionary approach allows companies to maximize their profit margins by an impressive 110%.

With proven results showing a doubling of operating margins, a 75% reduction in planning cycle times, and a 50% cut in inventory levels, the solution offers a pathway to a more agile and responsive retail environment. Such capabilities not only enhance the bottom line but also promote happier team dynamics and quicker decision-making processes.

Key Innovations in Centric Planning

Competitive Benchmarking Tools

One notable upgrade is the inclusion of AI-powered competitive benchmarking, essential for brands operating in competitive markets. This feature analyzes competitor assortments and pricing using live market data from Centric's Market Intelligence™. By identifying assortment gaps through similar-product recognition, brands can make informed decisions to enhance their product offerings and respond more effectively to market dynamics.

Market-Specific Replenishment Algorithms

Recognizing the distinct challenges in the Chinese market, Centric Planning introduces a strategic replenishment algorithm tailored for regional logistics and production cycles. This sophisticated tool boosts store-level inventory accuracy and supply chain agility, ensuring global retailers operating in China can navigate local complexities with ease.

Enhanced AI-Based Assortment Planning

Another exciting enhancement involves AI-powered pre-season forecasting capabilities, which assist merchandisers in defining optimal buy quantities during initial planning phases. By addressing the common challenges of stock imbalances, excess inventories, or premature markdowns, this new feature allows for a more data-driven approach to assortment planning. Centric's attribute enrichment, trained on billions of products, empowers brands to improve sell-through rates while minimizing waste and preserving margins.

A Commitment to Innovation

Chris Groves, CEO of Centric Software, emphasizes the importance of these advancements, stating, “The latest innovations, including AI/ML capabilities in Centric Planning, enable brands and retailers to visualize analytics and data more effectively for more accurate demand forecasts throughout the product sales cycle.”

This commitment to integrating actionable AI within a connected ecosystem positions Centric Software as a leader in the industry, guiding brands toward smarter and more efficient operational decisions.

Comprehensive Solutions Delivered by Centric Software

Centric Software offers a wide range of innovative solutions designed for the entire product lifecycle—from concept to commercialization. Their product suite includes:

• - Centric PLM™: A leading product lifecycle management solution for various categories, improving productivity and speed to market significantly.
• - Centric Pricing & Inventory™: AI-enabled tools that boost revenues through price and inventory optimization.
• - Centric Market Intelligence™: A platform for gaining insights into consumer trends and competitor strategies.
• - Centric Visual Boards™: Tools that streamline assortment development, reducing cycle times significantly.

Overall, these recent updates solidify Centric Software's reputation as an innovator in providing essential tools for brands to thrive in today's fast-paced retail landscape. With its focus on harnessing AI and delivering actionable insights, Centric Software is poised to help retailers achieve substantive growth and enhance their competitive edge in the global marketplace.