Collaborative Breakthrough NIQ and Databricks Transform Retail through Cutting-Edge Integrated Solution

In a strategic partnership, industry leaders NIQ and Databricks have unveiled an unprecedented Supply Chain Solution poised to revolutionize the retail sector. Leveraging NIQ’s cutting-edge data capabilities and the innovative Discover technology platform, the collaboration sets a new industry standard. Built on the robust foundation of the Databricks Data Intelligence Platform, the Supply Chain Solution introduces real-time collaboration, departing from traditional on-premise solutions dependent on outdated information. Together, NIQ and Databricks are driving remarkable progress in retail technology.

The initiative is aimed at addressing long-standing challenges in the retail industry’s supply chain processes. Commencing with the modernization of demand forecasting, the solution concentrates on enhancing accuracy and efficiency. This innovative approach incorporates the use of generative AI techniques, promising a revolutionary improvement in forecasting accuracy by an average of 10%. This advancement aims to assist retailers in reducing carrying costs, minimizing stockouts, and mitigating markdowns. This progressive leap surpasses traditional off-the-shelf solutions relying on basic univariate modeling, offering a more customized approach tailored to the specific needs of retailers.

Jamie Clarke, Head of North America Retail at NIQ, emphasized the significance of the collaboration with Databricks in advancing retail technology. Clarke stated, “Our partnership with Databricks marks a pivotal moment in advancing retail technology to facilitate collaboration between retailers and supply partners. By combining NIQ’s unparalleled data capabilities and the leading retail platform, Connect/Discover, with the Supply Chain Solution, alongside the expertise of Databricks, we are dedicated to revolutionizing how retailers leverage data for innovation, sustainable growth, and genuine collaboration.”

NIQ’s Connect/Discover platform, through its Supply Chain Solution, leverages advanced datasets to enhance machine learning tasks using detailed panel data. This approach significantly improves personalized services and optimizes multi-channel strategies for retailers and manufacturers.

The outlined roadmap sets a trajectory for ongoing retail innovation in 2024, prioritizing refined personalization strategies to create tailored consumer experiences as NIQ invests in modern practices. The alliance also foresees continued collaborative efforts to lead the next wave of retail transformation, aiming to further revolutionize industry practices.

Rob Saker, Global Industry Leader for Retail at Databricks, highlighted the collaborative effort to empower retailers with real-time data and machine learning capabilities. Saker commented, “Our alliance with NIQ signifies a collaborative endeavor to empower retailers with real-time data and machine learning capabilities. The fusion of Databricks’ industry-leading data platform with the innovation prowess of our alliance underscores our commitment to driving actionable insights and fostering innovation in the retail sector.”

Witness the dynamic synergy of NIQ and Databricks as they unveil groundbreaking solutions during NRF’24 Retail Big Show, scheduled from January 14-16 at the Jacob K. Javits Convention Center in New York City.

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