Global IT consulting firm, Tata Consultancy Services (TCS), has won two awards at the 2021 Artificial Intelligence Excellence Awards.
- TCS Optunique, the company’s AI-powered enterprise personalization solution, was named the Best Theory of Mind Machine Learning Product.
- TCS Optumera, its Artificial Intelligence-powered retail optimization suite, was announced the Best Self-Aware Strategic Planning Product.
TCS Optunique received the award to drive unified, personalized experiences across the omnichannel journey for every customer by rapidly understanding customer intent in real-time while factoring in their long-term preferences.
It is powered by more than 100 algorithms, a goal-based connected interface, and a future-ready single service design to stimulate personalization.
With Optunique, retailers can realize a 10 per cent upshift in the customer base from unknown shoppers to loyal customers and a 75 per cent decrease in customer churn, thereby increasing the Customer Lifetime Value.
TCS Optumera was awarded for empowering retailers to make AI-enabled integrated decisions across business areas. It uses advanced AI techniques to monitor thousands of customers and market continuously and vendor behaviours, model scenarios and customer behaviour to recognize sales and margin opportunities, and recommend changes to merchandise and supply chain levers.
Many Global Fortune 500 firms have deployed TCS Optumera to realize a 3 to 5 per cent increase in sales and gross margin and a 50 per cent decline in time clients spend in aisles while getting the ability to execute five times extra merchandising strategies.
Shankar Narayanan, Business Group Head, Retail of TCS, said, “Global businesses are harnessing the AI power to develop differentiated capabilities, agility, and real-time adaptiveness to dynamic scenarios. These recognitions are another strong testimony to the company’s products’ superior capabilities in the AI space.”
TCS Optunique and TCS Optumera are flagship products of the TCS Algo Retail suite of products and platforms that help retailers reimagine their businesses, orchestrating data flows across the retail value chain, providing the power of analytics, AI, and machine learning to unlock exponential business value.
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