Antwerp (Belgium), 6 May 2021 - COVID-19 has made it clear that companies can no longer afford to base their forecasts on data from the past. The new platform, Garvis, however is sparking a paradigm shift in how planners and companies manage their inventory. The bionic planning system combines artificial intelligence with the planner’s own insights and real-time data analysis and can be operational in just 1 day. Garvis reduces errors in the supply chain by up to 30% while saving time and cutting costs for companies.
Companies these days operate in a digital, globalised and rapidly-evolving world. Until now, however, the available technology has been incapable of offering a real solution to that complexity. Planners are forced to base their forecasts on rigid, outdated systems that are simply ill-equipped to deal with global events like pandemics or container ships blocking the Suez Canal. The result is surpluses and/or shortages of supply that significantly impact profitability.
Garvis, which is supported by accelerator Start it @KBC and collaborates with the University of Antwerp, adopts a radically different approach. The new SaaS platform does away with inventory forecasts that are based on past data and/or react to global changes too slowly. Garvis’ bionic planning system combines artificial intelligence with the planner’s own insights. As a result, it is capable of analysing a whole battery of real-time data within and beyond a company’s own business environment. Examples of such data are online prices, point of sales data and social media conversations. As such, planners and companies can respond flexibly to unexpected developments and fluctuations in demand for their products.
World’s first bionic planning system
The planner’s own insight and expertise remain central to the platform. Planners are in constant dialogue with the system’s (artificial) intelligence but still take all their own decisions. Machine learning ensures that Garvis’ predictions get smarter and smarter as user interactions and the available data increase.
Piet Buyck, founder and CEO of Garvis: “Garvis is the world’s first genuine bionic planning system. It enables a seamless connection between user, machine and data. Something which, in today’s rapidly changing landscape, has become indispensable to achieving the best results.”
As a bionic planning system, Garvis generates real and reliable forecasts. In fact, according to Boston Consulting Group, it can reduce the margin of error in forecasts by as much as 30% and can boost turnover and EBITDA by 2% to 4%.
Implemented in a single day
The Garvis platform radically transforms how many planners work today, explains Piet Buyck. “The classic planning process is still largely manual. That means it is not only limited in capabilities but also extremely time consuming. 68% of all companies still work with spreadsheets, for example. And those that do opt for new technologies often go for expensive systems that take months to build and implement but are quickly outdated. Our AI platform, however, can be up and running in a single day without complex implementation processes, for both large and small companies.”
Garvis forms part of the Microsoft for Start-ups, Start it @KBC and Oracle accelerator programmes. The company is ready to scale up in order to service an international market and is close to signing contracts with several large multinational companies. Therefore Garvis is hiring top-level developers, data analysts and sales experts both nationally and internationally.
CEO Buyck: “Bionic planning systems are the future of global supply chains, according to the Boston Consultancy Group. And Garvis is taking the lead in developing this new generation of planning software.”https://www.garvis.ai/