Bengaluru (Karnataka) [India], August 18 (ANI/BusinessWire India): Luminous Power Technologies, India's market leader in power backup and home electricals, today selected Mate Labs' flagship product Mateverse to strengthen its supply chain against a potential Covid third wave.
Mateverse is a full-scale AI and ML-based forecasting platform that can dynamically predict end-customer demands while avoiding inefficiencies caused by supply and demand misalignment across business operations.
With a fourfold increase in the last decade, Luminous is a market leader in the power storage business and one of the fastest-growing companies. Prior to working with Mate Labs, one of the major challenges that Luminous faced at the point of sale was the need for accurate and real-time forecasting. Luminous hopes to improve forecasting and availability of the right inventory at the right place by implementing Mateverse.
With Mate Labs, Luminous will be able to:
Create a well-functioning supply chain to boost business growth and performance.
Transform its supply chain digitally by leveraging AI powered advanced analytics to improve predictions and plans in order to reduce bias, identify trends, address challenges, and identify growth opportunities.
Drastically decrease stock out and overstocking.
Simulate various scenarios/events in order to prepare for the unexpected.
Improve all channels of trade GT, MT & Ecommerce.
Manage better inventory levels even with longer lead-times.
On implementation of the solution, Anup Shrivastava, Head of Supply Chain, "With the possibility of the next wave of COVID, we want to ensure that our supply chains are not only resilient but also agile and dynamic in order to serve consumers in the most difficult of circumstances. We partnered with Mate Labs because their platform responds quickly to shifting consumer demand, especially during this pandemic, and it would increase inventory turnover by improving forecasting accuracy at the SKU level for each Distribution Centre. In addition, we will be working with Rahul and team to develop a solution based on SLOB (Slow Moving and Obsolete Inventory) to reduce waste in our supply chain. It is a significant step for us to collaborate with Mate Labs to begin our journey to completely automate our supply chain."
On partnering with Luminous, Rahul Vishwakarma Co-founder and CEO of Mate Labs said, "As a growing company, Luminous required a solution that could handle its complex and extensive supply chain. We can reduce the risk of overstocking, inventory waste, and maximise production efficiency and streamline purchasing by using Mate Labs' accurate and real-time demand forecasting. Our AI-first approach allows us to develop and deploy supply chain solutions quickly. In the coming months, we will provide a robust and detailed forecast that takes into account both historical data and current conditions. To achieve the best results, our platform will integrate all relevant data, allowing us to make accurate and profitable decisions to reduce inventory waste."
Mate Labs' predictions are real-time and 100X faster than traditional methods, which take at least 3-6 months, and has been felicitated by google as the best AI company in APAC. By focusing on data-driven planning, a 5% increase in forecast accuracy improves the bottom line by 1%, adding millions of dollars to the bottom line.
Mate Labs is currently collaborating with global Fortune 500 companies to develop fully automated next-generation supply chains. The Indian AI startup has currently automated the current demand planning process and is working to automate inventory management, vendor management, distribution, and logistics.
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