What does an effective retail inventory management system look like in 2019? Founded in 2011, Fellow, Inc, has worked with multiple Fortune 100 companies since its early years. Through creative problem solving, we have opened new markets through the development of cutting-edge technology in AI, Robotics, Computer Vision, and IoT.
We at Fellow have received numerous coverages by major media outlets. And we have been noticed around the world for our pioneer work in robotics, automation, and technology. Due to our vast contribution to the industry we work and have worked with some of the largest companies in the world. Fellow operates in the US and designs and develops cutting-edge core technologies. We build products by working with key manufacturing partners through strategic relationships. Fellow has multiple national and international patents granted and pending for its technologies.
The Fellow Approach
Fellow worked publicly and major retailers to perfect Navii. Navii is the in-store Robot and machine learning, AI, and computer vision accuracy component of the Fellow approach. The Fellow team fully understands the challenges of the mass merchant and supermarket space. This state of the art robot has the ability to be your in-store solution. Our technology aims to improve commonly frustrating issues in planogram compliance, back stock (overstock), and unavailable products for sale or BOPIS order fulfillment. We drive customer satisfaction up immensely, as we solve the problems with customers and associates not being able to find in-stock items. Fellow brings five years of real-life in-store experience is retail store environments to all re-engineering projects. Our approach is to leverage this expertise to help you implement a successful and groundbreaking approach to inventory management.
Return on Investment
The projected ROI areas for retailer implementations for a complete effective retail inventory management system includes:
- Daily restocking lists prioritized by profit and sales potential, impacting customer satisfaction and sales uplift. Also increases inventory turnover and maximized employee efficacy and time spent with customers
- Increased on-shelf availability
- Eliminated retail pricing errors, impacting customer satisfaction and reduced check out time for pricing mistakes, error correction, and manager override
- Manager and clerk audit task time is eliminated, impacting the reduced time of five to eight hours per day (equaling an hour’s reduction). Managerial tasks are now redirected to a higher return of human interactions.
- Customer facing app is fed in-stock position and location of all items
- Customers can find the exact location for the exact item they are looking for, impacting customer satisfaction and increasing sales
- BOPIS order fulfillment process is shortened by 35% through the creation of optimized picking order
- Go backs from the front end and returns are easily located by item and task time is reduced by 35%
- In-store Navii Robots
- Intelligent Robot Operating System and Machine Learning
Image Processing (on Robot)
- ReStoreTM (handheld application for pricing and out of stocks)
- FellowInsightsTM (Dashboards for reporting and centralized
cloud-based analytics components)
- StoreView TM (Planogram – Realogram)
RealOgrams are a creative solution that substantially improves planogram compliance. Fellow’s RealOgrams accurately record the exact location of products in the store. Using this technology, we have developed new functionality to help in omnichannel efforts – especially buy online and pick up in store. Through client experience, we have been able to develop a production level machine that reliably operates day in and day out in busy stores.
As part of the proof of concept, we at Fellow include a set of inventory management software and multiple cloud-based applications hosted in Microsoft Cloud Azure. We will populate data and create dashboards from the feeds as well as process all images captured by our technology. This creates a real-time, retail store audit, which includes the needed tools for data visualization, manage inventory, and analysis.
Our retail inventory management system aims to solve common retail problems. We set up and map both the lab environment and the test store for the most accurate data and insight we can collect. Through collaboration and creative problem solving, Fellow works with your business for a true business transformation for the pilot test. Our designers and software engineers construct customized dashboards for your specific floor needs. We facilitate training for the store staff to make sure all the moving parts are efficient and optimized. Fellow provides you with the ultimate project management system tools for your business to thrive.
Once the pilot is executed, a rollout can be started. We at Fellow will work with your company during the four months of the program. We will collaborate to roll out a plan that fits in the budget of the company.
The design for a rollout will include the cloud environment and production data integration development. This also includes data feeds and task management integration. We will also provide a support plan for the operation and maintenance of the robots. Our working assumption is that Fellow will train selected employees on the setup of the robot operations center for first level monitoring. We at Fellow will also provide replacement parts through a depot service to the company. This way, employees can provide service as needed for part replacement.
There are four components of pricing to be considered for a production rollout:
- SaaS fees per robot for ML support and Intelligent Robot Operating System support and updates
- AI-Cloud Software SaaS fees for Dashboards and data feeds in and out of the Fellow environment
- Robot purchase or lease
- Robot maintenance
Depending on the approach to the rollout, costs will vary. During the pilot program, we will work with your company to find an approach to rollout that makes economic sense to both parties. From our experience in the DIY sector, we believe that a substantial ROI is possible.
Shifting in a New Direction?
Fellow works with business stakeholders to create pivotal changes in the client’s business. As an outside entity, Fellow does not conform with the not invented here bias of internal resources. If your business wants to pivot to a new direction because of outside market forces, Fellows processes enable transformational change.
We facilitate Industry 4.0 0ur agile methodology is ideal at finding ways of bringing new technology to solve business problems. We bring our expertise in robotics, IoT, machine learning and data science. We also ask the tough questions and provide creative ways for establishing breakthrough benefits.
We begin in a lab session and work directly with business users to validate our approach. We then move to a pilot implementation to prove the benefits and return that we can help you implement. Then we work with your team to provide it in the lab before moving to a test project. We work best with large companies that are looking to innovate and make a big impact.
To learn more about how robots are revolutionizing the retail industry, click here.