Leaders of Analytics Solving a Trillion-Dollar Problem with AI featuring Min Chen
“Out of stock”.
Three words with a great deal of significance for retailers and their customers.
It is estimated that retail products are out of stock 8% of the time in physical stores, and more than 14% of the time in e-commerce stores, leading to frustration for retailers and customers alike.
Retailers miss out on important revenue from the forgone sales.
Customers leave unfulfilled and are less likely to return to the same retailer or recommend it to others in their network.
Supply chains feel the ripples of the gaps between demand and supply.
This is a trillion-dollar problem globally.
The solution to this problem is not just about demand forecasting, but also knowing what you have in stock, which is a huge challenge in itself.
To understand how to solve this challenge, I recently spoke to Min Chen who is the co-founder and CEO of Wisy Inc. The company’s technology is focused on reducing retail stockouts and waste with artificial intelligence and data analytics.
Min is a seasoned entrepreneur and an all-round interesting person. Having migrated from China to Panama at age 4, the now lives in Silicon Valley after moving Wisy from Panama to the US in 2020.
In this episode of Leaders of Analytics, you will learn:
- How AI can help solve a global, trillion-dollar supply chain problem
- How to develop a product-market fit for AI solutions
- How to bootstrap a start-up in a difficult environment
- Why Wisy decided to move the company from Panama to Silicon Valley