For retailers, few challenges are as complex and critical as demand forecasting. Today, AI pioneers DataRobot and Palantir Technologies Inc (NYSE: PLTR) announced a new partnership designed to create unique, agile, and real-time solutions to help solve the most pressing demand forecasting problems.
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Demand forecasting models are often outdated, rigid, and poorly equipped to deal with change. The speed in which supply chains, consumer demand, and shipping logistics have changed over the past year has forced organizations to rethink their approach when it comes to demand forecasting for the future. To support retailers in managing this challenge, DataRobot and Palantir have partnered to create a custom, newly developed framework that will empower companies to take on a more nimble strategy to demand forecasting, eliminating the time and resources spent on manual data cleansing and one-off manual modeling. The framework combines the best of Palantir Foundry and DataRobot model development capabilities to give customers the ability to create and test data-driven, easily updated forecasting models in minutes, not months, from a single platform. With a holistic view of the retail ecosystem, brands will be able to avoid previous blind spots, and make better and more impactful business decisions.
“As per our 2021 global BuyerView study, 35% of businesses cite limited AI expertise and 33% cite increasing data complexities and silos as barriers to successful AI adoption. Traditional demand forecasting models are getting outdated because of the increased amount of data generated from businesses and external sources,” said Ritu Jyoti, Program Vice President, WW AI and Automation Research Practice at IDC. “With the help of rich datasets and implementation of modern machine learning algorithms into businesses’ supply chain management, companies can improve the accuracy of forecast results and optimize their replenishment plans. This new partnership brings together complementary solutions and will help retail customers unlock the transformative power of AI, for example improved forecast accuracy will lead to reduction in lost sales due to inventory out-of-stock situations and help warehousing costs decrease.”
To create and execute these models, the solution leverages Palantir Foundry’s Software Defined Data Integration to integrate multiple massive scale existing data sets, rapidly creating a high-quality data asset. This integrated data asset is then fed into DataRobot’s Augmented Intelligence technology, which trains and produces hundreds of forecasting models in the time it would take a data scientist to produce one. DataRobot’s unique ability to develop Time Series models and combine multiple data types into model development dramatically enhances the ability to forecast demand.
The best models are then brought back into Foundry and infused into operational workflows, delivering massive scale data and AI to business users. The models are constantly updated and trained by DataRobot to keep them relevant and fed back into the organization’s integrated data asset. Future modeling becomes even faster, allowing each subsequent project to take advantage of Foundry’s data assets and previous modeling outcomes.
“This partnership brings together the best of both companies’ offerings, and we are excited to see what our customers are able to do with this new solution,” said Shyam Sankar, COO of Palantir Technologies. “At Palantir, we tell our customers when they upgrade their software, they upgrade their business and this partnership profoundly speaks to that reality: upgrading your demand forecast upgrades inventory planning, pricing and promotions, logistics, production, and so much more.”
“The pandemic completely upended the way our customers forecast demand, which is why we’ve partnered with Palantir to ensure they can create the most accurate, viable models moving forward,” said Dan Wright, CEO of DataRobot. “By combining the power of the DataRobot Augmented Intelligence platform with Palantir’s capabilities, we’re helping our joint customers create longer-lasting, more flexible AI solutions that will generate tremendous business value.”
DataRobot is the leader in Augmented Intelligence, delivering trusted AI technology and enablement services to global enterprises competing in today’s Intelligence Revolution. DataRobot’s enterprise AI platform democratizes data science with end-to-end automation for building, deploying, and managing machine learning models. This platform maximizes business value by delivering AI at scale and continuously optimizing performance over time. The company’s proven combination of cutting-edge software and world-class AI implementation, training, and support services, empowers any organization – regardless of size, industry, or resources – to drive better business outcomes with AI.
DataRobot has offices across the globe and funding from some of the world’s best investing firms including Alliance Bernstein, Altimeter, B Capital Group, Cisco, Citi Ventures, ClearBridge, DFJ Growth, Geodesic Capital, Glynn Capital, Intel Capital, Meritech, NEA, Salesforce Ventures, Sands Capital, Sapphire Ventures, Silver Lake Waterman, Snowflake Ventures, Tiger Global, T. Rowe Price, and World Innovation Lab. DataRobot was named to the Forbes 2020 Cloud 100 list and the Forbes 2019, 2020, and 2021 Most Promising AI Companies lists, and was named a Leader in the IDC MarketScape: Worldwide Advanced Machine Learning Software Platforms Vendor Assessment. For more information visit http://www.datarobot.com/, and join the conversation on the DataRobot Community, More Intelligent Tomorrow podcast, Twitter, and LinkedIn.
Palantir Technologies Inc. is a software company that builds enterprise data platforms for use by organizations with complex and sensitive data environments. From building safer cars and planes, to discovering new drugs and combating terrorism, Palantir helps customers across the public, private, and nonprofit sectors transform the way they use their data. Additional information is available at www.palantir.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the amount and the terms of potential future contracts and the expected benefits of the partnership. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer and/or partner; the failure of our platforms to satisfy our customer and/or partner or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customer’s and/or partner’s ability to modify or terminate the contract or partnership. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.