In 2018, while we were all still excited about blockchain, Dr. Yishai Ashlag and Avihai Shnabel, Onebeat’s founders, were already talking about AI . They wanted to help mid-market retailers manage inventory and in-season execution, and so they embarked on an ambitious journey that would revolutionize the world of retail. Their vision was to transform the supply chain management (SCM) industry through the power of artificial intelligence (AI) and machine learning. Their goal was to empower retailers with real-time inventory visibility, profitability, and data-driven decision-making.
Big and small retail companies alike face challenges within the in-season execution of retailers’ inventory allocation and management processes.
Allocating new collections to stores without accurate sales data or reliable predictions leads to over-inflated inventory in some stores and restricted availability of fast-moving items in others. Adjusting allocation plans based on conventional forecast algorithms becomes ineffective due to the short collection life and low average sales rates.
As a result, inventory is often misplaced, leading to missed sales opportunities and suboptimal resource allocation. Onebeat addresses this challenge by providing data-driven insights and advanced analytics to optimize inventory allocation and improve in-season decision-making for retailers.
In the fast-paced retail supply chain management world, decision-making is a constant challenge for managers and planners. With a multitude of decisions to make each day, relying solely on manual processes becomes impractical. The sheer volume of data, the need for real-time insights, and the complexity of supply chain networks make it essential to leverage automated solutions.
Onebeat‘s technology stands out from the crowd in multiple ways. With AI algorithms at its core, the platform provided a user-friendly and affordable solution for mid-market retailers. Through datafication, it empowered businesses with a holistic view of their operations, enabling data-driven decision-making in managing inventory and merchandise.
Onebeat’s combination of deep industry expertise and AI capabilities set them apart from the competition. Utilizing behavioral clustering, product similarity mapping, and extreme demand prediction, the platform achieved unparalleled agility, automation, and granular insight. The results spoke for themselves, with a 10%-20% increase in in-season sell-through, optimized inventory, and improved collaboration between merchandisers and planners.
Onebeat started off as a spin-off from Goldratt Consulting, a renowned firm specializing in supply chain management and inspired by the principles of the Theory of Constraints.
In his groundbreaking book, “The Goal”, Dr. Goldratt introduced a management philosophy aimed at helping organizations achieve their objectives consistently. Based on this methodology, Onebeat has made significant strides, partnering with over 170 retailers across 26 countries in various sectors such as fashion, footwear, jewelry, pharmacy, and beverages. With clients like Calvin Klein, American Eagle, Crocs, and TATA Group have benefited from the platform’s impact on their inventory management and sales performance, they are no way close to done.
By providing an AI-enabled solution that modernizes supply chain management, the company is democratizing access to advanced technology and offering a tailored approach to meet the specific needs of mid-market retailers.
Onebeat’s vision for the future received a significant boost through a $10 million Series B funding round led by Magenta Venture Partners. Existing investors, including AnD Ventures, INcapital Ventures, J-Ventures, Surround Ventures, and new investor Wilson’s Bird Capital, also contributed to the funding. With this financial backing, Onebeat aims to expand its retail platform, business operations, and drive further growth.
As Onebeat continues to push the boundaries of AI-driven supply chain management, the retail industry finds itself at the brink of a revolution. With the visionary founders leading the charge, Onebeat is unlocking the true potential of data-driven decision-making, empowering retailers with the tools they need to thrive in an ever-changing market. The journey has just begun, and the future looks brighter than ever before with Onebeat leading the way.
Onebeat are always interested in discussing potential opportunities and meet talented individuals who want to join their team.
Are you leading an innovative retail tech startup that is already partnering with retailers worldwide? Let us know and we’d be happy to feature you next on our blog!