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DataIQ Awards 2022 winner – Most effective stakeholder engagement: The Very Group

The data professionals and business leaders at The Very Group set out to revolutionise retail demand forecasting while ensuring the highest-quality stakeholder management. Over the course of 13 weeks, the team honed-in on trust, impact and communication to accelerate data transformation for more than 100 buyers.
DataIQ Awards 2022 winner - Most effective stakeholder engagement: The Very Group

Keeping retail demand forecasting top of mind

The data professionals and business leaders at The Very Group set out to revolutionise retail demand forecasting while ensuring the highest-quality stakeholder management. Over the course of 13 weeks, the team honed-in on trust, impact and communication in a series of agile systems to accelerate data transformation for more than 100 buyers to make informed stock-buying decisions.

The Very Group identified that improvements needed to be made for existing forecasts that would dramatically improve business benefits. Across three brands, The Very Group had 91 product categories and more than 200,000 stock keeping units which made any form of off-the-shelf forecasting solutions difficult to ensure reliability in all areas.

To combat this, The Very Group collaborated with Amazon Web Services on a 13-week proof of concept programme that utilised multiple deep learning techniques to prove that a machine learning solution would accelerate in-house demand forecasting abilities.

By utilising an international team, multiple areas of the programme could be addressed at once through comprehensive collaboration and communications channels, including bi-weekly stand-up meetings, weekly planning sessions, weekly progress reviews, weekly technical deep dives and fortnightly stakeholder business reviews involving stakeholders from different areas. The fortnightly meetings with stakeholders fostered a culture of trust and transparency with open dialogue which drastically improved the relationship with stakeholders whilst providing them the opportunity to pose questions and discuss results.
 
The results from The Very Group have been incredibly successful, delivering a 9.9% improvement in SKU management worth more than £110 million. These results are due to more than 800 hours invested in the programme, completing over 70 experiments through four differing algorithms that have generated over 8 million forecasts.

DataIQ Awards 2022
Year: 2022
Category: Most Effective Stakeholder Engagement

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