The winners of Fast Company’s 2022 World Changing Ideas Awards were announced today, honoring companies and projects driving positive change and tackling issues across climate, social good, and public health. I’m delighted to share that Crisp has been recognized with an honorable mention in the AI and Data Category for the third year in a row.
A big idea: better supply chains
Crisp was founded in 2016, but our mission to transform the global supply chain has become more relevant this year than ever. The term “supply chain” went from a niche concept to a household phrase as the pandemic and other disruptions have made it difficult for retailers and brands to get products into consumers’ hands. The pandemic has been a profound example of the need for digital transformation to keep supply chains moving during the most difficult circumstances, and it became clear that one of the biggest hurdles was real-time collaboration – or lack thereof – between trading partners.
In response to these challenges, Crisp’s open-data platform is modernizing the retail supply chain, allowing trading partners to collaborate using updated, predictive data and insights. By facilitating the free flow of data between CPG brands, distributors and retailers, Crisp helps the food system become more resilient and agile in meeting the needs of consumers. Crisp customer Sacred Serve’s founder reported that “Using Crisp, we’ve been able to avoid out of stocks during the pandemic, which has strengthened retailer relationships and our bottom line.”
Using data to deliver the goods
To help brands like Sacred Serve, Crisp uses advanced analytics and machine learning to offer relevant, real-time insights. With a holistic, up-to-date view of sales trends, for example, brands can better forecast demand, plan production, and get the right amount of product to the right locations. One Crisp customer, No Evil Foods, regularly missed plan before joining Crisp, and has now achieved 99% forecast accuracy. And by monitoring sales velocities and shelves at the store level, brands can take initiative to replenish products long before a buyer needs to call in and place an order. This ultimately keeps shelves stocked while minimizing fire drills and improving transportation efficiency.
Another example of data in action is Crisp’s Voids detection model, which identifies issues in-store that keep products from being available to consumers. Crisp applies machine learning across 13 data points at each store to determine instances where a product should be selling, but isn’t — helping brands and retailers work together to rectify the issue on the shelf. Furthermore, Crisp provides inventory tracking to give brands visibility and transparency into their product’s movement across the supply chain, from distribution centers to stores. Working with customer Greenleaf Foods, Crisp built a spoilage tracker to automatically detect when a given product is nearing expiration, alerting brands to promote that product or donate it to prevent waste.
These are just a few examples of how data can transform supply chains, but there are many more. At Crisp, we believe that real-time data is the key to understanding complex challenges – and finding solutions to fix them. It’s no wonder that AI and Data was one of the most popular categories in this year’s World-Changing Ideas awards, alongside social justice and climate change. We’re honored to be among the innovative companies tackling these issues, and look forward to making meaningful change together.
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