Paretos Q&A: An Introduction for Beginners

What is the first decisionOS for business deciders good for, and what are the advantages of an AI-based decision intelligence platform for companies? This overview provides paretos beginners with the most important answers.  

What is paretos?

We have developed a decisionOS that combines business analytics approaches and AI-based data science models within an easy-to-use software solution. This enables companies to plan, implement and track business-critical decisions thanks to Decision Intelligence throughout the organization. Paretos is a cloud-based browser application and fully integrates with your existing tools.

What are the advantages for companies?

To make a long story short: Paretos helps you turn your data into profit. Based on your company’s data, our decision intelligence platform generates insights, forecasts and trade-offs between influencing factors. The proposed scenarios provide you and your employees with optimal options for action, from which they can draw the right conclusions for their area of expertise. For example, online retailers can determine how shopping cart size and profit margin affect each other, and logistics companies can make reliable statements about delivery rates or their CO2 consumption.

This capability gives you reliable forecasts for your business goals and allows you to identify specific decision needs that you might otherwise miss – simply because there are natural limits to how much information we humans can absorb and process.

For which use cases is paretos suitable?

Thanks to reinforcement learning, paretos is able, among other things, to fully automate the most complex challenges in the business and marketing context. Many customers use a specific use case as a starter project to grow from there within the company. The following four examples rank among the currently most sought-after Decision Intelligence use cases:

• Omnichannel Optimization – improves control over your marketing budget
  You can optimize the marketing mix, measure the added value of individual channels and campaigns, improve your overall advertising ROI, and ultimately optimize your profits.

• Dynamic Pricing – puts your prices on autopilot
  With paretos you can completely automate your pricing and react to changes within minutes. For example, the German eCommerce retailer SNOCKS was able to increase its margin by 25-30% within 5 months.

• Demand Forecasting – knowing today what you will need tomorrow
  With paretos, you improve inventory and workforce planning in your company and reduce out-of-stocks or replenishment costs.

• Inventory Prediction – ensures liquidity in the warehouse
  With our powerful AI model, you can improve your warehouse management, avoid out-of-stocks, and reduce inventory costs.

Which companies is paretos suitable for?

There is a very simple answer to this: Paretos is suitable for every company. Our mission is to democratize data science and decision intelligence and make it accessible to all organizations. With the help of our SaaS solution, companies – from mid-sized businesses to start-ups to large corporations – can identify optimization measures and future scenarios and thus make better business decisions.

However, data sources should already be available and preferably modern interfaces, but we are flexible and adapt to the conditions of our customers. Feel free to contact us!

What sets paretos apart from other providers?

Unlike conventional algorithms, paretos can be applied to many different scenarios and can analyze different factors and variables simultaneously. We show all possible potential solutions that are achievable, and the decision-makers can choose from these themselves.

In addition, with paretos you have the possibility to start your Smart Data initiative independently and without high costs, instead of employing a large team of data scientists for expensive business intelligence solutions.

Which technology lies behind it?

The core is our innovative optimization algorithm “Socrates”. Compared to other AI applications, the hit rate for optimal choices is a factor of 20-30 higher than existing AI systems.

Our patented optimization approach surpasses the state of the art and achieves better results in less time than algorithms from e.g. Facebook AI and other open source packages currently used in the market.

How much data is necessary to use paretos?

Our algorithms need a relevant amount of data to detect meaningful patterns. Some of our customers have been able to start with as few as 100 rows of data. As you gradually add new data, paretos shows you if the models are improving or if you should collect more data that might be relevant. The more data, the more accurate the recommendations and predictions.

Do companies receive onboarding?

We are at your side through every step of the introduction to working with our platform. After the needs analysis, an intensive onboarding phase follows over about three months.

• During a demo appointment, we present our product to you and create a customer needs analysis.
  
• At the data workshop, we review your data and specify your use case.
  
• During the iterative optimization there will be bi-weekly update calls to determine optimization actions.
  
• During business evaluation, we evaluate the initial results and monitor achievements.

Have we sparked you interest? Then please feel free to make an appointment for a free demo. We are looking forward to meeting you!