Leading Drugstore Chain, Rite Aid, Selects Prescient for Forecast Exchange Initiative
Collaboration Hub Provides Fast, Low Cost Approach to Improve Forecast Accuracy and Perfect Order Performance Between Retail Trading Partners
WEST CHESTER, Penn. – February 14, 2005 – Prescient Applied Intelligence (OTCBB: PPID), enabling retail trading partners to align planning and execution, today announced that Rite Aid Corporation, one of the nation’s leading drugstore chains, has selected Prescient’s Forecast Exchange to improve forecast accuracy and enhance communication with suppliers.
In an industry where information sharing was once non-existent, trading partners now realize that collaboration is the only way to achieve their common goal: having the right products on the store shelf at the right time and price. Companies that communicate effectively, collaborate and integrate with their key trading partners gain significant competitive advantages. Prescient’s Forecast Exchange allows a wide range of trading partners to easily and cost-effectively participate in collaboration initiatives.
“It was important for us to partner with a company that has both collaboration experience and a deep understanding of Supplier Forecasting,” said Paul Hanko, vice president of Supply Chain, Rite Aid. “Working with Prescient complements our existing Collaboration efforts by providing a forum for us to compare our forecasts with our supplier’s and react to variances.”
A web-based collaboration solution, the Prescient Forecast Exchange is easy to implement and use. Rite Aid and its suppliers compare forecast information through an easily accessible, shared repository for forecast data. The Forecast Exchange proactively alerts users to forecast discrepancies that exceed customized tolerance levels. By flagging exceptions and enhancing communication between trading partners, the solution improves forecast visibility and accuracy, reduces excess inventory and out of stocks, enables better promotion management and increases sales.
“To effectively compete with the industry giants, retailers are seeking new ways to differentiate themselves and create a superior shopping experience in the battle for consumer loyalty,” said Jane Hoffer, president and CEO of Prescient Applied Intelligence. “Forecast Exchange facilitates this differentiation by creating a virtual meeting place where retailers and suppliers compare forecasts, handle exceptions, align expectations for promotional periods, and ensure product is always on the shelf. With Forecast Exchange we are uniquely positioned to offer a solution that enables any supplier to collaborate with their retailer trading partners to achieve the ultimate goal of serving the customer in the store.”
About Prescient Applied Intelligence
Prescient Applied Intelligence enables retail trading partners to align planning and execution with changing market needs to maximize relationships and deliver on the promise of collaborative commerce. The company’s retailer-centric and collaborative commerce solutions are designed with the understanding that product demand and business processes are fluid. Prescient Applied Intelligence’s solutions capture information at the point of sale, provide greater visibility into real-time demand, and turn data into actionable information across the entire supply chain. As a result, the company’s products and services enable trading partners to compete effectively, increase profitability, and excel in today’s retail business climate. Household brand names like AutoZone, Binney & Smith (Crayola Brand), Domino’s Pizza, and The Dial Corporation rely on Prescient. For more information, go to www.prescient.com.
Back...
