[FW Radar] Vekia, the stock management tool for retailers
Founded in 2008 by Manuel Davy, Vekia offers forecasting inventory management solutions for retailers.
More details with Manuel Davy, founder of Vekia.
FrenchWeb: What needs does your service meet?
Manuel Davy, founder of Vekia: As consumers, when we buy in-store, from our sofa, or on our smartphone, we like to have the best price and have the product very quickly: immediately in store, in e-commerce during the day.
For the distributors who sell these products, this ever more demanding expectation is a real challenge. Imagine having to have hundreds of references in stock, close to consumers, with low costs.
Sales of a given product fluctuate over time. It becomes essential to have very good sales forecasts. It’s the only way not to run out of stock.
Thanks to the latest AI vacations, we are able to absorb massive amounts of data of all kinds, to forecast sales, with unmatched precision. We can then deduce from this all the supplies to be made in order to respond perfectly to consumer purchases without encumbering stores and warehouses with unnecessary stock.
What is your value proposition?
Improving forecasting accuracy by 1% has been shown to reduce consumer lead time by an average of 4%, lower warehouse inventory, reduce transportation costs by 3%. Can you imagine the impact when you improve forecasts by 5 to 10%?
In summary, our customers gain their survival, for others a much better operational efficiency and also automation and robustness.
Who are the users of your solutions?
We have two categories of users: the first are in the stores, and our system ensures that they have the right stock for a successful sale. Most of them just deal with exceptions that the system cannot handle on its own. The other users are in the central services. They take care of buying from suppliers, supplying warehouses, or pushing merchandise into stores.
What is your development plan?
Here is our development plan:
We have just made an important change in our offer since it is now only SaaS. We are constantly researching our forecasting algorithms because we want to constantly push back the level of performance.
We need to recruit 60 people in 1 year to double the workforce, in France, London and soon on the east coast of the USA.
What are your challenges?
Regarding the market and the business we have nothing to complain about since all of our current sales come from incoming calls from our customers, the market is therefore ready and mature for the solutions we offer.
Our investors have us a great financial strength which allows us to grow our workforce at a sustained pace to serve our clients.
Who are your competitors?
Our competitors are the big world players like JDA Software or SAP.
In comparison to other solutions, our technology is based on machine learning and, therefore, does not operate according to traditional “hard-coded” rules or models.
We combine three areas of expertise which makes our approach unique on the market: mastery of Big Data technologies, complex Supply Chain processes and perfect knowledge of the world of distribution.
Founder: Manuel Davy
Creation date : 2008
Fundraising : 2.4 million euros
Seat : Paris