SAN FRANCISCO--(EON: Enhanced Online News)--KXEN, the leading provider of predictive analytics for business users, today announced Eldorado, Russia’s largest consumer electronics and domestic appliances retail chain, has achieved up to 82 percent accuracy of sales forecasts, a ten percent improvement over prior forecasting techniques, using KXEN’s InfiniteInsight®.
“With roughly 400 retail stores and more than $3.4 billion in annual sales, even the slightest increase in forecast precision can impact millions of dollars in additional sales as well as reductions in inventory costs.”
Eldorado collects over 1.5 million point-of-sale transactions every month for more than 420 product groups and sales of over 8,000 products in its SAP software solution, which the company uses to manage all aspects of their retail business as well as to run the company’s data warehouse. This wealth of “big data” is analyzed using KXEN’s InfiniteInsight® to create forecasts used in assortment planning, shelf replenishment, pricing and promotion analysis, store clustering, store location selection, and sales and purchasing planning.
“KXEN has given us a scalable approach to create accurate forecasts across our business,” said Elena Zhukova, Head of Analytics at Eldorado. “With roughly 400 retail stores and more than $3.4 billion in annual sales, even the slightest increase in forecast precision can impact millions of dollars in additional sales as well as reductions in inventory costs.”
Eldorado standardized on KXEN for predictive analytics and data mining in 2009, based on KXEN’s ease of use, modeling precision and innovative automated approach as well as success working with the world’s largest retailers. Today, Eldorado creates approximately 500 predictive models a month, a task that is simply not possible with traditional modeling techniques which typically require weeks or months to build a single predictive model.
“We value our partnership with Eldorado and are pleased to see the success the company has achieved in forecasting accuracy,” said John Ball, CEO of KXEN. “We’re committed to packaging best practices at the world’s largest retailers into solution blueprints so that retailers of all sizes can take advantage of best-in-class predictive analytics.”
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Eldorado is the leading consumer electronics and household appliance retailer in Russia. Eldorado shops operate in all Russian cities with a population of more than 500,000 and in more than 90% of the cities with a population of 250,000 to 500,000. Eldorado was founded in 1994. In 2009, PPF Group has entered the company by acquiring a controlling stake 50% + one share. As of July 2011 PPF Group has been controlling 100% of the Russian retailer.
PPF Group invests in a number of industries, such as banking and financial services, insurance, real estate, energy, mining, agriculture, retail and biotechnology. PPF Group's presence territory is Central and Eastern Europe, Russia and CIS countries, as well as Asia. Currently (as of 30. 6. 2012) PPF owns assets in the amount of 17.6 billion euros.
The founder of PPF Group NV and its majority shareholder is Petr Kellner. More than twenty-year history of the group - a vivid example of determination, courage and effective team of professionals, confirmed by a number of successful projects in all regions of the Group.
KXEN is revolutionizing the way companies use predictive analytics to make better decisions on petabytes of big data. Based on patented innovations, the company's flagship product, InfiniteInsight® and its pure cloud-based platform, Cloud Prediction™, deliver orders of magnitude improvements in speed and agility to optimize every step in the customer lifecycle – including acquisition, cross-sell, up-sell, retention and next best activity. Proven with over 500 deployments at companies such as AAA, Allegro, Bank of America, Barclays, Belgacom, CBS Interactive, ING Direct, Lowe’s, Meredith Corporation, Mobilink, Overstock.com, PT XL Axiata, RealNetworks, Rhapsody, Rockwell, Rogers, Sears, Shutterfly, Stage Stores, U.S. Cellular and Vodafone, KXEN solutions deliver predictive power and infinite insight. KXEN is headquartered in San Francisco, California with field offices in the U.S., Paris and London.