The fashion world turns to high tech AI
London, Turin – July 2019
Six years ago, Fabrizio Fantini conceived of a unique combination of human ability and artificial intelligence that would propel the world of predictive analysis to new heights. The result was Evo, founded in 2013, which now boasts over $100 billion worth of transactions to its name. Through innovation and the latest tech advancements, it promotes intelligent and informed decision making for the fashion and other industries.
A valuable alliance of human cognition and AI power has transformed the ability to predict market changes up to eight weeks in advance, remove wasteful spending, boost efficiency, and manage product procurement and offers with eight-week preparation time. Evo now stands as an example of how predictive analysis can benefit retail sellers throughout the fashion world: optimization of store inventory, manage events and sales for maximum effect, and create sales forecasts from multifaceted historical data sets.
CEO Fabrizio Fantini remains steadfast in his belief that humankind and machines should correlate their efforts to create the perfect opportunity for highest profits. This harmony establishes a system that collects more data than ever before and understands how to use it effectively to analyze workflow and practices, benefit consumers now and in the future, and determine how to proceed in every aspect of business.
He goes on to explain Evo’s amazing market confidence that allows them to charge for their product only after it demonstrates success to the customer. Furthermore, after just two weeks of planning, they are already able to work in partnership with customers.
In just six years of life, Evo has already achieved important milestones, reaching even the publication on the portal of the Harvard Business School with the case study of Miroglio, an Italian company leader in the fashion and textile sector, among the first to believe in Evo to solve the problem of volatile demand in the fashion industry.
“In 2013 – Fantini adds – I gathered the arguments of my PhD thesis at Harvard which essentially showed how the use of intelligent algorithms could help a company make better predictions, then taking more targeted decisions to increase profits”. Fantini was just 34, but older than the average age of his current data scientists, and since then the company has established prestigious international academic collaborations.
Evo gets it strength from a multi-faceted approach to business, inventory managements, sales analysis, promotional and location-specific events, and pricing. Through the amalgamation of statistical evidence and both human and machine learning, it solves problems that some companies did not even know they had. Historical data becomes future predictions. Existing systems transform into more profitable methodologies. The Evo team constantly strives for even more accuracy when it comes to predictions and plans. Both these sides of the sales equation exist due to proper accumulation and analysis of past sales, location-specific data, and economic climate factors alongside a host of other information fed into the unique chimaera of people and AI.
Today, Evo turns its attention to the large-scale retail trade. Using the same power that gathered over $100 billion in transactions, it now focuses on eliminating food waste while increasing profits for sellers around the world.