With the help of artificial intelligence, supermarket chain AB Vassilopoulos is monitoring and controlling stock levels so that it knows at all times the exact needs of each store across its network.
The purpose of the technology is not only to be used for shopping or customer communication needs, but also helps supermarkets manage issues that arise "behind the scenes", as stated by AB Vassilopoulos CEO Vassilis Stavrou at the 32nd Greek Economic Summit organized by the Hellenic American Chamber of Commerce.
One such area where technology has come a long way is in stock management. "Currently, the FnR-Forecasting and Replacement system is applied in almost our entire network of stores", Stavrou noted, adding that "it is essentially an automated ordering system, there is an algorithm that calculates on a daily basis the stock needs of each store, so that the order, which will leave to be transferred to our central network is the one that is required to meet the needs of the specific point ".
Through this system, the chain seeks to achieve a better management of its stocks while at the same time knowing what is going on the shelves, putting it in a position to handle any emergency situation that may arise in the future. According to Stavrou, inventory management is vital and the chain must be sure that "it does not over-stock items but at the same time that there is no lack of products needed."
In addition, Stavrou said that while going through the second phase of the health crisis, chains are called on to face together a series of challenges in supplies, energy and transport. "There is pressure on the supply chain and it seems that there will be shortages in certain product categories," said the head of AB Vassilopoulos, saying that in the course of 25 years, for the first time has he been called on to manage so many crises.
As far as the sustainable development strategy is concerned, the chain has entered into an agreement with PPC and now there are 400 chargers for electric cars in the parking lot of its stores, while the goal is for this number to reach 800 within a reasonable period of time.