Evo Pricing, leader in predictive analysis, awarded for best Digital Supply Chain startup at It4Fashion Awards 2018
Italy, May 26, 2018
Evo Pricing outperformed its competition on Thursday, April 19, 2018 when it won the award for best Digital Supply Chain Start-Up at the It4Fashion Awards in Florence. We’re talking about a prestigious competition dedicated to highly innovative start-ups that use technology to revolutionize the fashion industry. This is an outstanding achievement for a start-up that just took its first steps in 2014, still growing and already an international leader in the predictive analysis sector.
Evo's team is made up of young data scientists under 30, filled with passion and the desire to succeed. Elena Marocco, the scientist who stood up to received the award, is no exception. Just two years ago she graduated with honors receiving her degree in Mathematics and her experimental thesis on replenishment. With the help of her thesis findings, the company created Evo Replenish, which is the tool designed to manage the replenishment of fashion retail chains. This has become one of Evo’s top products, and the jury in Florence found it very impressive. Following the award ceremony Elena said "I am really happy that in less than two years my thesis has become an award-winning project! One most distinguishing feature of our algorithms is that they’re not only based on statistics and advanced machine learning methods, but that they’re also based on human intuition: we have shown how the human-machine alliance is successful and leads to surprising results".
Evo's secret is in the magical formula capable of fixing retail chain problems from inventory decisions, to promotions and optimal pricing. The volatility of customer demands, the reduced life cycle of each product, the logistical constraints related to the management of multi-channel chains and the eventual rules for on shelf exposure of the products, these are all variables that influence profits, but don’t scare Evo’s team. On the contrary, the challenge starts here and sets new goals thanks to a continuous and dynamic relationship of two components: machine learning and human input. The companies that are investing in algorithms and artificial intelligence to achieve accurate big data analysis and expand their business, are the ones that know this best.
Miroglio Fashion is among one of the first in Italy to believe in this, revealed Francesco Cavarero, Group Chief Information Officer: "Our company strongly believes in the value of data and algorithms for more efficient retail and increasingly adequate customer service. To achieving this, we collaborate with large Information Technology companies and with the best start-ups: the streamline and innovative approach that they use to operate can significantly give added value to the development of new retail projects".
In the coming months, Evo is releasing an app. With just a snapshot of an image, you will be able to forecast sales expectations and recommended prices a year in advance. All you’ll have to do is take a picture of the sketch of a new unlaunched product model and the application will do the rest. A true revolution, more precisely, the right evolution.