Company Working with One-of-a-Kind Retail and E-Business Lab Developing New Algorithmic Decision Processes; Renowned Technology Center Supported by National Science Foundation
PARK CITY, Utah–(BUSINESS WIRE)–Park City Group, Inc. (OTCBB: PCYG), a leading provider of inventory and labor optimization solutions for retailers, today announced a research and development partnership with the Information and Decision Algorithm (IDeA) Laboratories at Brigham Young University, enabling Park City Group to develop new and emerging retail technologies in cooperation with university researchers.
The IDeA Labs relationship will enable Park City Group to improve upon its already robust product suite of forecasting, computer assisted ordering, and demand replenishment tools. Park City Group believes that this relationship will significantly add to its deep portfolio of patented intellectual property and that its customers will see the benefit of this partnership in the very near term. In fact, through its work with IDeA Labs, Park City Group is already realizing significant improvements to its forecasting algorithms.
IDeA Labs is backed by the National Science Foundation. Academic researchers in IDeA Labsâ€™ Retail and E-Business Laboratory are working with professionals from Park City Group to accelerate the development of new products for bricks-and-mortar retailers and e-commerce operations. IDeA Labs is able to test retail technologies in the real-world environment of the BYU Bookstore, which carries thousands of items and grosses millions of dollars in sales annually.
â€œAs a sponsor and industrial partner of IDeA Labs, we see this as a win-win relationship for both the university and our shareholders,â€? said Randall K. Fields, Park City Groupâ€™s chairman and chief executive officer. â€œOur company is able to develop and productize innovative solutions fast in response to the growing market demand for better retail analytics and forecasting tools. Students and researchers have access to retail data and industry expertise that would be difficult to acquire without a corporate partnership. We look forward to a long and mutually beneficial alliance with the brilliant minds and resources at IDeA Labs.â€?
Areas of interest for Park City Group and IDeA Labs researchers include:
- Error-based clustering to improve sales forecasts
- Entrainment to synchronize previous yearâ€™s data with current sales data
- Profit-driven production and assortment planning, product offer design, and supply chain optimization
- Merchandising intelligence for dynamic, perishable and non-perishable integrated inventories
- Value of â€œcooperationâ€? to estimate cross-product sales effects
- Simultaneous segmentation to reveal demand-driven customer segments and product groups
- Exploration vs. Exploitation trade-offs in pricing and sales promotions
â€œIndustrial partners such as Park City Group are invaluable to the success of IDeA Labs,â€? said Dr. Jeffrey Humpherys, co-director of IDeA Labs and assistant professor of mathematics at Brigham Young University. â€œWe establish partnerships carefully. We select organizations that will help us provide a robust learning environment for our students while we, in turn, add value to their R&D efforts. Itâ€™s an extremely effective model.â€?
“IDeA Labs is designed for rapid technology transfer between academia and industry,â€? added Sean Warnick, co-director of IDeA Labs and assistant professor of computer science at Brigham Young University. â€œThe old model took years to bring abstract, novel ideas to life. Our model leverages our unique Retail and E-Business Laboratory to bridge the gap between theory and practice.â€?
About IDeA Labs
Brigham Young Universityâ€™s Information and Decision Algorithm Laboratories (IDeA Labs) is an interdisciplinary network of university and industrial laboratories that acts as an incubator for focused exploration into the mathematical and computational structure of scientific processes. The goal of IDeA Labs is to better understand methods for making decisions from data. For more information on IDeA Labs, please visit www.idealabs.byu.edu.