SPAIN.Madrid: Analyticalways CEO, Amancio Junior, has advised modern-day entrepreneurs that entrepreneurship must adapt to the new rules of the market, being able to change with the changing times.
“Human capital has never been as important as it is today in organizations. Therefore, in the future, I see entrepreneurs much more concerned with the well-being of their teams, with their growth at all levels and with the organizational culture that favors innovation. Basically, just as family is more important than work, the entrepreneur must understand that his team is more important than his customers”, Amancio says.
Having trained as a Systems Information Engineer, Amancio considers himself to be fortunate to have founded Analyticalways and to work with such an incredible and professional team.
“The truth is that I prefer the opinion of my colleagues when we talk about me, but if I can give you a summary, I would say that I am a good father, a dreamer, an optimist and an ambitious man. When I talk about ambition, I am not referring to the economic aspect, I am referring to life. Considering that everything happens very fast, and life is very short, I try to make everything I do in life exciting and challenging”, he adds.
His many years of experience in the retail sector is what has made him see a great opportunity to help those in it become more efficient, saying that the sector loses millions and millions of euros in sales due to stock-outs and consequently buys much more than they need, to try to avoid those stock-outs.
This ends up generating surpluses as well as lost sales. The cash-flow impact of this inefficiency is causing many retailers to declare bankruptcy and this situation is exacerbated by the Omnichannel nature of the online and offline channels.
Technology and human capital
This is where Analyticalways comes in, being able to use Artificial Intelligence to predict demand with incredible precision in order to know which product should be in which store and in what quantities. This has helped the company’s customers increase their sales as high as 30% and reduce their stocks by up to 40%.
Apart from technology, the human factor is key to maximize the results of customers and that is why they have developed a unique method for consultancy that supports them in the implementation of the best practices of the market for stock management.
“Thinking about the situation that our clients are going through after the pandemic, we have combined this value proposition with an economic model that fits in all retail chains; small, medium and large. This has allowed us to expand in a very short time to more than 20 countries and to work with more than a hundred brands such as Miniso, Levis, Lacoste, Pronovias, Agatha Paris, ShoulderTrack, El Ganso and Tommy Hilfiger, among many others”, says Amancio.
Amancio drew his inspiration from working as a freelancer on more than 40 projects in different retail companies, where he saw very clearly the difficulty they face when it comes to making decisions. Today, he says, most of them already have reporting systems that help discover where the problem is.
However, market dynamics have changed and what companies need nowadays is a system that automatically analyzes the problem and, with artificial intelligence, suggests the best solution. The clear market need, together with my passion for innovation and working with people, has inspired me to take a step further.
Companies should come together
Amancio advises that companies should come together to solve most problems that exist in the world today, as this is one way that they will be solved.
“If all companies joined forces, many of the problems facing society and the world today could be solved. Solo steps are all well and good, but taking a common path makes all the difference. Analyticalways has created a solution that allows retailers to be much more efficient in terms of stock management. This means that, with their solutions, they can make demand predictions with which they will make much more accurate purchases of goods, resulting in less overstock, which directly impacts positively on the environment”, Amancio concludes.