Shekel Brainweigh (ASX: SBW) is teaming up with the launch of the tradeâs âOpen Retail Initiativeâ (ORI). ORI is initiated by Intel and joined by Dell, HP, JD.com, Verifone and other top technology companies to aid the quick enhancement and placement of Internet of Things (IoT) built resolutions allowing the traders to enhance the development of the technologies chiefly concentrating on acceptability of stored data, fasten solution development and lessen technology price, which will improve ROI.
On 13 January 2019 in New York City, Open Retail Initiative was launched at the National Retail Federation (NRF), the worldâs biggest retail conference and expo.
A leader in the international market for more than four decades, Shekel Brainweigh has been developing scale and weighing technology. The organization offers balanced resolutions to an extremely regulated retail and healthcare markets through global giants like Toshiba, Fujitsu, Diebold Nixdorf and such. Using its experience in weighing technology, Shekel Brainweigh is generating a suite of new products focused on addressing the challenges like store automation and operational efficiency that conventional retailers come across nowadays. Shekelâs patented amalgamation of weighing technology with Artificial Intelligence (AI) and the Internet of Things (IoT) technology has guided them to develop their âProduct Aware Surface Technology. Shekel Brainweigh is dedicated to pursuing innovations and their expansion into the global arena.
The partnership proves Shekelâs exceptional commitment to come to the rescue for end users, enabling them to provide solutions into their surrounding in an open, accessible and flexible method.
Approximately $1.1 trillion revenue is lost every year around the globe in the retail sector because of overstock and out-of-stock problems. The issue calls for a smarter retail stocking solution to recapture sales and drive operational competence from the supply chain through to store floor. ORI is the primary and an exclusive truly open source loT edge platform to the retail market currently.
Sharing his views on the collaboration, Shekel Brainweigh CEO, Yoram Ben Porat, said that they were invited by Intel to become a part of the game-changing âOpen Retail Initiativeâ and in association with other industry leaders, simplify the adoption of advanced IoT and AI technologies into the retail environment. He further stated that they view this invitation as the industryâs acknowledgment of their exclusive and patented technology. In bringing about the change in the industry, smart scale innovation will be the key as most of the retailers still depend on physical inventories. They are working towards bringing their technology to the next level with their suite of autonomous retail products which will crack down the inventory issues and let the precise identification of quantity and location of specific products on retail shelves in real-time. By observing inventory and transmitting data about itemsâ movements, they will aid retailers to upgrade inventory precision, comprehend consumer habits and eventually increase sales.
The shares traded flat today, closing the dayâs session at A$0.250 on 17 January 2019.
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