Tecsys Innovation Lab™ to Unlock Customer Value Through Emerging Supply Chain Technologies
SCOTTSDALE, Ariz., Sept. 18, 2023 /PRNewswire/ -- Tecsys Inc. (TSX: TCS), an industry leader in supply chain management software, today announced the launch of the Tecsys Innovation Lab™, designed to harness the practical potential of state-of-the-art technologies in service of its hundreds of supply chain customers worldwide. The announcement, made at the company's 2023 user conference, underscores Tecsys' more than 40-year commitment to innovating with customers and partners to solve complex supply chain problems and deliver competitive value.
The Tecsys Innovation Lab™, a research-driven group within Tecsys' Product and Technology Team, is committed to evaluating cutting-edge technologies to address intricate supply chain challenges. The Lab will harness an array of advanced technologies including, but not limited to:
- Artificial Intelligence, Machine Learning and Generative AI to expose hidden inefficiencies and accelerate informed decision-making.
- Data Science to explore, analyze and visualize business data utilizing metaheuristic algorithms with a focus on supply chain optimization.
- Process modeling and simulation to build digital twins and conduct what-if analyses on demand, inventory and transportation.
- Advanced search and data methodologies to detect and diagnose complex supply chain product and process interdependencies.
"With R&D investment representing more than 15% of Tecsys' annual revenue, investment in innovation is deeply ingrained in the company's DNA," said Martin Schryburt, senior vice president of Product and Technology. "The establishment of the Tecsys Innovation Lab™ reflects our commitment to not only setting the standard in the world of supply chain management but continuing to raise it. It will serve as our hub for pioneering and perfecting next-generation solutions for our industry."
Tecsys customer Werner Electric is an early collaborator in Tecsys' innovation lab concept. Jonah Reinhardt, IT Business Systems manager at Werner Electric, shared, "In our journey with Tecsys, Werner Electric has benefited from advanced and applied AI initiatives that have resulted in competitive advantages. These advantages range from faster onboarding time and more efficient use of warehouse resources to sustaining a 30% to 40% reduction in travel distance for pick paths using augmented cluster building. We are thrilled to continue co-creating the future state of our supply chain through a lens of innovation."
Tecsys' approach to innovation is fundamentally customer centric. The Tecsys Innovation Lab™ emphasizes a scenario-based approach for research, ensuring it is a meaningful testbed for customer value. Built around a data science framework, it is designed to address real-world business challenges through rapid prototyping.
"This initiative is about results over buzzwords," explained Vasco Kollokian, director of Innovation and AI. "The Tecsys Innovation Lab™ is more than just a research team. It's a hub of creativity, exploration, and solution-driven innovation. We're not just focused on exploring new technologies; we're applying them in ways that bring tangible benefits to our customers."
The Tecsys Innovation Lab™ aims to foster value-added collaborations that support its mandate. For instance, Tecsys solutions are often built on AWS which provides a robust, feature-rich, AI-empowering cloud infrastructure that enables rapid experimentation and prototyping at a low cost of ownership. In forging partnerships around its innovation mandate, Tecsys strives to amplify its impact for value creation.
For more information about the Tecsys Innovation Lab™ or to schedule an interview, please contact media@tecsys.com.
About Tecsys
Since our founding 40 years ago, much has changed in the realm of supply chain technology. But one thing has remained constant; by developing dynamic and innovative supply chain solutions, Tecsys has been equipping organizations for growth and competitive advantage. Serving healthcare, distribution and converging commerce industries, and spanning multiple complex, regulated and high-volume markets, Tecsys delivers warehouse management, distribution and transportation management, supply management at point of use, and retail order management, as well as complete financial management and analytics solutions.
Tecsys' shares are listed on the Toronto Stock Exchange under the ticker symbol TCS. For more information on Tecsys, visit www.tecsys.com.
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SOURCE Tecsys Inc.
