Bravo Lucy is a Norwegian supply chain analytics company and the sister company of Molde Analytics (www.moldeanalytics.com), our development center based in Hyderabad, India. Bravo Lucy brings to the market state of the art processes and software solutions for efficient analysis supporting decisions ranging from operational to strategic levels. Our unique identifier is our focus on new products where no historic data is available; this makes us stand out from most of the competition where the focus is to make predictions based on the past. Bravo Lucy is based in Norway, but has strong connections to both the academic environment around our founder, Professor Nils Rudi, as well as the sister company in India.
New products are great. This is how firms innovate, renew themselves, gain market share in existing product categories and expand into new product categories. And by being ahead of this innovation, market shares can be increased and one can command a premium in the form of larger margins.
Software for Supply Chain & Retail Analytics are traditionally for stable products. This means that the products have been in the market for a while and sufficient data is obtained to facilitate analysis and make decisions on future quantities.
Traditionally, many companies have no system support for their quantity decisions on new products, and the typical purchase meeting starts without any other input than an analysis of what happened last year or last season, and the expertise of the participants.
We strongly believe (and have proven) that it is possible to make more qualified decisions by improving this process and introducing tools to support this new process. Our offering is not one software system; it is 25% a central system, 25% apps for mobile phones and 50% about the process.
The science of BIG data has gained much popularity. With massive collection of data and powerful computing resources, one can find relationships that are virtually impossible for humans to identify. Forecasting new products is on the opposite side. This is the science of NO data. Since the product is not yet released, we do not have sales data – we don’t know how the market will respond to it.
Planning for new products is not mainly about improving efficiency and shaving off cost here and there – as the primary focus for stable products is. The key driver for planning new products is managing demand and risk. In general, quantities of new products will be wrong – either too much, resulting in markdowns to clear inventory, or too little, resulting in stock-outs and lost sales. To do this well, you need to be a gambler – similar to professional sports gamblers who use risk to their favor and gain a competitive edge over their peers.
The basis for the solution is the “Wisdom of crowds”. But – that is not enough. We have developed a process with supporting software and apps.
An app that collects input
from users in a fun way.
App that supports the picture
taking and joining photos with
barcodes and product information.
The heart of the solution –
this is where all the input is
crunched into a solid foundation
for quantity decision.
“We have worked with Bravo Lucy since 2016, and we are very pleased with the results we have achieved together. The process and system support that they deliver is quite unique, and it has definitely improved our purchasing process. We will never hit bull’s eye sourcing new products, but implementing the process and software from Bravo Lucy has indeed made us better. Compared to how we used to work this is a big step forward, and the results form a valuable basis for the important decisions on how much to buy of each new product. The system is also very user friendly and easy to implement, but if we run into trouble the company is always very supportive and flexible to solve any issue we might have.”
“We had our first meeting with Bravo Lucy late 2017, and during a less than 2 hours long meeting they were able to demonstrate a full forecasting cycle using our products and their solution. We were very impressed and decided to try out the solution live. We’ve now ran a few cycles with promising results; the output we get gives us more confidence when we’re sending out those purchase quantities. Another positive thing we’ve learned is that the store managers really enjoy contributing by giving their opinions using the intuitive and user friendly interface from Bravo Lucy. We look forward to continue working with Bravo Lucy and their dedicated and competent staff to further improve on our quantity decisions!”
“We have had the pleasure of working with Bravo Lucy and their highly skilled staff for some time now, but not until recently we’ve actually started to use their solution to improve on our purchase decisions on new products. Our experience so far is really positive; it is a simple solution to implement and to learn, and the results we get help us make more qualified decisions on what products to buy, and how much to buy of each of them. Our store managers are also happy to contribute with their opinions and to be included in this process, and the system is so easy to learn that anyone can give their opinion literally without any training. For me as a purchasing director the results give me a lot more confidence in our decision making, and that’s a big relief given the stakes at hand in this area.”