Manchester-founded AI company Peak is launching an AI performance guarantee to boost business confidence in AI.
Peak enables businesses to forecast, order and balance optimal stock levels across a network. With the performance guarantee, Peak will reimburse the cost of the customer’s AI application if the overall availability for products across their network falls below an agreed rate over the course of the guarantee period.
The guarantee follows data from IHL that projected 2023 costs from inventory distortion at $1.77 trillion. Increasingly, businesses are turning to AI to optimise their inventories to avoid missed sales and reduce capital tied up in excess stock, and today Peak gives a vote of confidence to its AI’s reliability with its new performance guarantee.
The performance guarantee is particularly important for organisations looking to reap the benefits of AI without the perceived risk that new technology brings. With the critical need to reinvent and evolve, businesses continue to embark on wide-scale transformation programmes but these programmes often suffer scope creep, prolonged timelines and overspend. In a time where interest rates and the cost of capital are high, businesses need to be certain that their technology investments won’t end up as ‘digital dust’.
“On average, Peak’s inventory customers see a stock holding reduction of 20 per cent whilst increasing availability for their customers”, said Richard Potter, CEO and co-founder at Peak. “With almost a decade’s experience developing and deploying AI, this performance guarantee demonstrates the maturity of Peak’s product and provides our customers with the assurance that optimising their inventory with AI doesn’t have to come at a higher risk. In a time of unpredictability, Peak offers welcome stability for businesses looking to transform their operations with AI.”
Peak’s AI guarantee has been developed with a reinsurance partner and has been rigorously tested by a team of external AI reinsurance specialists.
