Unedited news and product information from vendors.
DemandTec Awarded 24th Patent for Demand Modeling and Optimization Science
Nov 19, 2010 (11:11 AM EST)
Newly patented rules relaxation technique gives users greater control and transparency into price optimization analytics
SAN MATEO, Calif., Nov. 19, 2010 /PRNewswire/ -- DemandTec, Inc. (Nasdaq: DMAN), the collaborative analytics network for retailers and consumer products companies, announced today that the United States Patent and Trademark office has granted the company a patent for its "Rule Relaxation and Subset Optimization System" technique. Patent number 7,809,581 was awarded to DemandTec on October 5, 2010.
The patent covers optimization techniques developed by DemandTec that provide unique user control over the prioritization of business rules, enable re-optimization of a subset of products, and provide transparency into rule conflicts as well as how conflicts were resolved. Rules relaxation is critical for optimization problems where constraints can potentially conflict and would yield an infeasible solution. Simplistic approaches to rules relaxation can yield a sub-optimal answer, while DemandTec's newly patented technique uses an advanced, iterative re-optimization approach that yields the optimal answer based on user-controlled rules prioritization. Incorporated into DemandTec Lifecycle Price Optimization™ software solution, this science is in use by existing customers who leverage DemandTec software services to meet the dynamic needs of their businesses.
"This patent reaffirms DemandTec's position as a leading innovator of predictive analytics and optimization science," said Suzanne Valentine, Vice President of Science & Analytics at DemandTec. "While comprehensive models characterizing consumer responsiveness are the heart of our solutions, it is the integration of the models with our optimization and forecasting techniques that truly allow our customers to activate data-driven consumer insights."
This is the fifth patent granted to DemandTec in the past 12 months. To date, DemandTec has been awarded 24 patents worldwide, including 19 issued in the U.S. and five internationally. Patents span data enhancement, model estimation, store clustering, and optimization techniques, as well as the workflow necessary to harness the power of the analytics for a wide range of verticals.
DemandTec is a network of common tools and software services for more than 280 retailers and consumer products companies to transact, interact, and collaborate on core merchandising and marketing activities. Approximately 13,000 retailer and manufacturer end-users on DemandTec have collaborated on more than 3.5 million trade deals to date.
DemandTec (NASDAQ: DMAN) connects more than 280 retailers and consumer products companies, providing common tools to transact, interact, and collaborate on core merchandising and marketing activities. DemandTec's software services enable customers to achieve their sales volume, revenue, shopper loyalty, and profitability objectives. DemandTec customers have collaborated on more than 3.5 million trade deals. DemandTec software services utilize a science-based software platform to model and understand consumer behavior. DemandTec customers include leading retailers and consumer products companies such as Ahold USA, Best Buy, ConAgra Foods, Delhaize America, General Mills, H-E-B Grocery Co., The Home Depot, Hormel Foods, Monoprix, PETCO, Safeway, Sara Lee, Target, Walmart, and WH Smith.
DemandTec Safe Harbor
This press release contains forward-looking statements regarding DemandTec's expectations, hopes, plans, intentions or strategies, including statements about the benefits of DemandTec's solutions. These forward-looking statements involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties include those described in DemandTec's documents filed with or furnished to the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to DemandTec as of the date hereof, and DemandTec assumes no obligation to update these forward-looking statements.
DemandTec and the DemandTec logo are registered trademarks of DemandTec, Inc. All other trademarks are the property of their respective owners.
SOURCE DemandTec, Inc.