UAB “Terra IT” is an innovative, fast-growing IT company operating since 2004. The company is a certified Microsoft partner in software development. Working with research institutions, UAB “Terra IT” works for both business and the public sector in Lithuania. The company has built up exceptionally broad experience in the transport, logistics, industry, manufacturing and service sectors.
To increase its competitiveness and range of products, UAB “Terra IT”, together with its partner UAB “Interneto svetainių dizainas”, completed on April 30, 2019 the project partly funded by the EU Structural Funds “Research and experimental development for creating innovative high value-added products”. Project number: J05-LVPA-K-01-0280. Project duration: 24 months. The project was partly funded by the European Regional Development Fund.
The project created an intelligent system that enables employees of trading companies to place orders for the goods needed and set their prices promptly and automatically, in real time, taking into account the system's recommendations, and, based on these decisions, to create planograms for product placement that allow daily changes to be made continuously when stocking shelves with goods received, thus getting the maximum possible benefit from the goods sold.
The following modules of the intelligent system were created within the project:
1) Warehouse stock quantity management (for wholesale warehouses and retail stores). A smart system was created that can track the movement of goods in the warehouse and gives recommendations for restocking);
2) Assortment management in a wholesale warehouse. The system created makes it possible to track the popularity of and demand for the assortment in the warehouse. Unpopular products are removed from the assortment, optimizing the range.
3) Assortment management in a retail store. The system created analyzes sales and the possibilities of getting goods from the warehouse in order to meet shoppers' needs as fully as possible.
4) Forecasting the effect of marketing measures on shoppers. The system created makes it possible to forecast how shoppers will respond to particular marketing measures (e.g. promotions) and their benefit;
5) Forecasting the effect of price on sales. The system created makes it possible to forecast the effect of price on the end customer and identify the prices that bring the greatest benefit;
6) Forecasting the market launch of a new product. The system created performs calculations and provides an analysis of a new product's market launch and recommendations on the measures needed.
By implementing the project, UAB “Terra IT” actively contributed to increasing the activity, efficiency and accessibility of research and experimental development (R&D) and strengthening the company's R&D capabilities and innovation potential, which in turn led to an increase in the international competitiveness of the company and the Lithuanian economy and accordingly helped reduce the gap in economic innovativeness between Lithuania and more developed countries.