Walmart Inks Deal for AI Price Forecasting
After becoming the first software company to be named a winner in Walmart’s annual Open Call competition, Helios Artificial Intelligence has entered a deal to provide its climate risk and price forecasting software for the retailer’s use.
According to Helios, it has created the first AI platform that predicts the price and availability of agricultural commodities using climate risk. The company says its software will allow Walmart to evaluate medium- and long- term climate risks facing its global agricultural supply chain to help secure sustainable sourcing.
“Walmart is leading the way when it comes to leveraging artificial intelligence to strengthen its supply chain,” said Francisco Martin-Rayo, co-founder and CEO of Helios. “Helios winning the ‘golden ticket’ is not only a great testament to our technology, but also proof that there are urgent needs from procurement teams to climate-proof their supply chains – especially those at the most globalized levels.”
Walmart has been making moves to strengthen its supply chain as of late. Last month, the company made a deal to sell its Advanced Systems and Robotics business to Symbotic, Inc., an AI-enabled robotics technology company that focuses on the supply chain. As part of the deal, Symbotic will help Walmart develop, build and deploy an advanced robotics platform solution that will accelerate online pickup and delivery options at stores.
Each week, approximately 255 million customers and members visit Walmart’s more than 10,500 stores and numerous e-commerce websites in 19 countries. With fiscal year 2024 revenue of $648 billion, the retailer employs approximately 2.1 million associates worldwide. Bentonville, Ark.-based Walmart U.S. is No. 1 on Progressive Grocer’s 2024 list of the top food and consumables retailers in North America. PG also named Walmart one of its Retailers of the Century.
