Aiming for Efficiency, Toast Launches Enhancements to Its IQ AI Assistant
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Aiming for efficiency, Toast launches enhancements to its IQ AI assistant. Point-of-sale technology developer Toast Inc. early Thursday announced enhancements to its Toast IQ AI assistant, an artificial intelligence-based app within the Toast platform that aims to provide retailers insights into how to run their businesses more efficiently. The Toast IQ AI assistant, which responds to natural-language prompts from users, allows retailers to see which items are selling, which are running low, and where margin opportunities lie. In inventory management, for example, retailers can ask the app "what items need restocking this week?" and see data on which items are nearing depletion, out of stock, or have been inactive for 30 days. Such information helps retailers adjust their inventory management and replenishment strategies, Boston-based Toast says. With the enhancements, retailers can also receive margin-based pricing information to flag underperforming products and rebalance costs. This involves asking such questions as, "what level should prices be set at to maintain current margins" or "what type of pricing strategy would increase sales by $1,000 a month," for example. According to Toast, the enhancements also enable merchants to organize and optimize product catalogs by highlighting missing or duplicate items and barcodes, identifying out-of-date shelf labels, and...
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