RADAR, the technology platform that combines RFID and computer vision technology to track and precisely locate in-store inventory with 99% accuracy, today announced that it has been named to Fast Company’s third annual Next Big Things in Tech list, honoring technology breakthroughs that promise to shape the future of industries—from healthcare and security to artificial intelligence and data.
This year, 119 technologies developed by established companies, startups or research teams are highlighted for their cutting-edge advancements and potential to impact consumers, businesses and society overall. While not all of the technological developments are available in the market yet, each one is reaching key milestones in order to have a proven impact in the next five years.
RADAR’s proprietary hardware and software platform uses RFID tags and computer vision to track and precisely locate in-store inventory in real time with 99% accuracy. The solution completes a full inventory cycle count in near real time in a store, giving decision makers and other executives invaluable data insights that they can use to quickly correct inventory inaccuracies and inefficiencies. RADAR’s technology currently operates in over 500 stores plus pilots with two other billion-dollar companies.
“We solve one of the largest and most costly business challenges—in-store inventory optimization—by providing a more accurate and cost-efficient way for retailers to track and locate inventory and enhance the customer experience,” says Spencer Hewett, Founder and CEO of RADAR. “Through inventory management, we aim to build a physical search engine that constantly indexes the world’s objects, starting with retail, and it is an honor to be recognized by Fast Company for our technology’s ability to revolutionize retail as well as its far-reaching applications to other industries in the near future.”
RADAR’s patented sensors differ from current RFID technology and other inventory solutions on the market today because it can tell the difference between a small, medium and large gray shirt, in addition to identifying where each shirt is located in the store, so that associates never have to hunt for a product, style or size on either the sales floor or in the stockroom. This level of inventory accuracy empowers associates to provide a better customer experience, allows retailers to fulfill omnichannel orders more consistently, and increases revenue by eliminating absolute shortages and optimizing product across both back and front-of-house.
“The Next Big Things in Tech is not just a look around the corner—it’s a look around the corner after that,” says Brendan Vaughan, editor-in-chief of Fast Company. “These are the products and ideas that will define technological innovation for the rest of this decade and beyond—and solve some of the world’s most pressing issues. We are thrilled to honor the organizations that are making them a reality.”
Click here to see the final list.
The Winter 2023/2024 issue of Fast Company is available online now and will hit newsstands on December 5.
About Fast Company
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. The editor-in-chief is Brendan Vaughan. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication, Inc., and can be found online at fastcompany.com.
About RADAR
RADAR offers a proprietary hardware and software platform that uses RFID and computer vision to track and precisely locate in-store inventory in near real time with 99% accuracy, empowering store associates with the knowledge they need to provide a superior customer experience and enabling brand leaders to ensure each store has the right inventory in stock each day. Headquartered in New York, RADAR is backed by some of the biggest global retailers, including several Fortune 500 companies; leading funds such as Align Ventures, Y Combinator, Sound Ventures and Founders Fund; and the family offices behind Michael Kors and other leading brands.
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