BALTIMORE, MD, March 17, 2022 – INFORMS, the largest association for the decision and data sciences, has awarded Wayfair, one of the world’s largest online destinations for home goods, with the 2022 INFORMS Prize for sustained and enduring achievement and success of utilizing operations research (O.R.) and analytics in its organizational decision-making.
The INFORMS Prize is awarded to organizations that have repeatedly applied the principles of O.R. in lasting ways.
Wayfair and its associated brands have used two key programs to increase revenue and enhance customer satisfaction. These tools have uniquely positioned Wayfair as a leader in the online home furnishing and decor space. The company sees an estimated total global annual market of about $800 billion. By utilizing technology, data science and operations research, Wayfair has driven about $13.7 billion in revenue in 2021 alone.
Looking at their all-encompassing use of data science, Wayfair Chief Science Officer Ashwin Rao says, “We integrate O.R. and analytics into a wide range of business areas, from how suppliers onboard new products to leveraging marketing to reach customers and powering personalized on-site experiences for customers. In addition, advanced optimization techniques create enormous efficiencies in all aspects of our supply chain, logistics and sales and services operations. At Wayfair, we view data science as a key to our business success. We are honored to accept the INFORMS Prize and excited to continue our use of O.R. and analytics to drive innovation.”
Wayfair utilizes operations research and machine learning models to support business processes, optimize customer experiences and drive supplier satisfaction. Within the company, models are utilized across a broad spectrum of functions such as marketing, fraud prevention, customer support, supply chain operations, and search to optimize business processes. Specifically, the company’s attribution and bidding models allow Wayfair to tailor marketing messages to maximize incremental benefit while avoiding showing less-helpful or irrelevant advertising to customers. For Wayfair customers, personalization models tailor their experiences to help them effortlessly and quickly find the items they love out of a catalog of millions of products. Wayfair suppliers benefit from machine learning models that help add new products and understand which products are likely to do well.
Speaking on behalf of the selection committee, Bryan Flietstra, 2022 INFORMS Prize committee chair, remarked: “Wayfair is showcasing data science as a source of business success and a necessary element to achieve customer satisfaction with a superb online experience. Wayfair is truly deserving of this prestigious prize, and the entire O.R. and analytics community joins INFORMS in thanking them for their priceless contributions to the field and the business world.”
In addition to Wayfair, past recipients of the INFORMS Prize include: Amazon, UPS, Booz Allen Hamilton, BNSF Railway, Walt Disney Company, U.S. Air Force, General Motors, Intel, HP, IBM, Ford, Procter & Gamble and GE Research.
For more information on the INFORMS Prize, click here.
About INFORMS
INFORMS advances and promotes the science and technology of decision-making to save lives, save money and solve problems. As the largest association for the decision and data sciences, INFORMS members support organizations and governments at all levels as they work to transform data into information, and information into insights that lead to more efficient, effective, equitable and impactful results. INFORMS’ 10,000+ members are composed of a diverse and robust international community of practitioners, researchers, educators and students from a variety of fields.
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Contact:
Ashley Smith
443-757-3578
Media Contact
Ashley Smith
Public Affairs Coordinator
INFORMS
Catonsville, MD
[email protected]
443-757-3578