Maximize Profit Opportunities
Identify and Resolve
Profitect's Profit amplification software, a pattern-seeking solution, enables retailers to quickly realize increased revenue and reduced costs across the entire retail supply chain. Profit Amplification pattern-seeking algorithms can “tell a story” by identifying the root cause in anomalies such as inventory distortion, on-shelf availability, shrink/waste/damage, or process compliance – helping retailers minimize the effort necessary to identify controllable factors that the solution translates into action. As a result, retailers can move quickly to prevent profit leakage at all levels of the organization, ultimately improving business processes and the top & bottom line.
Innovative pattern seeking technology identifies opportunities and delivers best practice solutions, impacting personnel, system, and process behaviors. The result is sustainable increases in revenue and reduced cost, enabling excellence in the ordinary.
The Building Blocks of Profit Amplification
Profit amplification consists of six (6) components which create the foundation for achieving and sustaining margin expansion. The combination of these elements guide retailers to see the bigger picture where profit opportunities exist and provide the necessary framework to ensure success.
Pattern Seeking Technology
Retailers generate large amounts of data, holding a wealth of information in the form of patterns. However, the sheer volume of data obscures those patterns and makes them impossible to detect by manual inspection. Profitect uses pattern seeking technology to look at the retailers different systems and identify anomalies or opportunities for improvement.
Predictive Analytics - Predictive Indicators
In addition to pattern technology, Profitect also develops and provides predictive analytics, which we call predictive indicators. Utilizing your data to predict what is going to happen, you can identify issues in advance and take actions to turn things around.
Profit Hub - Across the Entire Retail Value Chain
Profitect also looks at your business across the entire retail value chain, from planning and buying to the point of sale. We enable you to identify and focus on areas to increase revenue and reduce cost and loss.
Ranking and Prioritization
Profitect is not another reporting system or another business intelligence tool. The Profitect solution identifies opportunities for improvement, but we don’t stop there. Once opportunities are identified, the solution then ranks and prioritizes them according to their value, as well as eliminate any false positives. Ranking of a task is also critical to make sure that time is spent on a task with the highest value and impact, ensuring it is a true positive.
Best Practices - Actions
There are a lot of reporting solutions for retail, but you rely on the talent in the store to interpret the findings. You trust that someone will understand the report in the way that you want them to. However, with high attrition, new stores and hiring, most likely someone has come from one of your competitors and may do it their way; you want them to do it your way. You are no longer sending them a report that they need to translate; send your own best practices of how you want them to deal with the task, turning those opportunities into actions aligned with your culture.
Workflow and Task Management
Best practice solutions are linked to an internal workflow and task management system. Integrated monitoring is fed back to the application through the workflow to see who is actually executing tasks and how it is being done to ensure opportunities are completed. From initial tracking to escalation and resolution of the opportunities, retail associates are guided from start to finish.
Change For The Better
Retail is constantly changing, with high employee turnover, a constant stream of new products with changing availability, and a lot of stores to manage. Because of these challenges, retailers need to continuously identify today’s opportunities and be on the lookout for tomorrow’s new ones. Support for continuous improvement allows pattern matching to constantly look for known issues, letting the retailer “set it and forget it.” Retailers are then able to find new, unknown patterns through pattern recognition, allowing for the continuous improvement and providing value to every area of the retail business. Patterns that “tell a story” are used to identify and resolve areas such as inventory distortion, on-shelf availability, shrink/waste/damage, or process compliance.