Discover Profit Opportunities with your POS Data
Next generation Exception Based Reporting (EBR) is here
The Profitect Sales Module integrates your extensive sales data to allow for greater visibility and control of sales behavior. The module delivers quick, directed actions equipped with the necessary details to address and correct anomalies. It ensures greater long-term success by analyzing incoming sales data using customizable relative benchmarks and statistical metrics at the receipt and line level. Profitect’s sales module automatically analyzes cashier and POS transactional data at the item level, detecting areas of fraud, shrink, process failures, lack of training, changes to basket, and loyalty behavior as well as noncompliance. Replacing existing Exception Based Reporting tools, it provides specific, guided, and easy-to-understand opportunities for loss prevention and profit recovery, sending them directly to the appropriate personnel for immediate action. The sales module identifies data anomalies, provides personnel with specific actions to implement, and continuously measures results to guarantee positive outcomes. The module’s pattern analysis quickly transforms lengthy data reports and sales receipts into greater productivity, lower shrink, and a rapid return on investment.
Profitect in Action
April 1, 2016: A Beautiful Solution
- Identifies profit opportunities that may be missed
- Minimizes retail fraud
- Identifies loyalty shopping behavior
- Increases net sales
- Reduces shrink
- Improves cashier accuracy
- Identifies and reduces fraudulent activity
- Increases customer loyalty
- Improves basket size and value
- Protects pricing and margin
- Traffic and conversion rates
- Margin erosion
- Discounts and coupons
- Price adjustments
- Basket analysis
- Fraudulent activities
- Refund abuse
- Employee discounts
- Average basket value
- Labor productivity
- Sales per labor role
- Productivity per cashier and department
- POS Transaction logs
- Time and attendance
In addition to being able to identify fraudulent behavior and anomalous data, Profitect provided a task management system that delivered timely, detailed, and guided actions to the appropriate personnel, as well as the ability to customize the pattern engine to the company’s specific needs.
- The Challenge: An international department store was experiencing a pattern of fraudulent activity at the point of sale (POS), leaving its profits at risk.
- The Course of Action: The retailer implemented the Profitect Sales module to provide best practice recommendations to recover profits related to card fraud, non-compliance, and high risk products and gift cards. Within three months, the module logged approximately 550 cases of fraud and provided the store with directed actions to resolve each situation.
- The Results: Using the guided actions provided to employees and management, the department store was able to reduce shrink by 20% and increase profits by detecting credit card fraud and blocking further use. The sales module prompted record results for loss reduction in apparel and general merchandise for the store.
The Profitect system allowed access to data on all stores both directly from the corporate office and remotely, creating simple integration and allowing opportunities to be monitored from anywhere. The best practice solutions bank offered timely, detailed, and guided actions, giving employees effective methods of correcting any issues that were identified.
- The Challenge: A customer was experiencing higher than desired shrink and waste in their convenience stores.
- The Course of Action: The retailer implemented the Profitect Sales module to provide best practice recommendations to recover profits and integrated their CCTV system with Profitect so they could access streaming video of specific cashier activity directly from the application. With the help of the module, they found that most cashiers, lacking experience, commitment, and sometimes motivation, generated high levels of POS errors (both intentional and unintentional) and waste.
- The Results: The module automatically sent an alert to management with tasks from the best practice solutions bank prompting the retraining of employees. The opportunity allowed the convenience store to resolve the source of leakage, therefore reducing losses by more than 40%.