Profitect’s Machine Learning Also Wins for Innovation at Leading Retail Event in Orlando
BURLINGTON, MA – May 8, 2018 – Profitect Inc., the leading prescriptive analytics provider for the retail and CPG industry, today announced its third consecutive win of the Retailers’ Choice Award at the 2018 Retail Industry Leaders Association (RILA) Retail AP Conference. The company’s machine learning capabilities also received second place in the 2018 (R)Tech Asset Protection: Innovation Awards, confirming Profitect’s ability to leverage retail and CPG data to drive sales and margin improvement. This is also the third consecutive year Profitect has been honored by RILA with awards for Innovation.
“We are incredibly honored to be recognized by the retail community at RILA,” said Guy Yehiav, CEO of Profitect. “To be selected as the Retailers’ Choice for the third consecutive year is a phenomenal validation not just from our customers, but from the vast retail community that attended the conference and is aware of our brand and the value we deliver. These two awards mean a lot to Profitect and our employees because they represent our core values: innovation, customer service, and success.”
The (R)Tech Innovation Awards showcase advancements in technology and recognize the visionary companies developing these solutions. Profitect’s submission included the following machine learning capabilities:
- Hidden Demand – calculates potential revenue value as if enough inventory were on shelf and available for consumption
- Anomaly Detection – finds unusual behavior in a retail or CPG data repository
- Clustering – clusters data based on individual behaviors of products, people, stores, assets, and more
- Sentiment Analysis – helps retailers & CPG process unstructured text and translate thoughts, feelings, and intent into profitable actions and decisions
“This year’s Award winners embody the spirit of innovation that is alive and well in the retail industry,” said Lisa LaBruno, RILA’s Senior Vice President of Retail Operations. “Retailers are constantly looking for new and innovative solutions to the asset protection challenges they face every day, and the companies recognized today are developing those very solutions.”
About Retail Industry Leaders Association (RILA)
RILA is the trade association of the world’s largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs, and more than 100,000 stores, manufacturing facilities, and distribution centers.
Profitect’s prescriptive analytics solution leverages pattern detection and machine learning to identify opportunities that impact sales and margin. Profitect takes retail and CPG company data to identify areas for improvement including: inventory accuracy, out of stocks, pricing accuracy, unsellable merchandise, and assortment discrepancies. Profitect customers typically realize a 2-5% increase in sales, better consumer experience, 10%-15% basis point margin improvement, and labor productivity improvement within 6 months. To learn more about Profitect visit: www.profitect.com or follow the company on Twitter and LinkedIn.