SOURCE: Profitect

Profitect

July 10, 2014 11:31 ET

Progressive Grocer Highlights the Importance of Using Predictive Analytics Combined With Prescriptive BI

WALTHAM, MA--(Marketwired - Jul 10, 2014) -   Profitect announces that in July's issue of Progressive Grocer, an article was published that examines new methodology for improving sales, as highlighted by Weis Markets use of Profitect's Applications. Based on an interview with Weis Markets, they are now using the Big Data analytics power of Profitect's cloud-based Profit Amplification solution, and leveraging it across the entire enterprise. 

The Profitect solution is based on the premise that small, frequently occurring issues, in the retail value chain erodes margins and sales. These issues often go undetected in aggregate reports, which results in missed opportunities for profit & sales improvement. Profitect enables retailers to discover areas for profit improvement by mining massive amounts of data at a granular level.

"We are using loss prevention technology not only to reduce shrink and loss, but also to help
improve sales," says Mike Limauro, VP of asset protection for Weis Markets. "From an asset protection (AP) standpoint, it's awesome to be able to insert ourselves into the enterprise, and also use it for things like shelf-space allocation, sales, production -- areas that are outside the typical AP uses. We refer to it as our 'Profit Hub'."

According to Limauro, users regularly discover new ways of applying the pattern seeking technology. Weis plans to expand its use of Profitect, flooding the system with even more data streams from different departments, like energy consumptions, compactor information etc. As more users and data inputs are plugged into the system, the system will continuously evolve and become even more valuable.

Profitect's intuitive software is so effective that an employee's background doesn't matter. Guided actions are provided in plain, easy to understand language, rather than rely on someone's background to understand and interpret reports.

"Retail is a very high-attrition business, and you may have employees working together with different retail backgrounds," notes Guy Yehiav, CEO of Profitect. "If they look at a spreadsheet filled with numbers, they each may interpret it differently, based on their experience at other retailers. With descriptive insights, they will both be on the same page regarding the area of focus, as well as the prescribed recommendations on how to act on that described insights."

About Profitect
The Profitect software solution uses pattern analytics to identify revenue reducing activities, and integrated task management provides timely, detailed, and guided actions to resolve the issue. Improvements to the top and bottom line are continuously measured, ensuring sustainability across the business.

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