Guy Yehiav, CEO & Chairman of the Board
Reporting is a common, yet notoriously confusing, approach to retail analytics. Most retail CIOs have heard grievances from employees throughout their organization, complaining about the massive amount of complex reports they receive weekly, and are seeking a better tool for analyzing and distributing data.
Profitect, a software organization based in Boston, is working to change the paradigm of reporting in retail through its award-winning prescriptive analytics solution. Instead of sending complex reports, Profitect’s solution automatically analyzes data, and distributes any insights to the appropriate stakeholder in the form of opportunities. Each opportunity explains in simple, easy-to-understand language what is happening and exactly how to respond through a “prescriptive action.” These prescriptive actions empower employees at the edge to resolve problems before they can cause significant losses.
Profitect has also received acclaim for its ease of implementation, which is designed to minimize any burden on customers’ IT teams. Implementation and necessary support services are provided by Profitect’s world-class Customer Success team, a hand-picked group of retail software professionals providing industry-leading support for every customer, free of charge.
“We have deployed our solution at multibillion-dollar retailers in as little as three days,” says Guy Yehiav, CEO, Profitect. “Some of our customers switched over to us from our competitors because their solutions were still not live after a year or more of waiting.”
“In addition to being quick to deploy and intuitive to use, Profitect’s prescriptive analytics solution is powered by cutting-edge, proprietary AI technology that leverages machine learning capabilities to ensure consistently true positive results,” adds Adam Haight, SVP of Sales at Profitect. “Our technology empowers our clients to generate value and ROI quickly.”
For example, a large general retailer adopted Profitect’s prescriptive analytics solution to help its Asset Protection (AP) and IT teams combat fraudulent behaviour at the register. Shortly after deployment, the module identified a number of customers whose reward-point levels were inconsistent with their spending histories. Profitect’s machine learning and AI capabilities traced the source of these points and found that they had come from receipts that had been redeemed multiple times per day at different stores. Profitect sent the retailer’s IT team a prescriptive action, advising them of the suspicious behaviors and directing them to investigate and fix the breach in the PoS systems.
Profitect’s prescriptive analytics solution is powered by cutting-edge, proprietary AI technology that leverages machine learning capabilities to ensure consistently true positive results
A previously unknown glitch turned out to be the root cause. The retailer was unaware that its system didn’t tally reward points until the end of each day. This gap resulted in some customers realizing they could submit the same receipts for points at multiple stores per day. This made it easy for them to request and therefore receive more reward points than were due, and by extension, monetary gift cards (awarded after accumulating a certain number of points). Thanks to Profitect’s near-real time alert, IT quickly fixed the system glitch before it could cause further losses. This ultimately saved the retail $1.4 million per year.
Profitect offers its prescriptive analytics solution in the form of several modules that collect and analyze data for a different sector of retail, CPG and other verticals, including omnichannel, sales, inventory, logistics, and more. Each module contains about 200 advanced algorithms that look for trends in the collected data that could indicate problems or ways to increase revenue.
Profitect recently announced the company achieved 182 percent year-over-year growth and is currently hiring more staff to support market momentum and enthusiasm for the company’s prescriptive analytics solution. It is currently focused on expanding its footprint in Europe with new customers and partnerships, while also extending its solution to other industry verticals. “We plan to focus on further empowering our retail and CPG customers with a powerful solution that makes them successful and helps drive their careers forward!” said Yehiav.