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BURLINGTON, Mass., Jan. 29, 2019 (GLOBE NEWSWIRE) -- Profitect Inc., the leading prescriptive analytics provider for the retail and CPG industry, was recognized by CIOReview as one of the “20 Most Promising Retail Solution Providers - 2019”. The annual list acknowledges companies providing sophisticated technologies that help retailers overcome the challenges of digital transformation and are helping drive innovation forward across the industry.
"Profitect’s prescriptive analytics solution helps retail and CPG companies understand and act on their data through the use of ‘smart tasks,’ or prescriptive actions," said Jeevan George, Managing Editor of CIOReview. "This solution is widely used across all retail verticals, including grocers, softlines, hardlines, prestige beauty, and more. We congratulate Profitect on this important recognition and look forward to seeing their impressive growth streak continue."
Profitect’s prescriptive analytics solution replaces or augments existing business intelligence tools across all areas of the organization-- including store operations, loss prevention, merchandising, supply chain, finance, IT, and more. The solution eliminates unnecessary reports, which can be monotonous and difficult to interpret, by doing all data analysis via machine learning and artificial intelligence (AI). Profitect’s prescriptive analytics dispenses clear and actionable tasks for employees at all levels. In doing so, the solution ensures that employees receive only what information they need in order to take the appropriate action.
“We’re proud to be recognized as one of CIOReview’s leading retail technology providers,” said Guy Yehiav, CEO, Profitect. “There is significant momentum among retailers to better understand and act on their data. They recognize that collecting information and relying on reports is not the answer to improve business operations. In addition to replacing Exception Based Reporting (EBR) solutions, Profitect customers are leveraging our prescriptive analytics delivered in the form of smart tasks to create optimum visibility to product behaviors, inventory movements, transactions, and more. As noted in this recognition from CIOReview, we make it easy for our customers to take actions that will deliver results.”
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 and identifies 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.
Erin Knapp, Matter for Profitect