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BURLINGTON, Mass., May 31, 2019 (GLOBE NEWSWIRE) -- Profitect Inc., the leading prescriptive analytics provider for the retail and CPG industry, today announced the company was recognized as a “Top 10 Fastest Growing Inventory Management Solution Provider 2019” by TheTechnology Headlines magazine. The Technology Headlines is a knowledge platform for industry leaders and professionals to share their experiences, ideas, and advice within the enterprise IT community. The magazine’s readership base consists of CIOs, CXOs, and CMOs of some of the fastest growing companies.
“While the issue reviews the key players in Inventory Management, it also sheds light on how these companies have created a loyal customer-base, sound marketing strategies, and innovative products and services over the years,” said Carlos Chavez, editor in chief, The Technology Headlines. “Among the listed companies, we are delighted to honor Profitect as the key player in Inventory Management. Profitect has been on our radar for quite a long time, and this year it became clear that enterprises of all sizes alike trust the company for its incredible innovations and services in the industry.”
Profitect’s award-winning prescriptive analytics solution uses machine learning and advanced pragmatic AI to pull revenue-impacting insights from data, and then distributes them as opportunities in simple, plain-text format. Inventory-management opportunities might indicate excessive damages or returns, poor on-shelf availability, pricing discrepancies, training/process gaps, labor inefficiencies, and more. The solution sends each opportunity to the appropriate stakeholder, along with easy-to-understand corrective actions, and the associated value. Integrated machine learning creates a feedback loop that ensures maximum “true positive” results. Profitect’s prescriptive analytics solution empowers every employee at the edge to take immediate action to correct behaviors that positively impacts revenue, as well as eliminates behaviors that decrease revenue.
“This has been a remarkable year of awards recognition for our prescriptive analytics solution,” said Guy Yehiav, CEO, Profitect. “We are humbled to be recognized by The Technology Headlines for our inventory management capabilities. As inventories become increasingly varied and complex, retail and CPG companies find themselves in need of an innovative, yet easy-to-use solution that can empower employees at the edge to deliver stellar results. We are proud that our prescriptive analytics solution is the preferred choice of the world’s most innovative brands.”
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 percent increase in sales, better consumer experience, 10-15 percent basis point margin improvement, and labor productivity improvement within 6 months.
Erin Knapp, Matter for Profitect