Blog: Profitect Is Named a Top 10 Artificial Intelligence Solution Provider for 2019 by Retail CIO Outlook Magazine – Yahoo Finance
BURLINGTON, Mass., April 24, 2019 (GLOBE NEWSWIRE) — Profitect Inc., the leading prescriptive analytics provider for the retail and CPG industry, today announced the company is named a “Top 10 Artificial Intelligence (AI) Solution Provider – 2019” by Retail CIO Outlook magazine.
“A distinguished panel of CEOs, CIOs, venture capitalists, and analysts, along with the editorial panel of Retail CIO Outlook has selected Profitect as a Top 10 AI Solution Provider for 2019,” said Katie William, Managing Editor of Retail CIO Outlook. “We congratulate Profitect for being at the forefront of AI-powered solutions with their prescriptive analytics; the value this solution brings to retail CIOs is evident. We anticipate hearing more about Profitect’s success in the years to come.”
Profitect’s award-winning prescriptive analytics solution uses advanced pragmatic AI to pull revenue-impacting insights from data, and then distributes them as opportunities in simple, plain-text format. Opportunities might indicate excessive damages, on shelf availability, pricing, inventory inaccuracies, operational bottlenecks, 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. Machine learning draws feedback from the actual outcome, forming a feedback loop to ensure “true positive” results.
“We are grateful that Retail CIO Outlook magazine is recognizing the innovative work we’re doing with AI,” said Guy Yehiav, CEO, Profitect. “We have found that our AI-powered prescriptive analytics solution resonates well with ROI-conscious CIOs because it calculates the dollar value of each identified opportunity, which makes it easy to determine priorities and understand the financial impact. We look forward to continuing to work with CIOs and other senior retail executives to help them better understand and act on their data. ”
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