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ProfitTrax AI from Smart Retail Solutions: Merging Human Perspectives with Data Analytics for Retail Profits
Today’s retail marketplace is replete with companies that produce spreadsheets, reports, pretty graphs and dashboards to reveal the performance Key Performance Indicators of a business. Problem: data analysis without operational direction to correct deficiencies is akin to flying blind. The real need is for a solution that answers questions like—how to improve sales and profit margins? What can I do to better manage and prevent shrink loss? and many more. Traditional analytics talk of prescriptive data or actionable data. “But, that’s all still just data. ProfitTrax AI actually answers the question: What action needs to be taken to fix the business performance shortfalls,” points out Larry Miller, President of Smart Retail Solutions (SRS), creator of the ProfitTrax AI Solution. “With ProfitTrax we start with what business outcomes (results) our users want to achieve and what behaviors have to change to get those results”, rather than just (data) outputs. ProfitTrax AI outputs speak directly to the desired business outcomes and needed actions to get you there.
ProfitTrax AI simplifies the business by analysing store-level data overnight, determines the cause of sales and profit shortfalls, and provides natural language/ plain English Direction that store teams and business leaders should take for sales and profit improvement.
“ProfitTrax is a comprehensive data-driven action alert system that utilizes augmented intelligence to interpret current and historical data through a combination of advanced analytics and human perspectives. And then determines what behaviors or practices caused the positive or negative KPI result,” says Miller. The SRS team believes that more data is not the answer to sales and profit improvement. The challenge is always how to best use the data to empower or cause better end-user behaviors and consistent best practice execution.
The use of natural language analytics and reporting ensures that data is interpreted to determine root causation and necessary corrective action.
As Miller explains, “ProfitTrax is the next generation in business intelligence that uses augmented intelligence in a cloud-based, SaaS subscription model built on Microsoft stack.”
The goal of ProfitTrax is to improve workforce productivity, enhance sales, and reduce shrink loss in order to increase gross margins and improve cash flow in all departments across the retail enterprise. Miller has been associated with retail operations and business intelligence and analytics for over forty years, during which he and his team helped nearly 1000 companies with BI Software Solutions and Best Practices Training Programs that guide store managers to run their business for added sales and profit. Because implementation effectiveness is core to a retailer’s success, SRS provides retailers with expert, on-site end-user training and ProfitTrax embedded video-as-a-service training modules. Miller emphasizes, “We just don’t sell and install the software. Our team works with retailers to assure our 5:1 ROI guarantee.”
SRS is unique in that among its core strengths they count their operational and business knowledge that helps to constantly evolve their Augmented Intelligence technology, Expert End-User Training, and Customer Success support formula. These core strengths have resulted in a 98 percent customer success rate during their tenure delivering solutions to retailers. While focusing on the unique value proposition of the company, Miller cites a recent example of a supermarket client who was facing major issues with their fresh item shrink. Using ProfitTrax this company was able to reduce their fresh item shrink by 16 percent versus their pre-implementation benchmark period, and Center Store shrink was reduced by 14 percent, both within a span of just 15 weeks. This improvement yielded an overall, annualized ROI of 8:1.
The future for SRS and ProfitTrax AI is bright as they plan to collaborate with other technology and consulting companies who share a similar vision for helping retailers. To sum it up, Miller says, “We take a whole-store approach to sales and profit improvement by expanding and widening the value of using data/analytics for operations, merchandising, loss prevention and all enterprise-wide users.”
