Profitect

Profitect is a provider of cloud-based prescriptive analytics. The company is based in Waltham, Massachusetts and has a worldwide customer base.[1] Profitect’s prescriptive analytics enables companies to increase profitability across the entire supply chain, using pattern recognition and machine learning algorithms to identify root cause anomalies within their data, and providing organizations easy to understand descriptions with recommended procedures for fixing the identified issues.[2][3] Step-by-step instructions are sent in the form of alerts are delivered with a prescribed set of actions that written in simple language.[4][5] The Profitect SaaS solution, consists of eight modules, including sales, inventory, marketing, planning and buying, logistics and warehouse, delivery and receiving, omnichannel, mobile field application.[1][6]

Profitect
Private
Industry Software Provider, Retail
Founder David Even Haim, Omer Matityahu
Headquarters Reservoir Place, Suite 286, 1601 Trapelo Rd. Waltham, MA 02451, United States
Area served
 Worldwide
Key people
 Guy Yehiav - CEO & Chairman of the Board; David Even Haim - President and Co-Founder; Omer Matityahu - Co-Founder
Products Profit Amplification Suite, including: Sales, Inventory, Marketing, Planning and Buying, Logistics and Warehouse, Delivery and Receiving, Omnichannel, Mobile Field Application
Website www.profitect.com

History

In 2012, Profitect, Inc. released a software solution to computationally deliver solutions they historically provided their customers through consulting using analytics with prescribed actions. The Profitect Suite was created to consolidate the tools into a single platform.[7] Since then the company has continuously released newer versions of their solution with ongoing improvements.[8]

Early History

Profitect Consulting was founded in December 2007 by David Haim and Omer Matityahu.[1] Prior to joining the retail market, David Even-Haim and Omer Matityahu studied and developed their practice of ‘airline anti-terrorism consulting’ over several years.[3] Originally conducting detailed studies on malicious activities in airports, they leveraged this information to save lives. This set the benchmark for airport screening of personnel and baggage, making the Israeli screening system a model for other airport security checks.

The co-founders leveraged their knowledge, and they started Profitect as a consulting firm for security, risk, loss reduction, and prevention. Their first retail consultations were successful, uncovering high value fraud in the supply chain. They found that implementing pattern seeking analytics identified challenges retailers were experiencing before they became a bigger issue.[9] Thus, allowing the company to resolve the issue with timely, detailed, and guided actions.

2010 and Beyond

In 2010, Profitect moved its corporate headquarters to Waltham, MA, named Guy Yehiav as the new CEO, and relaunched itself as a software company, transitioning from consulting.[10]

Leveraging knowledge learned through the earlier consulting practice, Profitect developed a SaaS offering consisting of 8 modules, each focusing on a different area of the value chain. All modules use pattern detection technology and machine learning algorithms to interrogate a company’s data to find anomalies.[3] These anomalies often indicate areas for profit improvement. To capitalize on these profit opportunities Profitect sends alerts to the right manager with a with step-by-step instructions, in plain language, to correct the issue creating the anomalous data.[5] Since the software's original development, the company has released newer versions of their SaaS and have made constant improvements so it is user friendly.[8]

Awards and Recognition

In April 2016, Profitect was awarded first place in the first annual Innovation award at the annual RILA conference in Dallas. The award recognized Profitect as the most visionary and influential solution provider.[11] Profitect was also awarded the 'Retailers Choice' award, highlighting the top-notch service, ease of use and ROI customers are gaining from the solution.

Customers

Some of Profitect's customers include: Abercrombie & Fitch, Ahold USA, Delek, King Kullen, Sally Beauty, Weis Markets, Factory 54, Woolworths, Suitsupply among many others.[12]

References

  1. 1 2 3 "Profitect Inc.: Private Company Information - Businessweek". www.bloomberg.com. Retrieved 2016-08-25.
  2. ↑ "Progressive_Grocer_July_2014". stagnitodigitalmedia.com. Retrieved 2016-08-25.
  3. 1 2 "Putting the Focus on Action in Prescriptive Analytics - DATAVERSITY". 2016-08-11. Retrieved 2016-08-25.
  4. ↑ "How Retailers Are Benefiting from Prescriptive Analytics". Datanami. 2016-02-11. Retrieved 2016-08-25.
  5. 1 2 SOLUTIONS, Syed M. Zubair Bokhari - XDIMENSION. "Supply Chain News: Best New Solutions from NRF 2016 Day 1". www.scdigest.com. Retrieved 2016-08-25.
  6. ↑ "Progressive Grocer: The Profit Hub" (PDF).
  7. ↑ "Profitect | CrunchBase". www.crunchbase.com. Retrieved 2016-08-25.
  8. 1 2 "Profitect to Highlight Its Profit Amplification Solution at Retail Technology Busin". news.thomasnet.com. Retrieved 2016-08-25.
  9. ↑ "Q&A: David Even-Haim, President of Profitect - Retail Gazette". Retrieved 2016-08-25.
  10. ↑ "Guy Yehaiv: Executive Profile & Biography - Businessweek". www.bloomberg.com. Retrieved 2016-08-25.
  11. ↑ "Profitect Takes Top Prize at 2016 Retail AP Innovation Awards". www.rila.org. Retrieved 2016-08-25.
  12. ↑ "Customers - Profitect". Retrieved 2016-08-25.
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