The Retail Industry Leaders Association (RILA) today recognizes Profitect, a leader in prescriptive analytics software, as a valuable strategic partner to the Association and the industry. As a solution provider to the retail industry's top companies, Profitect understands the hyper-competitive environment in which retailers now operate and is committed to collaborating across functional areas on solutions that enable company-wide and industry-wide success.
Profitect serves as a strategic partner to the association's Supply Chain Leaders Council (SCLC) and Asset Protection Leaders Council (APLC), which is comprised of top supply chain and AP executives from America's leading retail and CPG companies. The partnership opens the door for collaboration between Profitect and RILA's member companies with the shared goal of improving the industry's understanding and use of data.
"We have worked with Profitect closely over the last several years and watched as they've quickly established themselves as leaders in prescriptive data analytics and optimization," said RILA Executive Vice President of Retail Operations & Innovation Lisa LaBruno. "More importantly, they are a trusted partner for many of our member companies and have helped foster a culture of innovation and collaboration across the industry. Profitect plays an important role in our supply chain and asset protection leaders councils, not only in offering solution expertise, but in helping companies break down silos and open the door for innovation internally, as well. We look forward to continuing our work together."
"Profitect is honored to partner with RILA. Their members are the industry's most successful retailers. The APLC and SCLC councils consist of industry thought leaders, and Profitect's customers benefit the most from this partnership," said Guy Yehiav, CEO, Profitect.
Key to the strategic partnership is Profitect's participation and guidance in RILA's Supply Chain Leaders Council (SCLC) and Asset Protection Leaders Council (APLC), which both meet annually for best practice discussions and peer-to-peer benchmarking with leading retail executives.
RILA is the US trade association for leading retailers. We convene decision-makers, advocate for the industry, and promote operational excellence and innovation. Our aim is to reimagine and transform the retail ecosystem - and equip leading retailers to succeed in it. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs, and more than 100,000 stores, manufacturing facilities, and distribution centers domestically and abroad.
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 to identify 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.