This year’s RILA Retail Asset Protection Conference in Dallas was a monumental event for the Profitect team. We didn’t just win the Innovation Award from RILA, but we won the ‘Retailers’ Choice’ award, which we are especially proud of. This is an award chosen by industry practioners that showcases the value we bring to our customers each and everyday. While we were at RILA, we presented on-stage with two of our valued customers: Stop & Shop and ULTA, dsiscussing examples of how prescriptive analytics moves beyond reports and creates actionable outcomes for each of their businesses.
If you weren’t able to attend the session, we conducted a Q&A with Thomas Mormino, District Director, Stop & Shop New England, who recaps some of the audience questions. You can read below to find out how prescriptive analytics are working for his business:
After implimenting Profitect, were you surprised by some of the data elements and how they correlated to high shrink – was there a major ‘AHA’ moment?
For me, I’ve been in store operations for a while and I know the financials behind shrink. My ‘AHA’ moment was the fact that I could pick out and find anomalies in data way faster and put them in my store managers’ hands very quickly. I would say overall, my biggest ‘AHA’ moment was the ability to be uncrippled by data.
What is the ROI on the Profitect system?
Before implementing the Profitect solution, we were still relying on people to look at different reports and analyze them. Based on these reports, we then relied on employees to pick out the anomalies and match them with the particular store – it was very labor intensive. Now, we’ve replaced those reports with just actions to take. The end result is better training and picking out anomalies before they become an issue. Once people understand what Profitect can do, companies can drive results and drive sales. There are other complex systems as we change the patterns and processes – but Profitect is able to identity the irregularities before they become problems.
How does Profitect tell the end user what to do about a specific opportunity?
At Stop & Shop, we have it set-up that the manager gets an email immediately about what the pattern is and what to do next. Then there are links right in the PDF that brings employees to the next step and the best practice. With one click, an action is then delivered with directions about how to solve the problem. What’s nice is that it’s all in that one page email sent directly to the store manager.
Does this require a lot of training to get people like store managers using it?
For us, it was a one-hour conference call and we also did a webinar – that was really all it took. We set it up so the employees already had opportunities sent to their store before the introduction call. This was done so they were already familiar with the capabilities and the results. Then we were able to get employees on a call and went through the process, which was pretty simple. We did follow-up training through the store ranks as well.
How quickly can a pattern be created?
That part is very quick and as people are getting more and more involved with the Profitect technology. We went from kicking the tires on it in November/December to full roll out by March throughout the division. You can discover a pattern in a matter of hours or less. A pattern can essentially be created and implemented in a day.
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