Morrisons to Seek Out Hidden Profit Areas With New Solution
UK retailer Morrisons plans to deploy new software developed to discover unrealized margin opportunities across the enterprise to deliver intelligent, prioritized actions for increasing profit.
The retailer is using Waltham, Mass.-based Profitect’s Delivery and Receiving module to find potential profits within the delivery and receiving processes of its newspapers and magazines category, with a view to possible future expansion to other parts of its business. The project has a goal of returning significant amounts to the bottom line within six months of going live.
"Morrisons sees Profitect as a strong partner for amplifying our profit opportunities,” said Peter Haste, senior finance manager of Morrisons. “We are leveraging the Profitect Suite software solution for a rapid, dynamic and comprehensive approach to amplifying profit opportunities identified in our newspapers and magazines division. If successful in newspapers and magazines, we will look to roll out Profitect's solution to additional categories."
Profitect's profit-amplification solution was designed to enable retailers to quickly discover and actualize untapped profit opportunities across the entire retail value chain. Its algorithms quickly identify measurable profit optimization opportunities through the identification of value chain margin leakage, shrink, waste, process errors, and operational risks and damages — returning intelligent, prioritized actions for increasing profit.