Breakthrough Helps Retailers Accurately Measure and Forecast Demand for Perishable Items
PARK CITY, Utah–(BUSINESS WIRE)–Park City Group, Inc. (OTCBB: PCYG), a leading provider of inventory and labor optimization solutions for retailers, today announced the approval of U.S. patent 7,292,991 B2, which is described as a system for “disambiguating point-of-sale data through item indexing.”
The patented software technology provides retailers with visibility into the exact assortment of items sold in general categories, such as bakery, deli or produce. For example, cookies are often rung up by cashiers as “general bakery” or “miscellaneous” items. Park City Group’s new technology automatically converts that general data into precise sales figure for each type of cookie.
“This technology can provide grocers and other retailers with an enormous competitive advantage,” said Randall K. Fields, Park City Group’s chairman and chief executive officer. “It can help retailers reduce spoilage, minimize out-of-stock situations, improve customer satisfaction, and increase profitability.”
He added, “Nobody sells “miscellaneous” items. Stores sell specific types of vegetables, deli meats, doughnuts, cookies, flowers, and other perishable items. In order to procure or prepare the proper quantities of these items, retailers must have a reliable way of forecasting consumer demand. Thanks to our patented technology, retailers now have access to empirical data that can be used to forecast demand.”
Park City Group is incorporating the new technology into its popular Fresh Market Manager and Supply Chain Profit Link product suites that are used by many of the world’s most respected retailers and food suppliers. In addition, the company plans to explore licensing opportunities for the patented technology. Park City Group has an extensive library of intellectual property that it leverages to create new revenue streams.