VEA’S NEW PREDICTIVE AND PRESCRIPTIVE ANALYTICS FEATURE
SenSource’s Vea Reporting Platform’s latest release features predictive traffic and prescriptive labor analytics.
YOUNGSTOWN, OH February 8, 2018: SenSource’s Vea reporting platform is taking customer’s foot traffic data to the next level with predictive and prescriptive analytics. Vea users in every industry have access to predicted daily traffic levels using Vea’s highly accurate intelligent forecasting algorithm. In addition, Vea’s prescriptive labor feature details optimal daily staff levels for retailers.
“The challenge presented when designing a traffic forecasting solution is to create something that is dynamic enough to account for many of the factors that impact traffic without requiring the customer to hire a full-time analyst to configure and maintain the solution,” explains Jonathan Drokin, SenSource Software Specialist. “And this was our focus as we developed the feature set. We wanted to provide our customers with a solution that was impressively flexible and accurate with little to no configuration requirement up front. And I feel like we checked the box on both accounts.”
SenSource’s value proposition to its customers has become clearer and stronger over recent years. The sensors sold are capable of an incredible level of accuracy, so the inputs to the new forecasting feature are a clean, accurate representation of reality. Stacking a smart forecasting tool on top of that data, Vea is able to tell customers with a strong level of certainty how many people are likely to walk through the door tomorrow.
Retailers, government agencies, entertainment and education facilities will all benefit from Predictive Traffic Metrics. Knowing future daily foot traffic enables better business decisions to be made such as planning events, running promotions, scheduling maintenance and preparing inventory. With Vea’s high accuracy forecasting algorithm, no analyst is needed to know future daily traffic and trends. The algorithm automatically adapts to seasonality and offers a tool to validate accuracy.
Prescriptive Labor Metrics
Vea’s Prescriptive Labor feature arms retailers with an actionable metric for scheduling labor. The prescriptive labor algorithm finds the optimal point of intersection between increasing conversion rate and service intensity (staff to customer ratio) to determine how many staffers should be on the floor to maximize profits. Retailers can then better align store resources to improve overall store performance.
“When we finished the forecasting feature it didn’t take long to see that prescriptive staffing just made sense. In our years working with retailers we’ve seen and measured the strong correlation between an adequately staffed store and a high conversion store. The missing piece has always been an expected traffic count that you could really trust. Now that accurate traffic forecasting is in play the ability to optimize staff levels is a quick win for our retail customers,” explains Drokin.
SenSource is dedicated to continually enhancing Vea to exceed the ever-changing needs of its clients and provide insights that ultimately increase profits and reduce costs and resources.
SenSource is committed to providing innovative people counting technology solutions that enable its global clients to make better business decisions. The growing list of clients making better decisions with SenSource business solutions expands daily with markets including retail, libraries, education, government entities and amusement parks.