Inventory shrinkage, food waste, poor guest experiences, and employee turnover—a consequence of incidents such as shoplifting, employee theft, and poor management—are a big deal in the retail and hospitality industries. Improving these does not simply increase a location’s profitability, but is a necessity for long-term survival in today’s world. According to the recent Sensormatic Global Shrink Index study, in 2017 alone, a global shrink rate of 1.82 percent cost retailers a whopping $100 billion—nearly $42.49 billion for retailers in the U.S. And, according to Goldman Sachs’ Profiles in Innovation—“how brick and mortar stores employ new technologies and new models may determine how they survive.”
Ensuring the effectiveness of store assets, employees while acknowledging the guest experience and reducing loss is paramount for any type of brick-and-mortar business. This is where Massachusetts-based DTiQ’s forte lies. By delivering intelligent video-based surveillance and proactive improvement solutions and services, the company helps retail and hospitality businesses manage and improve their performance and profitability. “We combine state-of-the-art technology and use it in a proactive way to answer the question of ‘why’ a particular trend is occurring,” says Mike Coffey, CEO of DTiQ. The company’s performance improvement solutions cut through the clutter and provide these businesses with key metrics that matter.
Founded in 1998 as DTT, and completing their first two acquisitions in 2018 of LPI and 360iQ, the combination was recently re-branded to DTiQ to reflect its evolution into an all-encompassing performance improvement solution provider. “The new name emphasizes our commitment to deliver the broadest based solution that adds incredible intelligence to the end customer,” adds Coffey.
We combine state-of-the-art technology and use it in a proactive way to answer the question of ‘why’ a particular trend is occurring
DTiQ’s smart business intelligence solution helps brick-and-motor store owners and managers track conversions, speed of service, dwell times, and loss prevention. By combining surveillance with pertinent data analytics, the platform enables users to authenticate transactions and better manage the store with just a few clicks. It brings together video, live sales, alerts, indicators, and reports to create a comprehensive picture of the entire business.
The company’s auditing program, SmartAudits, on the other hand, uses video-based audits as well as in-person improvement programs to help store managers identify limitations in guest experience, speed of service, and employee engagement, to name a few. “Our trained auditors review data and video from a particular store to identify areas of improvement and generate a critical dashboard that managers should pay attention to, because a manager can’t be in all locations at all times,” specifies Coffey.
A prominent client of DTiQ, an American clothing and accessory retailer, was able to accelerate its profitability as well as improve store performance, customer experience, and loss prevention by deploying DTiQ’s solutions. “A few years ago, the retailer experienced a huge employee turnover which was a result of poor operational and management procedures across their stores,” reveals Coffey. DTiQ implemented an operational improvement program by analyzing and auditing each store’s performance. The result: a dramatic increase in employee retention and a surge in improved guest experience.
DTiQ has amassed over 45,000 customers—including leading corporations and franchises such as Adidas, Vineyard Vines, Subway, McDonald’s, Dunkin, Yankee Candle, and Pandora—across several locations around the world. Led by a team of forward-looking executives who each possess approximately 20 years of expertise and experience, the company helps retailers and restaurateurs improve over eight million consumer experiences daily. Forging ahead, the company intends to continue delivering innovative solutions and exceptional services to clients. “We are working on two new offerings—a live-interactive product and a guest experience module—both of which will help enhance engagement with customers,” concludes Coffey. With a firm foothold in the U.S., DTiQ will soon begin its expansion into Europe.