The Phoenix Group granted a second patent for MIDAS®

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The Phoenix Group granted a second patent for MIDAS®
The Phoenix Group granted a second patent for MIDAS®

PUNE, India, Nov. 29, 2021 / PRNewswire / – The US Patent and Trademark Office (USPTO) recently granted Phoenix Innovation LLC (a Phoenix Group company) a patent for MIDAS®, a value-based return logistics solution. The newly granted patent offers retailers worldwide a solution to optimize their return logistics. The inventors of this process are: Amit Mahajan – Founder and CEO of the Phoenix Group Ameya Kandalkar – Group Director Deepak Khemani – Vice President – Product Development Kaustubh Karnik – Vice President – Offshore Delivery Yogesh Chaudhary – Technical Manager In the world of high tech -Electronics and easy consumer returns, reverse logistics play a vital role in delivering the best possible value for retailers. Disposal of reverse logistics inventory was largely a manual process. The receiving staff make important disposition decisions on the basis of a shortlist of very general criteria, without thinking about value optimization. Even if they are automated, previous systems and processes could not provide an item-specific disposition with optimal value. To identify the need, MIDAS®, a data-driven inventory routing engine, was invented. It enables reverse logistics operations to determine the appropriate disposition of the product after a series of tax audits. In addition, the software suite can be integrated with warehouse management systems (WMS) across industries to maximize the value of the returned product. MIDAS® is software as a service (SaaS) that determines the optimal disposition of a returned item. MIDAS® takes into account all available products, article statuses and process data in order to make the best decisions in real time. The software offers end-to-end intelligence to optimize processes for 360 degree transparency in the company. Unique functions such as the valuation engine and the rule-based architecture make MIDAS very relevant in the world of data and the constantly changing business requirements. Mr. Amit Mahajan, CEO of the Phoenix Group, said: “The patent for MIDAS® is the second patent that has been granted to our organization and once again underlines our culture of innovation to not only optimize the process, but also the real dollars saved or earned to display our rating engine. That makes MIDAS® unique in the reverse logistics industry. We warmly congratulate the inventors of this system! About the Phoenix group of companies The Phoenix group of companies consists of Phoenix Innovations LLC, headquartered in Atlanta, GA, with offices in Dallas TX, Griffyn Robotech Pvt. Ltd. (India) and Griffyn Robotech (UK), Xcaliber Infotech Pvt. Ltd. (India) and Bit Mapper Integration Technologies Pvt. Ltd. (India). Together, these organizations build components of innovative products in the fields of robotics, artificial intelligence and machine learning, embedded high-end systems and software products with a focus on supply chain management and analytics. Media inquiries: Phoenix Innovations LLC. 8000 Avalon Boulevard, Suite 216i, Alpharetta, Georgia 30009https: //www.phoenix.tech Media contact: Manjula Nairr[email protected]
Logo: https://mma.prnewswire.com/media/1654936/Phoenix_Logo.jpg SOURCE Phoenix Group

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