Cambeo: What’s Your Million Dollar Basket?
“When you pay attention to culture and people, it drives profits.”
Retail is a challenging industry and the people in that industry can feel pretty overwhelmed. It’s something Cambeo founder and CEO Vaughn Peterson saw when he ran and managed a consulting firm. “People spend a lot of money to hire consulting help and it’s only temporary,” Peterson says. “I felt there was a need to bring the best practices to the masses.” There hadn’t been a lot of great tools built specifically for retailers, so Peterson decided to build some.
He created a SaaS employee productivity platform designed to measure and increase employee performance that influences financial impact. “Our focus is on increasing productivity and profit for retailers by focusing on their most important asset, their human capital,” Peterson says. “The most important ingredient to a successful company or brand is your people. Sales don’t happen by themselves.”
Even if management is aware that their human capital is their most important asset, they may not know how to leverage that asset. Cambeo helps. It allows mangers to measure elements associated with people and company culture as well as financial data, and it provides predictive analytics to tell management what specific things will drive revenue increases.
For example, Cambeo helped a client track whether or not sales increased if store employees offered a basket to customers with three or more items in their hands. Using Cambeo the client discovered that when those customers were offered a basket, revenue increased by $6.20 per employee per day, which equaled over a million dollars in a year. As Peterson explains, “The question becomes, what’s your million dollar basket?”
The Cambeo team focuses on brick and mortar retailers with a distributed network of stores that are providing a specific product or service. “Ultimately our goal is their success,” Peterson says. “We get excited about helping retailers succeed.”
They help those retailers succeed by providing tools that track store performance and employee performance, manage tasks, offer learning libraries, and more.
“When you pay attention to culture and people, it drives profits,” Peterson says. “We believe we can be the go-to solution for retailers relative to their human capital needs. We’re excited about what we’ve done so far and we’re excited about our vision for the future.”