The Phoenix Group granted a second patent for MIDAS® – A Value-Driven Reverse Logistics Solution
PUNE, India, Nov. 29, 2021 /PRNewswire/ — The United States Patent and Trademark Office (USPTO) recently granted a patent to Phoenix Innovation LLC (A Phoenix Group Company) for MIDAS® – A value-driven reverse logistics solution. The newly issued patent provides a solution for retailers globally to optimize their reverse logistics operations. The inventors of this process are:
- Amit Mahajan – Phoenix Group founder and CEO
- Ameya Kandalkar- Group Director
- Deepak Khemani– Vice President – Product Development
- Kaustubh Karnik – Vice President – Offshore Delivery
- Yogesh Chaudhary – Technical Manager
In the world of hi-tech electronics and easy consumer returns, reverse logistics plays a crucial role in delivering the best possible value for retailers. Disposition of reverse logistics inventory has mainly been a manual process. Receiving personnel makes important disposition decisions based on a shortlist of very general criteria with no thought to value optimization. Even when automated, previous systems and methods could not provide an optimal-value, per-item disposition. Identifying the need, MIDAS®, a data-driven inventory routing engine, was invented. It enables reverse logistics operations to determine the product’s appropriate disposition after going through a series of operational checks. Furthermore, the software suite can be integrated with warehouse management systems (WMS) across industries to maximize the value of the returned product.
MIDAS® is a Software as a Service (SaaS) that determines the optimal disposition of a returned item. MIDAS® considers all available products, item conditions, and process data to make the best real-time decisions. The software provides end-to-end intelligence to optimize processes for 360-degree visibility into the businesses. Unique features such as Valuation Engine and Rules-Based Architecture make MIDAS very relevant in the world of data and ever-changing business needs.
Mr. Amit Mahajan, CEO of the Phoenix Group, said, “the patent for MIDAS® is the second patent granted to our organization, once again underscores our culture of innovation. We strive to extract the most value for the users of our system by not only optimizing the process but also by showing the real dollars saved or earned through our valuation engine. This is what makes MIDAS® unique in the reverse logistics industry. We warmly congratulate the inventors of this system!”
About Phoenix Group of Companies
The Phoenix Group of companies comprised 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 Robotics, Artificial Intelligence and Machine Learning, High-end Embedded Systems, and Software Products focused on Supply Chain Management and Analytics.
Phoenix Innovations LLC.
8000 Avalon Boulevard, Suite 216i,
Alpharetta, Georgia 30009
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