Data Driven Retail Transformation
Retailers are being asked to do more with less, and in today’s world that can be difficult as the volume of data continues to increase. This can seem overwhelming for some, but with the right solutions in place retailers can take advantage of the data at their disposal, helping them to improve operations, ensure policy compliance, and reduce losses all in an effort to increase sales.
SaaS deployment is becoming a popular method for implementing enterprise solutions, but some retailers are still hesitant to use this method for their exception reporting solutions. For operations and loss prevention executives using exception reporting, the SaaS approach can be very valuable. This white paper goes over some of the biggest benefits that retailers can see from deploying exception reporting via SaaS.
From Body Bags to the Boardroom
What if I told you that Nomar Casey’s biggest promotion came after he delivered zero cases for a quarter? As a loss prevention professional you’re probably thinking that this scenario can’t be further from the truth; however, as the retail world continues to evolve it is already happening at different organizations across the country. As technology advances and margins become more vital than ever, loss prevention’s roll is moving away from finding cases and moving towards preventing them in the first place.
Theory of Escalation
The 2012 National Retail Security Survey pegs shrink at $34.5 billion annually. About 44 percent of that shrink was directly attributed to internal theft. There are many concepts that exist to explain why such a large percentage of loss is attributed to internal theft. One of the most popular concepts is the theory of escalation. This theory says that an employee who steals will, over time, steal more often and take more valuable assets. We conducted a study to confirm this theory.
Addressing the Hidden Operational Losses Impacting Your Profit Margins
Operational shrink, including losses caused by systemic issues and poor promotion execution, is more common and costly than fraud. However, many loss prevention solutions are unable to identify these hidden issues, and as a result, retailers do not realize the full extent of losses taking place that are not fraud-related and that are significantly impacting their bottom lines. To identify operational shrink quickly and before they cause substantial losses, retailers require solutions that: enable them to efficiently investigate every irregularity, provide both data and corresponding video, and deliver data in real-time.