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.
Five Sources of Produce Shrink Every Grocer Should Monitor
Global retail shrink in 2010 reached $107.284 billion according to the Centre for Retail Research’s annual Global Retail Theft Barometer (GRTB)—down -5.6% over the previous year as retailers put nearly 10% more funds into security and loss prevention. In the U.S., internal error and administrative failure counted for a sub-stantial 16.9% of losses, or $18.1 billion.
For grocers, a healthy portion of that $18.1 billion loss can be traced back to operational errors, such as those that occur when produce scale / PLU items are handled at POS. All too often, these items are not calculated accurately into the customer’s order, resulting in substantial shrink.
Unlocking the ROI in Your Existing Exception Reporting and CCTV Tools
Are you using exception reporting? Ask yourself how long it takes you find the corresponding video today or how many times you skip the case because you do not have the time to go find the video. Imagine simply clicking on the line in the exception report and having the video instantly appear at exactly the right spot.
This paper illustrates how to improve the ROI of existing loss prevention tools including exception reporting and CCTV systems. Anyone currently using CCTV or exception reporting tools or evaluating their purchase should read this paper.
Understanding PCI Compliance: A Primer
This report is intended to describe Payment Card Industry (PCI) Compliance and how companies are responsible to comply with PCI Compliance standards. PCI Compliance is a collection of security requirements for organizations to follow. It is implemented to secure a consumer’s credit card information in order to avoid identity theft and financial losses. Companies comply with these standards by ensuring security of data collected from a retailer’s network.
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