Loss Prevention Starts With Knowing What Is Happening
Loss prevention is important for retailers. Not only does theft impact the profit, it also impacts planning and replenishment because the stolen goods do not get scanned. This skews the data for inventory updates and analysis. ChainDrive Operations Management software provides the tools retailers have requested to prevent loss by identifying abnormalities and taking appropriate action to stop shrinkage before it escalates.
User-defined security settings establish what is normal for a specific operation. When incoming data identifies an exception to the typical, normal range of daily transactions, ChainDrive flags the suspicious activity and sends an alert to the Operations Management Team for review. Drillable data views, pivots, and reports allow investigation at every level.
The centralized, integrated database provides a unique, individualized standard of comparison so the irregularities are seen in proper context for a particular store, for instance. This enables an accurate view of the incident and provides insight for determining the next step.
Effective Deterrent Measures
A well-managed retail operation sends signals that act as deterrents to loss prevention. The accidental losses from disorganized methods of keeping track of vendors, inventory, and employee activity are lessened because there is a system in place that keeps all the different processes on track. ChainDrive’s integrated retail management software has multiple tools for organizing every aspect of the business. This helps by providing reinforcement and oversight.
The more serious challenges in loss prevention are those criminally-minded employees and/or customers who hope to take advantage of an opportunity to steal. Setting up the sales floor so that activity is easily seen and providing training to employees on loss prevention procedures acts as a deterrent because the chances of being caught are multiplied exponentially.
Staff trained to identify discrepancies and rewarded for diligence add an extra layer of protection against loss because they can catch things like items hidden in a larger product or expensive items that are priced ridiculously cheap. Well-trained staff discourages employee theft because there is a culture of competence and awareness.
ChainDrive Operations Management software provides the foundation for loss prevention because it enables consistent updates in real time. This means that transactions and inventory status are able to be monitored and discrepancies are addressed quickly. The employee or shopper who might be tempted in a disorganized store is discouraged because it is evident that the shrinkage will be noticed and steps will be taken to rectify the situation.