An Introduction to Loss Prevention Loss Prevention The following information is provided to educate those unfamiliar with the concept of loss prevention across the retail industry. The information below is by no means all-inclusive and is provided solely as an introduction to loss prevention.
By Jeffrey Steele, Contributing Editor When it comes to loss prevention, monitoring your convenience store operations via new-age security systems can pay off in ways that are both cost-effective and eye opening.
Multiple cameras are situated around the registers; others zoom straight down on drawers. The devices have helped eradicate customer complaints, also. I look it up on the camera [feed] and tell them. CAP Index allows you to enter your store addresses and tap into crime statistics, traffic data and other insights in a massive data base, Moraca said.
The average CAP Index score is Where your store falls above or below that mid-point should determine the extent of security provisions. Facial recognition will enable stores to immediately identify people arrested in the area for shoplifting and other crimes when they enter retail premises.
From month to month, managers can see exactly where the company stands. They look at store reporting [systems] we built to pinpoint areas, and they can come in and look at the security system, come in on different shifts and do a mini-audit.
Sometimes they can move the cameras to get a better view of the issue, or review with the staff what [customer behavior] they should look for. The audio feed is dialed up just loud enough for Huppert to hear, but not so loud as to be intrusive as he attends to other business.
Thompson said she is considering adding one major enhancement. The store uses analog cameras that go to channel DVRs. By contrast, newer systems use Internet Protocol IP cameras. IP cameras, which can transmit and receive data through computer networks and the internet, are growing more affordable.
But for Team Oil with camera systems, switching can consume time, effort and money. To get cameras to hold up even in our car wash is a challenge. Thompson reports Blueox is planning to enhance security at some of its locations next year. My back-office software catches those errors.
He can carry a remote handheld to any item in the store, scan that item and the system reports how many should be on the shelf. Huppert once used the tool to scan an expensive bottle of tequila the software indicated should have been accompanied on the shelf by seven other bottles of the same brand.
When they arrived, the man was just leaving—with a bottle under his coat. It seems that helps people with their consciences. We have much more traffic in our locations, more vendors and more theft, so we have to grow with that.Loss Prevention & Safety An effective loss prevention program is essential to every company’s effort to reduce losses and control costs.
Protective’s Loss Prevention & Safety Services Team, comprised of specialists in the transportation industry, uses a collaborative approach with our insureds to address their specific safety and risk management needs.
Loss prevention is a huge issue for the retail industry. Don't let shoplifters hurt your bottom line! Get the basics on hiring security services, devising theft prevention strategies, and investigating retail theft. Prevention and detection are crucial to reducing this loss.
Every organization should have a plan in place as preventing fraud is much easier than recovering your losses after a fraud has been committed.
"To stop this downward spiral, the store needs a loss prevention plan that focuses on the major causes of inventory shrinkage." According to a National Retail Federation survey, retail shrinkage caused by employee theft, shoplifting, paperwork errors or supplier fraud costs American business owners more than $34 billion per year.
Monitor compliance with standard operating procedures for loss prevention, physical security, or risk management. Inspect buildings, equipment, or access points to determine security risks. Perform covert surveillance of areas susceptible to loss, such loading docks, distribution centers, or warehouses.
profitability if declining or the industry is experiencing underwriting losses, as a result- underwriting standards tighten, premiums increase, and insurance becomes expensive and more difficult to obtain.
a risk manager may decide to retain more of a given loss exposure and cut back on the amount of insurance purchased.