What is inventory management? You’re in for a surprise.
Learn how to address the real sources of inventory shrinkage in this FREE Special Report.
Dear LP Professional,
It’s not just about catching thieves.
The concept of “inventory shrinkage” once conjured up images of sneaky shoplifters and nefarious organized retail crime gangs.But if that’s all you’re chasing, you’re missing a huge chunk of the problem – and costing your company millions.
If you’d rather make loss prevention part of a profit center instead of a loss center – improving the bottom line for both your company and yourself – read on. The difference between a loss prevention career in a holding pattern and one that takes off is in this FREE Special Report from LP Magazine, What is Inventory Management: Reducing Inventory Shrinkage through Customer Service and Stock Control Methods.Download it FREE right now!
This FREE report from LP Magazine – the premier provider of news, analysis and trends for the LP professional – is designed to help you …
- Understand the full scope of retail shrinkage and inventory management
- Learn how to analyze your operations and identify areas of shrink risk
- Educate managementon the proper response to actual threats and their role in it
- Prevent the backsliding that often occurs after a big shrink reduction push
- Advance your career by being an LP professional your company can count on to adapt
- Become a leader in your organization and in the industry
You might be prepared to pay handsomely for a Special Report that helps you do all this. Fortunately, you don’t have to … because What is Inventory Management: Reducing Inventory Shrinkage through Customer Service and Stock Control Methods is absolutely FREE.
Of course, you might be wondering about our own credentials. Why should you trust this Special Report from LP Magazine?
LP Magazine, formerly known as LossPrevention, was founded in 2001 by LP professionals to fill the void for news, information, and educational content for loss prevention professionals. Over the past decade and a half, LP Magazine has established itself as the premier voice of the LP industry,providing in-depth, timely articles for loss prevention professionals and retail management.
Our custom publishing arm also delivers education and training to retail organizations on critical loss prevention, safety, and operational policies and procedures. What’s more, we’re deeply involved in the training and certification provided by the Loss Prevention Foundation (more on that later), and we’re also aligned with our sister company, LPJobs.com, the leading retail security and loss prevention employment site on the web.
You can see that we live, sleep, eat and breathe loss prevention. So now that we’ve established our own credentials, let’s talk about enhancing yours …
What is inventory management? It’s disaster prevention.
Every year, loss prevention professionals like you are evaluated based at least in part on inventory shrinkage results. At best, poor shrinkage numbers negatively affect bonuses and department morale. At times, unacceptable results may even lead to dismissal.
That’s because merchandise that’s stolen or otherwise unaccounted impacts current sales, affects product replenishment – leading to customer frustration – and hurts future sales as well.
Naturally, this has a significant impact on the bottom line, and a direct influence on the health of any company. Every year shrink issues cost retail businesses tens of billions of dollars.
Certainly you’ll want to be the one who helps prevent such disasters.
Yet many companies and LP pros continue to think of retail shrink as the product of theft, whether by shoplifters, employees or external threats such as vendor fraud. So let me ask you: As an LP pro, are you addressing the real causes, or are you distracted by the wrong ones?
What is inventory management? It’s operational analysis.
Today’s inventory management experts, many of whom we consulted for this Special Report, say that retail shrinkage is about more than just the common three: employee theft, shoplifting, and vendor fraud. In fact, there are more than 100 causes of inventory shrinkage.
A key takeaway from this Special Report: More important than physical theft is what the experts refer to as operational or paper shrink. A university study has shown that as much as 17.5 percent of shrink results from administrative and paperwork errors. If you and your organization are overlooking that 17.5%, you’re throwing money away. In addition, by overlooking paper shrink, you’re spending time and money on shrink reduction efforts that won’t have any impact.
Even worse, this focus on crime has led widespread recruiting of the wrong candidates for LP jobs. Find how it happened in this Special Report!
You’ll also learn in this report how pockets of poor policies and processes lead to such shrink, and how managing it involves the management of the supply, accessibility, storage, and delivery of your company’s goods. In fact, you’ll discover that even most shoplifting and other theft is actually a symptom of deeper operational failures.
This report also delivers real-world examples of operational failures, and what to do about them, from some of the biggest names in retail. For example:
- Management at an electronics store believed theft was behind a continual lack of product on the shelves. But a more detailed analysis showed that the store had plenty of the items in the back of the store – in fact, too many from the constant reordering of further stock – because the staff couldn’t easily identify the stock in the backroom due to the nature of the outer packaging of the product. The design of the outer packaging, which consisted of only a bar code, had caused this serious shrink problem.
- Lowe’s discovered that a UPC barcode assigned to boxes of four patio chairs scanned as one chair, since the company sold chairs singly as well as in multiples. Customers were taking home four chairs for the price of one without any intent of theft – a loss created solely due to poor operational controls. Fixing this issue led to 55% less patio shrink!
- Other problems identified in this report include purchase order and receiving discrepancies; buybacks, resets, and displays; careless markdown practices; unrecorded returns; computer programming glitches; and more.
Of course, once you’re convinced that retail shrink goes far beyond catching shoplifters, the question remains: What to do about it?
What is inventory management? It’s strategic, cultural teamwork.
No Special Report like this would be worth its salt if it didn’t also deliver solutions to the problems it outlines. So how can you and your company address all of the shrinkage components with the right skills – and do so cost-effectively?
The answer: It’s all proactive shrinkage teams. And we don’t mean short-term teams formed quickly to solve a single problem that’s just been discovered. We’re talking about a team with exactly the right skills that can uncover faulty processes and overlooked problems that may have gone undetected for years, which in turn hide the real causes of shrink and allow it to grow unchecked.
This report tells you what skills you need, how to get the entire organization engaged and what key characteristics are found in the most successful, low-shrink retailers in the world. For instance, we’ve found that those characteristics can be organized into three critical areas: strategic, cultural and operational. All of these characteristics are outlined in this free report, so download it now and get the details!
Believe it or not, you, as a dedicated LP professional, can influence your entire company in your effort to reduce retail shrink. This report shows you how. Among other things, you can…
- Ensure strong loss prevention leadership
- Help create high-quality data and data management systems
- Prioritize the development of operational excellence through identifying and minimizing operational failures
- Ensure that, wherever possible, the right people work within the business as a whole and more specifically within the loss prevention department
- Keep shrinkage on everybody’s agenda through various communication strategies
The bottom line is that you can not only reduce shrink and save your company hundreds of thousands, if not millions, of dollars – you’ll also make yourself a much more valuable asset and a more successful LP professional. Learning these skills can put your career in overdrive.
Read this FREE Special Report today. Tomorrow you can begin enhancing your company’s profits and your own career.
Yours for a successful LP future,
Editor and Publisher
PS: Do you realize that you can enhance your value to your company immediately after reading this report – simply by approaching management about your concerns? Start something big today. Download our FREE Special Report, What is Inventory Management: Reducing Inventory Shrinkage through Customer Service and Stock Control Methods.
PPS:Learn from the companies who are getting it right in this report! If the U.S. retail sector as a whole could mirror the success of the low-shrink companies we highlight in this report, it could reduce the overall cost of shrinkage in the U.S. by $18 billion a year!