How Well Do You Know These Essential Inventory Control Techniques?
From a loss prevention perspective, a strong understanding of how our inventory is managed is crucial as we attempt to resolve shrink-related issues. One basic but important component is knowing the inventory control techniques and accounting methods used by your company.
How to Calculate Shrinkage in Retail
Understanding how to calculate shrinkage in retail is important. However, understanding why it is important to control these results and how we can impact company profitability by both improving sales and controlling retail shrinkage is the key to success.
How Loss Prevention Audits Are Used
Too often, there is a failure to acknowledge achievements during the audit process, which as a result tends to emphasize a negative undertone. This tendency can and will influence the entire process.
Why Reducing Food Waste from Grocery Stores Needs to Be a Top Priority
“We all know what we have to do together to reduce food waste, but it’s not happening.”
The Reinvention of Retail Stock Management
Between the physical and online space, ever-diminishing timelines, and the possibilities of pinpointing stock on its return journey (the so-called reverse logistics model), you have all the ingredients for a parallel universe where nothing is quite what it seems.
A Root-Cause Analysis May Help Reduce Shrinkage
As the industry transitions from bricks and mortar to “bricks and clicks,” the capabilities of existing systems are being stretched thin, and many retailers have not fully integrated the new technology required to manage loss and reduce shrinkage effectively in an omni-channel world.
Partnering Science, Data, and Asset Protection to Tackle Retail Shrink
Over the course of the past half year, we have been working closely with The Kroger Co. and the asset protection team utilizing analytics...
The Link Between On-Shelf Availability, Sales, and Loss
You are driving to work as a supermarket supply-chain manager. The hot weekend weather has continued, it’s a lovely Monday morning, yet you’re surprised when your boss calls so early. Agitated, he shares how he just discovered from the CEO that all stores were reporting a massive sales loss because they had sold out of strawberries.
Relying on Sales Won’t Eliminate Causes of Shrinkage
Can ignoring the causes of shrinkage and refocusing strictly on sales solve our inventory issues?
How to Perform An In-Store Audit That Will Guide and Motivate Improved Performance
The three major causes that contribute to inventory shrink in any retail operation are internal theft, external theft, and operational compliance. An effective loss prevention program must focus on all three of these areas.