Tag: inventory control

With AI and machine learning finally living up to the potential promised for decades, there is a new kind of LP technology growing in popularity that can help with everything from guarding to inventory control and curbside delivery: robots.

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.

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.

From an LP perspective, a strong understanding of how retail inventory is managed is crucial to resolving shrink-related issues. One basic but important component is knowing the inventory control techniques and accounting methods used by your company. The two most common are the “retail” method and the “cost” method of accounting.

Contemporary loss prevention professionals still maintain responsibility for retail security. But they also must handle employee theft issues, data protection, safety and risk management, inventory audits, legal compliance, and matters related to organized retail crime and fraud.

Throughout my career, I've investigated numerous significant increases in shortage on a multi-store level. In each case, the cause was traced to the distribution process.

Not every loss prevention tool fits the needs and budget of every retailer. However, a combination of tactics makes an impact and reduces a store's shrinkage.

Solutions to address theft and loss are often led from the retailer side of the partnership, but manufacturers do face responsibilities when it comes to product protection. From manufacturer to retailer, product protection is everyone's job.

In a recent interview, Scrofani divulges how, as an economics and finance major in college, he had plans to work on Wall Street. But his interest in finance gradually grew into a fascination with the world of loss prevention — and an eventual career shift.

"I would love to say that retail is back, but that would be wrong," said BJ's Wholesale Club President and CEO Chris Baldwin with a pause. "Retail never went away."