Focusing only on theft means missing most of your losses. Retailers often overlook other critical areas impacting profitability. Transforming loss prevention into a profit powerhouse requires a comprehensive approach that automates processes and maximizes profit opportunities across the retail landscape.
Getting Outside the Box of Loss Prevention
Focusing solely on loss prevention is limiting. Expanding to broader profitability measures can uncover significant opportunities. For example, Walgreens used predictive analytics to identify loss anomalies. Walgreens implemented Zebra’s Actionable Intelligence, saving millions, reducing waste rates by 27 percent, and flagging missed credit opportunities. The algorithm analyzed each store’s waste-to-sales ratio, alerting managers to audit compliance with markdown policies, leading to significant waste reductions.
Uncovering Hidden Opportunities and Enhancing Execution
Siloed data can hide valuable opportunities. Using machine learning to improve loss detection reveals hidden profitability drivers. Demonstrating rising profit margins helps retailers implement Total Retail Loss (TRL) strategies and showcase the value of loss prevention. Operational execution is key to minimizing retail loss. Actionable Intelligence assigns tasks to frontline staff and notifies managers upon completion, ensuring high operational efficiency and reducing shrinkage risks.
Scalability and Flexibility
The scalability and flexibility of Actionable Intelligence make it an ideal solution for retailers of all sizes. As businesses grow and evolve, the tool adapts to changing needs, ensuring it remains relevant and useful. Technology acts as a force multiplier, allowing smaller teams to handle more tasks efficiently. By automating routine tasks, employees can focus on core responsibilities while technology manages broader focus areas. This enhances productivity and brings in other stakeholders, supporting collective goals and driving success.
Promoting a Data-Driven Culture
Fostering a data-driven culture is essential. Democratizing data access enables employees to make informed decisions, leading to proactive problem-solving and better performance.
Transforming loss prevention into a profit powerhouse requires a strategic approach and thinking outside a singular job function. By automating processes, uncovering hidden opportunities, and enhancing operational execution, retailers can achieve significant cost savings and drive profitability. Embracing solutions like Actionable Intelligence optimizes every aspect of the retail enterprise for sustained success. To learn more, visit zebra.com.