Reducing Total Retail Loss By Integrating
Video With Exception-Based Reporting
The advancement in security, transaction and tracking technologies has led to retailers continuously needing/wanting to explore effective solutions for loss prevention and video surveillance systems that will capture events in real time. Many opportunities are available to harness crucial data with the potential to enhance the customer experience and decrease operating expenses.
Understanding a common equation to find out a business’s Key Performance Indicators (KPIs) can help determine whether or not a retailer is achieving its goals. However, because losses are often calculated based on an individual company’s formula, it’s difficult to create a universal baseline. Now, there are software and technologies available to help retailers stay ahead of their losses, and, most importantly, understand the differences of losses, shrinkage and costs.
Exception-based Reporting and ROI
Exception-based reporting is a method of data analysis that compares an incoming stream of data to a pre-established set of data at the point-of-sale (POS) and flags items that don’t match up. A specific retailer can define and customize any number of ‘normal’ conditions for the incoming data to compare against and, then, these abnormalities will be flagged as suspicious activity. The goal of exception-based reporting is to enable these data streams to identify areas of loss more readily and efficiently than time-consuming inventory audits or in-store security personnel. Many times, single malicious users at the register can have a greater impact on shrinkage; thus, waiting for an inventory audit to be completed can allow for more malicious losses than readily available data streams.
Video-Enhanced Exception-Based Reporting
Although data analytics alone are beneficial, the combination of exception-based reporting with the integration of video recording adds unparalleled benefits to retail stores. Without video, there is no proof of where a malicious error or theft occurred. There are multiple pain points that can be relieved by these featured benefits when adding video to a traditional POS system.
Video Supports Better Decision Making for Leadership Executives
Corporate retail executives want to see transparency across their companies. With the video feature, dashboards provide clear and easy-to-understand reporting values. This can lead to real-time investigations via daily operations of process and inputs, as well as traffic, transaction and conversion rates examined over a 30-day period. In addition, it provides a snapshot of the entire company with the ability to drill down into regional or location-based reporting. This helps decision makers see multiple districts at the same time and make decisions on store behaviors.
Video Can Help Catch Untrustworthy Employees Who Steal
Data can uncover broken processes that can reduce unknown theft where thieves often abuse retailers. Adding video surveillance to an exception-based reporting system helps your leadership team understand when and where employees look to steal during the day.
When you combine exception-based reporting and video surveillance, reporting can proactively help notify your staff of questionable employees. The benefit includes supporting corporate loss prevention with documentation for criminal conviction and potential recoveries.
CBE & 3xLOGIC Partner to Integrate Video & Exception- Based Reporting
CBE and 3xLOGIC have been working together for over 15 years to design systems that integrate POS, cameras, audio, analytics, time and attendance, and more while utilizing the 3xLOGIC VIGIL TRENDS software engine to pull all data into an easy-to-use dashboard accessible anywhere the user has an Internet connection, including mobile devices.
TRENDS combine Point of Sale and video data to provide a clean, simple visual snapshot of your business:
- Easily identify the cashiers doing their job well, coach those who are not
- Location-by-location performance comparison, Conversion Rates, Loss Prevention KPI’s
- Revenue vs. Employee Scheduling Reporting
- 30-day Snapshot, propped doors, safe openings, open/close times, and event reporting
- Tag videos with meaningful labels you define
- Drive case management workflows in your external applications
Is TRENDS Right for You?
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