Nearly two decades ago, a popular specialty retailer began to weigh the benefits of supporting an internal loss prevention department versus shifting to an outsourced model for the same. Like most players in the space, the retailer struggled with a high associate turnover rate and limited internal resources. These issues quickly escalated into massive losses, which were beyond acceptable levels. The need to re-evaluate their existing loss prevention practices was evident, as visibility into their stores and associate activities was limited, and their shrink rate was unacceptable. After research, the retailer concluded that a fully internal department would cost the company at least millions of dollars annually. Not only was this option expensive, but it would prevent them from providing consistent, proactive coverage for all of their nationwide locations. In addition, the landscape of technology had changed dramatically—from POS systems to Exception Based Reporting (EBR) to analytics to inventory and back of house systems. When the situation started getting out of hand, the retailer came across LP Innovations (now rebranded DTiQ), a company that literally wrote the book on a more proactive and technologically advanced way to manage loss prevention.
DTiQ deployed a low-cost, fully-customized, full-service loss prevention program for the retailer at all store locations within the U.S. In addition to the many benefits of the solution, the retailer also leveraged DTiQ’s nationwide presence that enabled them to respond faster to idividual stores. Working together with the retailer’s district managers, DTiQ developed action plans, including frequent audits using Exception Based Reporting and in-store audits that reduced the shrink rate by 50 percent. By the end of the program, the retailer witnessed earnings improvement of approximately $3.6m annually after the cost of the program, which was a big win for them.
In this example the vision for DTiQ is clear—by combining state-of-the-art surveillance equipment with advanced, cloud-based analytics and managed services, DTiQ strives to improve how retail locations are managed. “We at DTiQ always say: smarter store better results” asserts Mike Coffey, the CEO of DTiQ. “As such, we offer retail-specific business intelligence solutions that help retailers transition to a smarter store and transform their business. We’ve done this with a big focus on loss prevention, which is an under-served area for the speciality retailer, and we’ve rapidly expanded into guest experience and employee engagement programs. Retailers today are concerned about total loss and top line as much as shrink.”
Read more at https://retail.cioreview.com/
About DTiQ
DTiQ offers state-of-the-art video surveillance to improve loss prevention and operational excellence efforts for restaurants, retail, and convenience store locations. With over 25 years of experience, DTiQ successfully enhances over 8 million consumer experiences daily while protecting trillions of dollars in assets. DTiQ works with 45,000+ locations, including brands such as Adidas, Burger King, Dairy Queen, Hard Rock Café, McDonald’s, Pandora, Subway, Swarovski, Taco Bell, Vineyard Vines, and Yankee Candle. For more information, visit www.dtiq.com.
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