Unfortunately, even the most carefully monitored businesses can experience incidents of shoplifting or shrinkage. And in the retail and restaurant industries, even minor losses can significantly impact your bottom line. Fortunately, retail loss prevention software can protect your business. Learn more about loss prevention strategies and the benefits of investing in video software.
What Is Loss Prevention?
Most stores and restaurants have practices in place to prevent theft, whether it’s a set of security cameras or rules for cash handling. Loss prevention is simply the complete set of policies and procedures that a business uses to protect and maximize its profits.
A preventable loss is any reduction in profits or inventory caused by an employee, customer, or vendor. Preventable losses include both internal and external theft:
- External theft: This type of theft includes break-ins, robberies, and shoplifting. Individuals can also commit external theft through fraudulent behavior, such as using a stolen credit card number or attempting to exchange stolen merchandise for cash.
- Internal theft: This type of theft, committed by employees, may be intentional or unintentional. Workers may take merchandise without asking, so that missing inventory is unaccounted for, a problem known as shrinkage in the retail industry. Employees may also give unauthorized discounts to family or friends or commit “time theft” by taking extended unapproved breaks.
Implementing a Loss Prevention Strategy
A comprehensive loss prevention strategy should seek to minimize internal and external theft while ensuring a positive experience for customers. Loss prevention tools include:
- Security cameras: Video monitoring discourages crime, but it can also help spot issues with the store layout and catch staff errors before they become bad habits.
- Analytics: Smart camera systems can pair with video software for loss prevention. This software will recognize and send alerts if specific events occur, such as an unsecured cash drawer.
- Staff training: Onsite employees can discourage shoplifting and fraud by greeting customers, actively monitoring the store, and following best practices for cash handling
Benefits of Using Video Software for Loss Prevention
Video software helps a business owner effectively monitor their store or restaurant. With strategically placed security cameras, you can monitor high-traffic areas, cash registers, business entrances, and parking lots. If a theft does occur, recordings can provide a physical description of the offender or capture their license plate number.
However, surveillance software can also be a tool for taking proactive measures to prevent theft. With video loss prevention software, you can monitor staff and customer behavior.
Monitor Unstaffed Areas
Self-checkout terminals are becoming increasingly popular at retail stores and fast-casual restaurants. Retail Dive reports that the number of stores offering self-checkout is expected to triple in the next five years.
While this innovation can reduce labor costs, it also allows bad actors to shoplift products or commit fraud. Smart camera systems can identify and reduce theft in unstaffed areas like self-checkout kiosks. They can also monitor employees who might be working on their own in a back room or storage area.
Identify Irregular Transactions
Loss prevention software can also help reduce internal theft through a process known as exception-based reporting. Most restaurants and stores use a point-of-sale (POS) platform to process customer transactions. Exception-based reporting is a type of analysis that reviews a string of transactions and flags outliers.
With exception-based reporting loss prevention software, managers and owners can catch employee errors: they may be inputting orders incorrectly or giving unapproved discounts. Conversely, a worker may be intentionally committing theft, such as voiding a transaction and pocketing the money. This reporting tool can flag unusual activity, so managers don’t need to waste time manually reviewing transactions.
Partner with DTiQ Today
If your company is looking for retail or restaurant loss prevention software, DTiQ is here to help. We’ve implemented custom solutions for more than 45,000 major corporations and franchisees.
DTiQ’s business intelligence platform integrates intelligent video systems with powerful analytics to detect suspicious activity, prevent theft, and identify staff training needs. We provide 24/7 customer support and offer an integrated mobile app, so you can monitor your business from anywhere.
Our pricing is based on a subscription model so you always have the most up-to-date tools to protect your business – without major capital expenditures. DTiQ integrates with a wide range of leading POS platforms, like Square, Toast, and Revel. To get started, book a demo today.
Unfortunately, even the most carefully monitored businesses can experience incidents of shoplifting or shrinkage. And in the retail and restaurant industries, even minor losses can significantly impact your bottom line. Fortunately, retail loss prevention software can protect your business. Learn more about loss prevention strategies and the benefits of investing in video software.
What Is Loss Prevention?
Most stores and restaurants have practices in place to prevent theft, whether it’s a set of security cameras or rules for cash handling. Loss prevention is simply the complete set of policies and procedures that a business uses to protect and maximize its profits.
A preventable loss is any reduction in profits or inventory caused by an employee, customer, or vendor. Preventable losses include both internal and external theft:
- External theft: This type of theft includes break-ins, robberies, and shoplifting. Individuals can also commit external theft through fraudulent behavior, such as using a stolen credit card number or attempting to exchange stolen merchandise for cash.
- Internal theft: This type of theft, committed by employees, may be intentional or unintentional. Workers may take merchandise without asking, so that missing inventory is unaccounted for, a problem known as shrinkage in the retail industry. Employees may also give unauthorized discounts to family or friends or commit “time theft” by taking extended unapproved breaks.
Implementing a Loss Prevention Strategy
A comprehensive loss prevention strategy should seek to minimize internal and external theft while ensuring a positive experience for customers. Loss prevention tools include:
- Security cameras: Video monitoring discourages crime, but it can also help spot issues with the store layout and catch staff errors before they become bad habits.
- Analytics: Smart camera systems can pair with video software for loss prevention. This software will recognize and send alerts if specific events occur, such as an unsecured cash drawer.
- Staff training: Onsite employees can discourage shoplifting and fraud by greeting customers, actively monitoring the store, and following best practices for cash handling
Benefits of Using Video Software for Loss Prevention
Video software helps a business owner effectively monitor their store or restaurant. With strategically placed security cameras, you can monitor high-traffic areas, cash registers, business entrances, and parking lots. If a theft does occur, recordings can provide a physical description of the offender or capture their license plate number.
However, surveillance software can also be a tool for taking proactive measures to prevent theft. With video loss prevention software, you can monitor staff and customer behavior.
Monitor Unstaffed Areas
Self-checkout terminals are becoming increasingly popular at retail stores and fast-casual restaurants. Retail Dive reports that the number of stores offering self-checkout is expected to triple in the next five years.
While this innovation can reduce labor costs, it also allows bad actors to shoplift products or commit fraud. Smart camera systems can identify and reduce theft in unstaffed areas like self-checkout kiosks. They can also monitor employees who might be working on their own in a back room or storage area.
Identify Irregular Transactions
Loss prevention software can also help reduce internal theft through a process known as exception-based reporting. Most restaurants and stores use a point-of-sale (POS) platform to process customer transactions. Exception-based reporting is a type of analysis that reviews a string of transactions and flags outliers.
With exception-based reporting loss prevention software, managers and owners can catch employee errors: they may be inputting orders incorrectly or giving unapproved discounts. Conversely, a worker may be intentionally committing theft, such as voiding a transaction and pocketing the money. This reporting tool can flag unusual activity, so managers don’t need to waste time manually reviewing transactions.
Partner with DTiQ Today
If your company is looking for retail or restaurant loss prevention software, DTiQ is here to help. We’ve implemented custom solutions for more than 45,000 major corporations and franchisees.
DTiQ’s business intelligence platform integrates intelligent video systems with powerful analytics to detect suspicious activity, prevent theft, and identify staff training needs. We provide 24/7 customer support and offer an integrated mobile app, so you can monitor your business from anywhere.
Our pricing is based on a subscription model so you always have the most up-to-date tools to protect your business – without major capital expenditures. DTiQ integrates with a wide range of leading POS platforms, like Square, Toast, and Revel. To get started, book a demo today.
Unfortunately, even the most carefully monitored businesses can experience incidents of shoplifting or shrinkage. And in the retail and restaurant industries, even minor losses can significantly impact your bottom line. Fortunately, retail loss prevention software can protect your business. Learn more about loss prevention strategies and the benefits of investing in video software.
What Is Loss Prevention?
Most stores and restaurants have practices in place to prevent theft, whether it’s a set of security cameras or rules for cash handling. Loss prevention is simply the complete set of policies and procedures that a business uses to protect and maximize its profits.
A preventable loss is any reduction in profits or inventory caused by an employee, customer, or vendor. Preventable losses include both internal and external theft:
- External theft: This type of theft includes break-ins, robberies, and shoplifting. Individuals can also commit external theft through fraudulent behavior, such as using a stolen credit card number or attempting to exchange stolen merchandise for cash.
- Internal theft: This type of theft, committed by employees, may be intentional or unintentional. Workers may take merchandise without asking, so that missing inventory is unaccounted for, a problem known as shrinkage in the retail industry. Employees may also give unauthorized discounts to family or friends or commit “time theft” by taking extended unapproved breaks.
Implementing a Loss Prevention Strategy
A comprehensive loss prevention strategy should seek to minimize internal and external theft while ensuring a positive experience for customers. Loss prevention tools include:
- Security cameras: Video monitoring discourages crime, but it can also help spot issues with the store layout and catch staff errors before they become bad habits.
- Analytics: Smart camera systems can pair with video software for loss prevention. This software will recognize and send alerts if specific events occur, such as an unsecured cash drawer.
- Staff training: Onsite employees can discourage shoplifting and fraud by greeting customers, actively monitoring the store, and following best practices for cash handling
Benefits of Using Video Software for Loss Prevention
Video software helps a business owner effectively monitor their store or restaurant. With strategically placed security cameras, you can monitor high-traffic areas, cash registers, business entrances, and parking lots. If a theft does occur, recordings can provide a physical description of the offender or capture their license plate number.
However, surveillance software can also be a tool for taking proactive measures to prevent theft. With video loss prevention software, you can monitor staff and customer behavior.
Monitor Unstaffed Areas
Self-checkout terminals are becoming increasingly popular at retail stores and fast-casual restaurants. Retail Dive reports that the number of stores offering self-checkout is expected to triple in the next five years.
While this innovation can reduce labor costs, it also allows bad actors to shoplift products or commit fraud. Smart camera systems can identify and reduce theft in unstaffed areas like self-checkout kiosks. They can also monitor employees who might be working on their own in a back room or storage area.
Identify Irregular Transactions
Loss prevention software can also help reduce internal theft through a process known as exception-based reporting. Most restaurants and stores use a point-of-sale (POS) platform to process customer transactions. Exception-based reporting is a type of analysis that reviews a string of transactions and flags outliers.
With exception-based reporting loss prevention software, managers and owners can catch employee errors: they may be inputting orders incorrectly or giving unapproved discounts. Conversely, a worker may be intentionally committing theft, such as voiding a transaction and pocketing the money. This reporting tool can flag unusual activity, so managers don’t need to waste time manually reviewing transactions.
Partner with DTiQ Today
If your company is looking for retail or restaurant loss prevention software, DTiQ is here to help. We’ve implemented custom solutions for more than 45,000 major corporations and franchisees.
DTiQ’s business intelligence platform integrates intelligent video systems with powerful analytics to detect suspicious activity, prevent theft, and identify staff training needs. We provide 24/7 customer support and offer an integrated mobile app, so you can monitor your business from anywhere.
Our pricing is based on a subscription model so you always have the most up-to-date tools to protect your business – without major capital expenditures. DTiQ integrates with a wide range of leading POS platforms, like Square, Toast, and Revel. To get started, book a demo today.
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