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20/20 Vision in a Blurry World

When it comes to retail loss prevention reports are the center of the universe, but we think it's time for those reports to evolve.
20/20 Vision in a Blurry World

20/20 Vision in a Blurry World

exception reportingWhen it comes to retail loss prevention, reports are the center of the universe. They provide the data needed to spot exceptions, gather evidence, and start an investigation. The process of analyzing reports has been an industry standard for decades now, and we think it’s time for that to change. Reports need to start working for you by offering unparalleled visibility and insights, allowing you to prevent fraud faster. While considering different reporting solutions be sure to keep the following points in mind to ensure that you are getting the most efficient, future ready solution possible.

Color!

Reports that utilize color make in incredibly easy to spot the biggest areas of loss in your stores. They do this by highlighting specific values in the report based on thresholds that you set. Say, for example, the number of voids conducted by an associate in a day is a key identifier of fraud in your store. Simply set the threshold at 4 voids per day, and any associate with more than that is automatically highlighted so you know just where to look.

Charts & Graphs

In many cases charts and graphs can be more helpful than the use of color. This is because some tools will show you a clickable chart alongside the report. This makes it simple to spot the outliers in your store, and allows you to drill down immediately. As one customer put it “the use of charts and graphs allows me to spot issues in less than five minutes.”

Video

Video integration can also be a key feature in reporting tools. In the past you would have to go back and forth between reports and video, trying to manually line up the time cards to investigate a case and gather information. Tools with video integration do the legwork for you, saving you time and energy.

Data Integration

Tools that allow for data integration beyond the point of sale can also be helpful in preventing fraud elsewhere in your store. The point of sale may be the most popular place for fraud to take place, but we all know it can happen at gas pumps, self-check outs, back room inventory systems, and other locations, too. There are many options out there when it comes to reporting tools, but in today's world retailers need a solution that does the legwork for them allowing you to prevent fraud faster.

 

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