Major Retailer Lacks Company-wide Loss Prevention, Audit, Safety & Customer Retention Programs
Major retailer using different strategies in each division to approach Loss Prevention, Auditing, Training , Safety, and Customer Retention. Without a cohesive company-wide program, shrink was very high. The client had the field resources within the Loss Prevention department, however, they needed a cohesive strategy implemented with field reporting mobile tools.
Custom Risk Solutions was engaged to develop a comprehensive assessment and strategy to create measurable and actionable data for ALL issues relative to financial profit drain.
We began by developing and delivering Exception Reporting to designated District Loss Prevention Managers for quick assessment and handling of POS issues. We then developed a custom Dashboard that was accessible to unlimited company users. The Dashboard contained drill down data across all programs for measurable performance in the organization. We implemented a field accessible Self Auditing Module for each District LPM to have mobile self-audit capability. This eliminated the administrative burden of paper filing, faxing, and manual recreation of reports. Upon entry, data results are pushed real time to the field for action.
Custom Risk Solutions conducted third party audits in High Shrink locations to supplement the Loss Prevention field audits. This program would include required Action Plan follow up and tracking for failed audits. We expanded the Self-Auditing module to include special reporting ability for company executives to report assessments during a store visit. We then implemented an Incident Management reporting tools for their stores to report and push immediately to the Corporate and District management issues like Cash Shortages, Known Thefts, Recoveries , External Fraud, and Property Damage. We improved and replaced their current LP Case Management system to improve efficiency, status tracking, restitution tracking and case resolution.
For Customer Service, evaluation to measure and train the company’s expectations on customer service and retention issues. This data provided reporting on Operational Compliance throughout the organization on issues like merchandising, controls, service, promotional awareness, and managerial influence. We also provided Integrity shopping services to assist Loss Prevention managers with specific internal investigation concerns.
The Results Were Amazing
Within the first year after engaging Custom Risk Solutions to conduct a diagnostic of their Loss Prevention program and develop a company-wide Safety and Loss Prevention Program, the client saw a decrease of more than 45% in inventory losses as well as noticeable improvements in the execution of regulatory and Loss Prevention issues enterprise-wide.