Retail Loss Prevention and Investigation Software Solution
Improving the bottom line by reducing retail Loss.
Did you know that, on average 1.7% of turnover is due to fraud? Here’s how that is broken down:
- Customer theft – 38%
- Employee theft – 25%
- Supplier fraud – 7%
- Process failure / non-criminal loss – 21%
- Damaged goods – 9%
Over the years retail has become ever more competitive, the margins have reduced and the competition has increased exponentially. As a result, the more relaxed attitude of the past towards loss mitigation, due to staff fraud or shrinkage, is no longer tolerated as a cost of doing business, it now has a critical “make or break” effect on the bottom line.
Loss Investigation solution
NetMap Analytics has, for over two decades, developed software solutions to expose crime in all areas including policing, security agencies, audits, insurance fraud, tax evasion and retail fraud .
In its latest offering, DetectR NetMap has focused this expertise specifically on the retail industry’s ever-increasing fraud statistics.
The absolute objective is to provide an easy to use, state of the art, system that mitigates retail fraud without a massive burden on your IT department or the loss prevention budgets. At the same time making full uses the intuition and industry knowledge of the user.
No employer likes to assume that their staff are dishonest and NetMap’s experience indicates that many so called “frauds” are a direct result of inappropriate training, procedures and monitoring. DetectR focuses on all of these crucial underlining aspects of lost revenue.
How can DetectR assist in the of reduction of Retail Loss:
- Reduce the negative effects of employee theft and process errors on your profits.
- Provide a more effective and productive investigation workflow for Loss Prevention officers.
- By detecting breaches, DetectR provides feed back for potential training and procedural improvements.
- Monitor these improvements by person, store, region or product.
How do we achieve these objectives?
Using DetectR we firstly develop a loss prevention corrective circle.
Analyse all data to establish breaches of POS handling procedures named, high level exception reporting.
Then Follow the steps:
- Step 1. Select the most devastating breaches for example by frequency or dollar value.
- Step 2. Investigate the causes using DetectR‘s unique “investigative pathway” technology and monitor those cases on an ongoing basis hourly, weekly, monthly – or as required.
- Step 3. Isolate the individuals, groups or networks involved in the fraudulent activities.
- Step 4. The system provides the output required to counsel individuals, update procedures, training improvements or prosecution (evidence packs).
- Step 5. Create a Key performance indicators (KPI’s) base and evaluate the outcomes to provide targets and direction for further investigation.
- Step 6. Monitor the volume of those specific breaches to establish the reduction of occurrences over a period of time.
The fraudster never sleeps and therefore as new “opportunities for fraud” arise they will be discovered and monitored by DetectR.
Use DetectR and reduce Retail Loss
The DetectR retail loss prevention software is your finger on the pulse of fraud within your organisation. Less time messing with data, more time zooming in on true fraud for a more efficient and productive organisation. Our customers quickly see huge gains across their organisation:
- Exceptions will reduce.
- Fraud losses will reduce as staff understand that transactions outside established procedures are being monitored.
- Re portable success of DetectR will become evident from improvement in the KPIs.
- Loss Prevention Staff are significantly more productive and have an increased remit within the company.
Outcomes from Using DetectR:
IMPROVE YOUR BOTTOM LINE without an INCREASE IN COSTS
Consolidate all POS data into one easy to use Dashboard
REFINE TRAINING and PROCEDURES
Identify and target weaknesses in procedures and training.
BECOME A PRODUCTIVE LOSS PREVENTION TEAM!
Less time spent manipulating data and more time analysis!
A PRODUCTIVE INVESTIGATIVE WORKFLOW
Set up 'saved' reusable investigative routines within your organisation.
KEEP THE FRAUD TEAM ONE STEP AHEAD
Even though employees know the system intimately, demonstrate you are one step ahead!
GRAPHICALLY DEPICT TRANSACTIONS OF INTEREST
At the click of a button get a visual of "Transactions of Interest" (ToI).