By Rose Spicer-Oracle on Jun 24, 2015
As the booth opens at #NRFProtect 2015 this morning, here is a continued look at what some of our customers are doing to reduce and respond to fraud in stores.
As we look at retailers who are using exception-based reporting to identify employee theft – which accounts for more losses than the higher profile categories of shoplifting and organized retail crime. To curb the problem and improve employee oversight, retailers are using advanced analytics combined and proactive exception-based reporting to better identify cases for investigation; identify training issues or processes that need to be modified; and reduce shrink across the organization.
From Big Data to Actionable Insight
Last month we were fortunate to have Brendan Fitzgerald, Assistant Vice President of Asset Protection Operations, BJ's Wholesale share his perspective and lessons learned with Oracle Retail XBRi Loss Prevention. Warehouse club retailer BJ’s with more than 200 locations in the Eastern U.S. saw an opportunity to identify theft with an analytical view of operations and cashier activity to identify shrink, fraud, and theft. The retailer implemented Point-of-Sale Analytics, using Oracle Retail XBRi Loss Prevention, to empower their asset protection organization with actionable insight. The multi-dimensional reporting and persona-driven dashboards allowed the company to transition from block-and-tackle data mining to an exception-based approach, to drive action at the regional, store, departmental or individual level.
In the webinar, Brendan talked about the catalyst for Point-of-Sale Analytics, the requirements to get started, the organizational design to support the process change and the implementation approach. The uses cases for BJ's Wholesale sparked an interactive Q&A session throughout the conversation. Communication is vital to the success of an implementation to get the people, process and technology working in harmony. BJ's Wholesale did an outstanding job of truly partnering with the Oracle (formerly MICROS) team to manage through change management and service turnover. Listen to the webcast.
The Oracle Retail XBRi Loss Prevention is now available as a cloud service and can automatically identify, track, and respond to unusual POS activity – including intentional fraud or innocent non-compliance – at the regional, store, departmental, or individual level. As it gathers real-world transactional trends, the Oracle solution refines its algorithms using learnings from every transaction. The result helps loss prevention teams consistently address and prevent fraud across regions. With hundreds of prebuilt reports and mobile applications, loss prevention specialists can take quick action and regional leadership can flag areas of concern anytime, anywhere.
BJ’s improved its “case closers” more than 240% in the first year following its implementation of Oracle Retail’s XBRi exception-based reporting solutions and recently upgraded to a newer cloud-based version of the Oracle solution. NRF STORES Magazine highlighted BJ’s Wholesale Club in the June 1st Need to Know feature on Loss Prevention on June 1st. Learn how BJ's Wholesale Drives Shrinkage Down and Profitability Up https://nrf.com/news/need-know
To learn more, be sure to visit us at the Oracle Retail Booth #1227 at #NRFProtect. If your schedule did not allow for travel to California, I would encourage you to reach out to learn more. I would be happy to get you in touch with our team of experts. Email: email@example.com