X

Oracle Retail Blog helps retailers stay current on customer successes, hot retail trends and industry best practices.

The $15 Billion Question

Rose Spicer
Global Senior Director

Here is a little fact to ground us in reality: In 2014, retailers lost $15 billion to employee theft, according to the National Retail Federation.

Do you have a plethora of Point of Sale data at your fingertips and a lack of time to analyze it on a daily basis?You can actually turn that data into profits by simply protecting your business with information and exception based retailing for your loss prevention teams. 

As we saw with Louis Winthorpe III (played by Dan Aykroyd) in Trading Places, it's about the opportunity and situation. I am amazed by what people will and can do when given the chance to lie, steal and cheat. The trick is to prevent an opportunity.

That number is shocking and unacceptable. Who are these people? How are they stealing $15 Billion?? Many types of employee fraud are invisible to traditional accounting methods. I spent an afternoon chatting with loss prevention experts Bill Warrick and Rand Fernandes to learn about the different types of internal theft that retailers can prevent with our XBRi solutions.  

Types of Internal Theft:

  1. Gift Cards
  2. Refunds, Exchanges and Price Adjustments
  3. Discounts
  4. Price Overrides
  5. Coupons
  6. Line Voids
  7. Post Voids
  8. Cancels
  9. Lower- Dollar Transactions
  10. Loyalty/ Rewards Programs

Check out what I learned in our new quick eBook Top 10 Internal Theft Offenses.

Then check out our solution Oracle Retail XBRi Loss Prevention Cloud Services that can help you address these risks and prevent them from happening.

We have retailers who received ROI within 2 months of implementing the solution. Chances are you compete against them. What are you waiting for? There is no need to "Trade Places" with these savvy retailers. This is a cloud service now with a quick implementation timeline. 

If you are in Philly this week, swing by the NRF Protect Loss Prevention Conference & EXPO and let's have a conversation at booth #1421.

 

Be the first to comment

Comments ( 0 )
Please enter your name.Please provide a valid email address.Please enter a comment.CAPTCHA challenge response provided was incorrect. Please try again.