Loss prevention (aka. asset protection) initiatives are often reactive — identifying incidents when or after they occur. This “whack-a-mole” approach is most often taken by under-supported departments who believe that apprehension results will substantiate their existence and funding.
Ideally, however, the primary goal should be to prevent losses in the first place. The execution of such a sustainable, proactive loss prevention program requires three key elements to ensure its success: consistency, visibility, and innovation. When done well, the results directly impact the bottom line and are felt across the company.
What Is a Loss Prevention Program?
While some business owners debate loss prevention vs. asset protection, these two concepts are inherently the same. Loss prevention is a cohesive effort that helps reduce shrinkage and increase a business’s profitability. It’s commonly associated with fraud, false claims, and theft.
Custom solutions also remedy other problems affecting an establishment’s revenue. These issues include:
- Administrative mistakes
- Unnecessary waste/spoilage
- Incident investigation and documentation
- Supplier issues
A fully integrated loss prevention department may monitor other valuable indicators of how well your business is running overall and where it can improve. These may include the guest experience, speed of service, and employee engagement.
What Is the Goal of Loss Prevention?
While there may be some overlap, loss prevention goals are not universal. They can be tailored to meet industry- and establishment-specific objectives. The primary consideration is ensuring your loss prevention department’s mission aligns with your company’s needs.
Crafting a personalized loss prevention program that hits all your business’s pain points and increases accountability takes time, careful planning, and the full support of upper management and other team members.
Loss Prevention Examples
As our case studies illustrate, different strategies benefit companies in diverse ways. Here are a few examples of loss prevention issues and techniques by industry:
Convenience Stores
Some store owners hope to tie in video surveillance and point-of-sale transactions to remedy inconsistencies and monitor customer theft. For others, a loss prevention program helps ensure employees adhere to current brand policies and that the establishment is staffed efficiently across several locations.
Retail Stores
Retailers with hundreds of nationwide locations often find it difficult to gain insight into individual store activity. For these business owners, their primary focus may be to maintain shrink to acceptable industry levels — an issue that’s become a $100 billion problem. With a loss prevention strategy that’s standardized across the entire company and a way to monitor it, owners can ensure their action plan is effective and make timely adjustments.
Restaurants
Restaurant owners are often concerned about cash controls, food and beverage inventory, employee discount policies, and customer complaints. A loss prevention plan for this type of business may include annual audits that identify employee fraud and remedy everyday procedural issues.
What Does It Take To Sustain A “Profit-Improving” Loss Prevention Program?
A loss prevention program focused on improving profitability takes planning, proper development, and sometimes a new approach to execution. Sustainable, proactive loss prevention solutions focus on three key components:
1. Consistency
Like any other business function, the loss prevention department needs consistent strategies and programs that run throughout the fiscal year. These need to holistically approach shrink and support all locations and employees across the company.
- Audits – Audit all locations multiple times a year to ensure compliance to policies, procedures and processes. Certain locations might receive additional audits as necessitated by loss numbers; however, all stores benefit from check-ins through the year.
- Training and awareness – The loss prevention program needs to stay “top of mind” for employees with a steady cadence of relevant topical messaging.
- Dealing with theft – Any hint of inconsistency in redress diminishes the culture of accountability, signaling others that dishonesty is sometimes acceptable. Stick to clear policies that send a strong message to employees.
2. Visibility
An effective loss prevention program is much more than policies, posters, and better customer service. Visibility and interaction between loss prevention personnel and store-based employees reinforce the idea that vigilant systems are in place to identify loss. This may include the following:
- Store visits (in-person or remote video/reporting) – Audits, loss prevention visits or mystery shops reinforce the understanding that someone is always looking out for the store. Visits can be positive check-ins with training focused on the effects of loss (e.g., customer service, sales, loss programs, etc…).
- Data analysis – Combined data from various systems (point of sale, inventory, etc…) can provide visibility into operations without requiring hours of in-store review. Exception-based reporting can provide insight into potential theft, margin erosion, training needs, and systemic issues.
3. Innovation
A proactive loss prevention program should be fluid, supporting the ever-evolving needs of the business even when with limited budgets and resources. To avoid becoming reactive, the loss prevention team must always innovate.
Innovation occurs when people are forced to think of new ways to tackle problems. Examples include:
- Shared resources – Talk to other departments to identify resource-sharing opportunities.
- Industry peers – Talk with industry peers to learn what tactics they have used to do more with less.
- Expert partnerships – Find vendor partners with the expertise to provide resources and support to strengthen/supplement programs.
Partner with DTiQ for Agile Loss Prevention Solutions
Are you ready to craft a strategy that helps improve your bottom line? DTiQ provides premium loss prevention programs tailored to restaurants, retail stores, and C-stores’ unique needs. Our innovative system balances intelligent video, advanced analytics, and personalized customer support solutions to help you reach your loss prevention goals.
Subscription model pricing simplifies upgrades, ensuring your system will never become obsolete, and our downloadable mobile app allows you to manage your business from virtually anywhere. To learn more about our custom solutions, book a demo today.
Loss prevention (aka. asset protection) initiatives are often reactive — identifying incidents when or after they occur. This “whack-a-mole” approach is most often taken by under-supported departments who believe that apprehension results will substantiate their existence and funding.
Ideally, however, the primary goal should be to prevent losses in the first place. The execution of such a sustainable, proactive loss prevention program requires three key elements to ensure its success: consistency, visibility, and innovation. When done well, the results directly impact the bottom line and are felt across the company.
What Is a Loss Prevention Program?
While some business owners debate loss prevention vs. asset protection, these two concepts are inherently the same. Loss prevention is a cohesive effort that helps reduce shrinkage and increase a business’s profitability. It’s commonly associated with fraud, false claims, and theft.
Custom solutions also remedy other problems affecting an establishment’s revenue. These issues include:
- Administrative mistakes
- Unnecessary waste/spoilage
- Incident investigation and documentation
- Supplier issues
A fully integrated loss prevention department may monitor other valuable indicators of how well your business is running overall and where it can improve. These may include the guest experience, speed of service, and employee engagement.
What Is the Goal of Loss Prevention?
While there may be some overlap, loss prevention goals are not universal. They can be tailored to meet industry- and establishment-specific objectives. The primary consideration is ensuring your loss prevention department’s mission aligns with your company’s needs.
Crafting a personalized loss prevention program that hits all your business’s pain points and increases accountability takes time, careful planning, and the full support of upper management and other team members.
Loss Prevention Examples
As our case studies illustrate, different strategies benefit companies in diverse ways. Here are a few examples of loss prevention issues and techniques by industry:
Convenience Stores
Some store owners hope to tie in video surveillance and point-of-sale transactions to remedy inconsistencies and monitor customer theft. For others, a loss prevention program helps ensure employees adhere to current brand policies and that the establishment is staffed efficiently across several locations.
Retail Stores
Retailers with hundreds of nationwide locations often find it difficult to gain insight into individual store activity. For these business owners, their primary focus may be to maintain shrink to acceptable industry levels — an issue that’s become a $100 billion problem. With a loss prevention strategy that’s standardized across the entire company and a way to monitor it, owners can ensure their action plan is effective and make timely adjustments.
Restaurants
Restaurant owners are often concerned about cash controls, food and beverage inventory, employee discount policies, and customer complaints. A loss prevention plan for this type of business may include annual audits that identify employee fraud and remedy everyday procedural issues.
What Does It Take To Sustain A “Profit-Improving” Loss Prevention Program?
A loss prevention program focused on improving profitability takes planning, proper development, and sometimes a new approach to execution. Sustainable, proactive loss prevention solutions focus on three key components:
1. Consistency
Like any other business function, the loss prevention department needs consistent strategies and programs that run throughout the fiscal year. These need to holistically approach shrink and support all locations and employees across the company.
- Audits – Audit all locations multiple times a year to ensure compliance to policies, procedures and processes. Certain locations might receive additional audits as necessitated by loss numbers; however, all stores benefit from check-ins through the year.
- Training and awareness – The loss prevention program needs to stay “top of mind” for employees with a steady cadence of relevant topical messaging.
- Dealing with theft – Any hint of inconsistency in redress diminishes the culture of accountability, signaling others that dishonesty is sometimes acceptable. Stick to clear policies that send a strong message to employees.
2. Visibility
An effective loss prevention program is much more than policies, posters, and better customer service. Visibility and interaction between loss prevention personnel and store-based employees reinforce the idea that vigilant systems are in place to identify loss. This may include the following:
- Store visits (in-person or remote video/reporting) – Audits, loss prevention visits or mystery shops reinforce the understanding that someone is always looking out for the store. Visits can be positive check-ins with training focused on the effects of loss (e.g., customer service, sales, loss programs, etc…).
- Data analysis – Combined data from various systems (point of sale, inventory, etc…) can provide visibility into operations without requiring hours of in-store review. Exception-based reporting can provide insight into potential theft, margin erosion, training needs, and systemic issues.
3. Innovation
A proactive loss prevention program should be fluid, supporting the ever-evolving needs of the business even when with limited budgets and resources. To avoid becoming reactive, the loss prevention team must always innovate.
Innovation occurs when people are forced to think of new ways to tackle problems. Examples include:
- Shared resources – Talk to other departments to identify resource-sharing opportunities.
- Industry peers – Talk with industry peers to learn what tactics they have used to do more with less.
- Expert partnerships – Find vendor partners with the expertise to provide resources and support to strengthen/supplement programs.
Partner with DTiQ for Agile Loss Prevention Solutions
Are you ready to craft a strategy that helps improve your bottom line? DTiQ provides premium loss prevention programs tailored to restaurants, retail stores, and C-stores’ unique needs. Our innovative system balances intelligent video, advanced analytics, and personalized customer support solutions to help you reach your loss prevention goals.
Subscription model pricing simplifies upgrades, ensuring your system will never become obsolete, and our downloadable mobile app allows you to manage your business from virtually anywhere. To learn more about our custom solutions, book a demo today.
Loss prevention (aka. asset protection) initiatives are often reactive — identifying incidents when or after they occur. This “whack-a-mole” approach is most often taken by under-supported departments who believe that apprehension results will substantiate their existence and funding.
Ideally, however, the primary goal should be to prevent losses in the first place. The execution of such a sustainable, proactive loss prevention program requires three key elements to ensure its success: consistency, visibility, and innovation. When done well, the results directly impact the bottom line and are felt across the company.
What Is a Loss Prevention Program?
While some business owners debate loss prevention vs. asset protection, these two concepts are inherently the same. Loss prevention is a cohesive effort that helps reduce shrinkage and increase a business’s profitability. It’s commonly associated with fraud, false claims, and theft.
Custom solutions also remedy other problems affecting an establishment’s revenue. These issues include:
- Administrative mistakes
- Unnecessary waste/spoilage
- Incident investigation and documentation
- Supplier issues
A fully integrated loss prevention department may monitor other valuable indicators of how well your business is running overall and where it can improve. These may include the guest experience, speed of service, and employee engagement.
What Is the Goal of Loss Prevention?
While there may be some overlap, loss prevention goals are not universal. They can be tailored to meet industry- and establishment-specific objectives. The primary consideration is ensuring your loss prevention department’s mission aligns with your company’s needs.
Crafting a personalized loss prevention program that hits all your business’s pain points and increases accountability takes time, careful planning, and the full support of upper management and other team members.
Loss Prevention Examples
As our case studies illustrate, different strategies benefit companies in diverse ways. Here are a few examples of loss prevention issues and techniques by industry:
Convenience Stores
Some store owners hope to tie in video surveillance and point-of-sale transactions to remedy inconsistencies and monitor customer theft. For others, a loss prevention program helps ensure employees adhere to current brand policies and that the establishment is staffed efficiently across several locations.
Retail Stores
Retailers with hundreds of nationwide locations often find it difficult to gain insight into individual store activity. For these business owners, their primary focus may be to maintain shrink to acceptable industry levels — an issue that’s become a $100 billion problem. With a loss prevention strategy that’s standardized across the entire company and a way to monitor it, owners can ensure their action plan is effective and make timely adjustments.
Restaurants
Restaurant owners are often concerned about cash controls, food and beverage inventory, employee discount policies, and customer complaints. A loss prevention plan for this type of business may include annual audits that identify employee fraud and remedy everyday procedural issues.
What Does It Take To Sustain A “Profit-Improving” Loss Prevention Program?
A loss prevention program focused on improving profitability takes planning, proper development, and sometimes a new approach to execution. Sustainable, proactive loss prevention solutions focus on three key components:
1. Consistency
Like any other business function, the loss prevention department needs consistent strategies and programs that run throughout the fiscal year. These need to holistically approach shrink and support all locations and employees across the company.
- Audits – Audit all locations multiple times a year to ensure compliance to policies, procedures and processes. Certain locations might receive additional audits as necessitated by loss numbers; however, all stores benefit from check-ins through the year.
- Training and awareness – The loss prevention program needs to stay “top of mind” for employees with a steady cadence of relevant topical messaging.
- Dealing with theft – Any hint of inconsistency in redress diminishes the culture of accountability, signaling others that dishonesty is sometimes acceptable. Stick to clear policies that send a strong message to employees.
2. Visibility
An effective loss prevention program is much more than policies, posters, and better customer service. Visibility and interaction between loss prevention personnel and store-based employees reinforce the idea that vigilant systems are in place to identify loss. This may include the following:
- Store visits (in-person or remote video/reporting) – Audits, loss prevention visits or mystery shops reinforce the understanding that someone is always looking out for the store. Visits can be positive check-ins with training focused on the effects of loss (e.g., customer service, sales, loss programs, etc…).
- Data analysis – Combined data from various systems (point of sale, inventory, etc…) can provide visibility into operations without requiring hours of in-store review. Exception-based reporting can provide insight into potential theft, margin erosion, training needs, and systemic issues.
3. Innovation
A proactive loss prevention program should be fluid, supporting the ever-evolving needs of the business even when with limited budgets and resources. To avoid becoming reactive, the loss prevention team must always innovate.
Innovation occurs when people are forced to think of new ways to tackle problems. Examples include:
- Shared resources – Talk to other departments to identify resource-sharing opportunities.
- Industry peers – Talk with industry peers to learn what tactics they have used to do more with less.
- Expert partnerships – Find vendor partners with the expertise to provide resources and support to strengthen/supplement programs.
Partner with DTiQ for Agile Loss Prevention Solutions
Are you ready to craft a strategy that helps improve your bottom line? DTiQ provides premium loss prevention programs tailored to restaurants, retail stores, and C-stores’ unique needs. Our innovative system balances intelligent video, advanced analytics, and personalized customer support solutions to help you reach your loss prevention goals.
Subscription model pricing simplifies upgrades, ensuring your system will never become obsolete, and our downloadable mobile app allows you to manage your business from virtually anywhere. To learn more about our custom solutions, book a demo today.
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