3 Ways to Build an Asset Protection Strategy to Support Your Bottom Line
Businesses today face mounting threats to their bottom line. Some more obvious signs include a rising trend of organized retail crime, theft, and even violence. Violence against employees has become a much bigger concern of late. These worrisome developments make asset protection more relevant today than ever before.
Every business needs an asset protection strategy. A plan that focuses its efforts on minimizing losses. New technologies that enhance business intelligence have an essential role to play. For example, Savi’s Video-Surveillance-as-a-Service (VSaaS) technology enabled Negril to improve security at multiple restaurant locations.
Negril aimed to determine whether their procedures were effective and take steps to optimize their loss-prevention policies. However, the company lacked essential information on potential crimes. Further, traditional systems would have required too much employee time watching surveillance video.
Cloud-based video surveillance was the answer. With this type of system, it’s as if the managers are at every location—in person. Video analytics connects what you see in-store with what’s on each receipt. The software makes security systems as simple as using a web app and automatically finds relevant videos. As a result, it’s much easier to spot positive and negative employee behaviors.
Now Negril can effectively manage employees at all its locations. Audits are trouble-free, and the business has cut down on crime while also being able to identify employee misbehaviors.
Putting the Spotlight on Smarter Strategies for Your Asset Protection
Smart strategies can decrease your loss rate—saving you money by doing more with less. Just as Negril can now verify employee practices more easily, you can also streamline your asset protection tactics. Considering the increase in crime-related issues now is the right time to invest in technologies that identify and prevent losses.
Asset protection is an investment that will repay itself many times over, but it needs a sound strategy to succeed. This is something that Savi can help you achieve.
Here, we’ve highlighted three of the smartest approaches to developing an asset protection strategy for your business. Namely, leveraging cloud technology for video surveillance, using POS-integrated analytics, and conducting virtual audits for high-risk activities.
1. Leverage Cloud Technology for Better Access to Video Surveillance
Why is using surveillance video in the cloud so much better for asset protection than storing video on-site? For a start, cloud video automatically has a backup, and you’re free to use the video whenever necessary. By contrast, on-site footage might get lost or become corrupted.
Cloud-based video monitoring has an extra layer of defense, which helps deter would-be criminals. This decreases the incidence of crimes committed in businesses and franchises. It’s not only about having a reliable backup video, cloud solutions are the simple and functional choice for increasing security.
You can log into the cloud app from any device—including mobile—to check videos and other metrics. The user interface lets you monitor multiple business locations from the comfort of your office. Further, you’ll receive alerts about suspicious activities.
Savi’s cloud-based technology monitors video, audio, and related data across all your business locations.
Keeping data in the cloud makes it scalable and secure. If a crime occurs on your property, it’s essential to be able to retrieve the video footage. This isn’t always possible with on-site video.
But cloud technology isn’t just about guarding against criminal activities. It’s also useful in the event of workplace accidents and can help your company create a safer working space. Further, it assists in gauging employee performance. As such, you can reward deserving employees—not just identify cheats!
In addition to backups, ease of use, and access from anywhere, cloud video has a further benefit—sending important notifications. A smart system that incorporates video analytics will also be able detect potential threats. In addition, since the solution is in the cloud, it’s much easier to update and add new features than it is with legacy systems.
2. Gather Insights Using POS-Integrated Video Analytics
Surveillance video is an excellent tool for reducing crime. But—as with most tools—you need to factor in human error. People make mistakes. It’s all too easy to overlook key events in a video, especially if you’re rushing to locate a person or product. Intelligent video monitoring can also assist with on-premise accidents, loitering, and more—all while making life easier for security personnel.
Savi’s insight analytics simplify the process of evaluating point of sale (POS) and service-times data with video. It’s now straightforward to see what’s going on in a retail store or restaurant and instantly zero in on any problem. For example, searching through surveillance video organized by POS data to determine what’s working and what isn’t.
A further benefit is that with Savi’s loss-prevention dashboards you can quickly identify high-risk employees and business locations. Abnormal discounts or refunds will be brought to light. Additionally, specific dashboards let you deep-dive into any investigation.
For instance, an employee who issues far more refunds than average will be obvious. Likewise, you can see in the dashboard which stores or restaurants are outliers. This type of functionality extracts clear answers from complex data. You’re able to observe trends over time, while the software adds context and isolates any unusual events or periods.
Savi’s solution leverages high-powered video analytics to strengthen asset protection. The capabilities of this technology have expanded considerably over the last few years. Today, industry-specific dashboards incorporate the experiences of hundreds of managers and experts.
POS data from stores feed into video analytics so you can focus on suspicious periods. As a result, when unusual transactions go through, it’s clear to see what’s happening on the ground. Further, the system is designed to work cost-effectively and integrate well with your available equipment.
3. Virtual Audits for High-Risk Events and Transactions
By tracking several locations simultaneously with virtual audits, it’s possible to maximize your asset protection effectiveness without setting foot in the actual location. Virtual audits take place remotely, letting you analyze any branch and select transactions and in-store events of particular relevance. This includes verifying whether an employee processed a transaction properly or reviewing proceedings relating to a potential crime.
For instance, Savi’s events management functionality allows you to access security footage. Transactions are identified so you can browse through sales, seeing thumbnails of each video next to the transaction amount. Audio plays with the video, making it easier to understand the turn of events.
Moreover, if you want to select only specific incidents or transactions, Savi has filters for dates, event types, user-assigned labels, and specific employees or store locations. The software gives you the option of zooming in on a specific event, which is displayed alongside a copy of the receipt.
When the system flags an episode, the audits dashboard will automatically include this activity. For example, it could be triggered by the opening of a cash drawer or a similar event. The interface then compiles all the flagged events for you to review.
Virtual audits enable security staff to hone in on problems—everything from an employee showing up late to fraud or theft. Since owners, managers, and the loss-prevention team can’t be in all places all the time, it’s important to have the capability of focusing on specific incidents, whenever necessary. That’s the power of Savi video data.
Seeing videos throughout the day helps you develop an accurate sense of how locations are operating. Being able to audit from anywhere protects your investments and cuts losses.
Get Savi for Asset Protection
Smart solutions for asset protection and loss prevention help businesses save money and reduce risk. This is especially crucial for businesses spread over multiple locations, where managing security is even more of a challenge. Deploying the latest technology is key.
Savi offers the leading solution for modern asset protection strategies. Cloud technology boosts data security and adds valuable features. For example, POS-integrated video analytics as well as convenient virtual audits for high-risk events and transactions.
As the various types of criminal activity become more sophisticated, it’s vital for companies to also implement sophisticated solutions to protect their assets. Outdated monitoring systems can’t keep up. The solution is to upgrade to cloud-based video with modern analytics. This is where Savi will make all the difference.
Savi’s solutions are ideal for retail, c-stores, and restaurants. The tools are easy for anyone to use, whether their background is IT, loss prevention, or operations. Moreover, specialized features such as real-time analytics and visualization will streamline your processes while maximizing profits. Additionally, the benefit of visualization will see you streamline your processes while maximizing profits as they have for companies like Five Guys, Invicta, Good2Go, and Cricket Wireless.
As much as we’d like our businesses to run smoothly, we will have to deal with crime, accidents, and employee aberrant behavior at some stage. And when this happens, it’s best to be prepared. Leveraging the power of secure and intuitive information and visual data across all your locations is the smart approach. Little wonder, then, that so many successful operators rely on Savi’s intelligent monitoring systems. Contact Savi today to schedule a demo!