On Dec 2015, the CEO of DominateRFID Mr. Majid Roozi had a speech in Middle East Loss Prevention Summit to describe the real points of loss in retail industry as well as how RFID technology will help retailers to prevent the loss.
Finance package is designed from SMEs perspectives.
Focus on how to make your finance work for you.
Aware the ignorance of undermind the finance needs
Grow with us!
Why Do Lean Companies Like Toyota Use Lean Accounting?Brian Maskell
Most manufacturing companies use the old style Standard Cost accounting. Lean organizations use Lean Accounting. Why do lean companies use Lean Accounting?
Get Novel Insights on Increasing Branch Sales with Technology
The complimentary FMSI Branch Sales white paper focuses on a solution to address maximizing your branch technology investments and staff selling potential, through a new scheduling approach that:
• Transforms vague daily staff schedules into easily tracked and deliberate sales task assignments—per 15 minute increment.
• Identifies the best periods for outbound calling throughout the day, based on forecasted Idle Time during account holder traffic demand.
• Increases the time your top performers spend conducting sales related activities.
The document discusses three major functions of an entrepreneur: managing, controlling, and improving. It also discusses how entrepreneurs make business decisions using their brain, heart, and soul. The document emphasizes the need for strong internal controls and accounting systems to follow up on decisions. It notes that most small business owners do not have comprehensive internal control systems and cannot detect fraud immediately. A strong accounting system is presented as key to managing internal controls, improving financial management and decision making, and enhancing business performance and competitiveness.
The document discusses how implementing lean management processes can help businesses reduce costs and improve productivity during difficult economic times. It describes how examining business processes to identify and eliminate waste, such as excess inventory, bottlenecks, and defects, can dramatically improve efficiency. The concepts of lean originated from the Toyota Production System and focus on intelligently working to add value and eliminate waste. The document argues that applying lean methodology through tools like a SIPOC analysis and value stream mapping can help companies properly identify process improvement opportunities. This can result in lower costs, better information and decision making, and a more cost-effective organization even after an economic recovery.
The document discusses the concept of Lean IT, which aims to deliver maximum value to customers with minimum costs. Lean IT focuses on reducing waste, increasing productivity, and improving the customer experience while aiming resources at high-value deliverables. It identifies common types of waste in IT like defects, over-production, waiting, non-value added processing, transportation, inventory, motion, and unused employee knowledge. The document advocates the use of enterprise IT management solutions to help visualize, automate, optimize, govern, manage, and secure IT systems and processes from the data center to the customer to implement Lean IT principles.
A Holistic Approach to Accounting Close and Reporting Effectiveness: It’s so ...Proformative, Inc.
This document discusses optimizing the accounting close and financial reporting process. It recommends taking a holistic approach that considers people, processes, and systems together. The methodology discussed is lean six sigma, which focuses on end users, improving processes incrementally using a team-based, fact-driven approach. Best practices include viewing the close as a supply chain and setting goals for both efficiency and effectiveness. An optimized technology solution should provide workflow, visibility into status and metrics, and bridge multiple systems used in the close. Overall success requires senior management commitment, a strategic plan, focused resources, and continuous improvement.
The document discusses lean accounting and how it differs from traditional accounting assumptions and measurements. Lean accounting applies lean concepts to reduce waste in the accounting function and modifies accounting processes to promote lean behaviors. It focuses on value stream costing, transaction elimination, and using lean metrics like flow, waste, and capacity rather than traditional metrics like labor efficiency. The primary goals of lean accounting are to understand the financial impacts of lean improvements, manage by value streams with a focus on growth and continuous improvement, and drive the business from customer value rather than costs.
Finance package is designed from SMEs perspectives.
Focus on how to make your finance work for you.
Aware the ignorance of undermind the finance needs
Grow with us!
Why Do Lean Companies Like Toyota Use Lean Accounting?Brian Maskell
Most manufacturing companies use the old style Standard Cost accounting. Lean organizations use Lean Accounting. Why do lean companies use Lean Accounting?
Get Novel Insights on Increasing Branch Sales with Technology
The complimentary FMSI Branch Sales white paper focuses on a solution to address maximizing your branch technology investments and staff selling potential, through a new scheduling approach that:
• Transforms vague daily staff schedules into easily tracked and deliberate sales task assignments—per 15 minute increment.
• Identifies the best periods for outbound calling throughout the day, based on forecasted Idle Time during account holder traffic demand.
• Increases the time your top performers spend conducting sales related activities.
The document discusses three major functions of an entrepreneur: managing, controlling, and improving. It also discusses how entrepreneurs make business decisions using their brain, heart, and soul. The document emphasizes the need for strong internal controls and accounting systems to follow up on decisions. It notes that most small business owners do not have comprehensive internal control systems and cannot detect fraud immediately. A strong accounting system is presented as key to managing internal controls, improving financial management and decision making, and enhancing business performance and competitiveness.
The document discusses how implementing lean management processes can help businesses reduce costs and improve productivity during difficult economic times. It describes how examining business processes to identify and eliminate waste, such as excess inventory, bottlenecks, and defects, can dramatically improve efficiency. The concepts of lean originated from the Toyota Production System and focus on intelligently working to add value and eliminate waste. The document argues that applying lean methodology through tools like a SIPOC analysis and value stream mapping can help companies properly identify process improvement opportunities. This can result in lower costs, better information and decision making, and a more cost-effective organization even after an economic recovery.
The document discusses the concept of Lean IT, which aims to deliver maximum value to customers with minimum costs. Lean IT focuses on reducing waste, increasing productivity, and improving the customer experience while aiming resources at high-value deliverables. It identifies common types of waste in IT like defects, over-production, waiting, non-value added processing, transportation, inventory, motion, and unused employee knowledge. The document advocates the use of enterprise IT management solutions to help visualize, automate, optimize, govern, manage, and secure IT systems and processes from the data center to the customer to implement Lean IT principles.
A Holistic Approach to Accounting Close and Reporting Effectiveness: It’s so ...Proformative, Inc.
This document discusses optimizing the accounting close and financial reporting process. It recommends taking a holistic approach that considers people, processes, and systems together. The methodology discussed is lean six sigma, which focuses on end users, improving processes incrementally using a team-based, fact-driven approach. Best practices include viewing the close as a supply chain and setting goals for both efficiency and effectiveness. An optimized technology solution should provide workflow, visibility into status and metrics, and bridge multiple systems used in the close. Overall success requires senior management commitment, a strategic plan, focused resources, and continuous improvement.
The document discusses lean accounting and how it differs from traditional accounting assumptions and measurements. Lean accounting applies lean concepts to reduce waste in the accounting function and modifies accounting processes to promote lean behaviors. It focuses on value stream costing, transaction elimination, and using lean metrics like flow, waste, and capacity rather than traditional metrics like labor efficiency. The primary goals of lean accounting are to understand the financial impacts of lean improvements, manage by value streams with a focus on growth and continuous improvement, and drive the business from customer value rather than costs.
Lean accounting aims to support lean transformation through timely and understandable financial reporting that eliminates waste. It uses lean tools like value stream mapping to streamline accounting processes and provide accurate information to motivate continuous improvement. Lean accounting focuses on measuring customer value and uses performance metrics and visual tools to communicate financial information clearly to support decision making. The goal is to strengthen internal controls while planning budgets and investments from a lean perspective to increase customer value and profitability.
This document discusses management information systems and keys to successful record keeping. It contains the following main points:
1) Management involves planning, organizing, directing, and controlling a business, with controlling being the most important and challenging aspect. Financial and production records provide valuable information for business decisions.
2) Effective record keeping systems are needed that allow for necessary record keeping while providing summary information for daily decisions. Records should be simple yet useful and meet specific needs and limitations.
3) Financial analysis requires a basic set of financial statements including a balance sheet, income statement, statement of owner equity, and statement of cash flows to understand and interpret a business's financial condition and performance.
This document provides recommendations for improving financial management and strategies for a company. It outlines goals of conducting SWOT and Porter's Five Forces analyses. Key operational areas to review include budgets and forecasts, costing, processes, cash flow, procedures, recruitment, training, stock control, software automation, reports, and analysis. The document recommends regularly reviewing these areas to maximize profits, reduce costs, and improve efficiencies. Contact information is provided for further discussion.
Lean Counting Keynote, Jim Womack, Lean Accounting Summit, September ...Chet Marchwinski
- Jim Womack discusses different types of counting done in business including counting GDP, value added, total cost of ownership, and organizational performance. However, he argues that much of this counting focuses on the past and results rather than processes.
- A better approach is to focus counting on physical measures of current processes to identify improvement opportunities and then measure changes in those processes to confirm improvements. This type of counting helps managers envision and implement better future processes.
- In many businesses, detailed counting may not even be necessary for improvement. A walk of the current process is often sufficient to identify problems and opportunities for a better future state. "Lean counting" should involve minimal counting focused on physical measures of current and improved processes.
This document discusses challenges facing local government and proposes radical changes in 3 areas: 1) Management from individual silos to enterprise management, 2) Mission from victim strategies to self-sufficiency, and 3) Means with modern processes and systems. It advocates rewiring management and the organization using commercial techniques like adapted boardroom programs, organic gains, and structured transformation journeys. Specifically, it recommends local governments insource commercial enterprises rather than outsource, owning strategy, assets, and upside with low investment and ready implementation.
This document discusses problems in IT solution selling such as time-consuming business cycles, requiring costly consulting expertise, and a complex, manual, and repetitive process. It proposes accelerating the sales process through an integrated sales process approach using a methodology, toolset, and best practices to generate automated quotes and statements of work in order to optimize time spent by sales teams and ensure error-free solution sizing and pricing inclusive of all service opportunities.
This document summarizes a presentation about implementing a Lean management system with an emphasis on the role of the CFO. It discusses designing the Lean system by understanding economics of Lean and measuring flow. It also covers building the system by measuring operational performance instead of profits, managing spending instead of costs, and valuing capacity measurement. Additionally, it addresses moving the system forward by focusing on decision making and a box score tool. Finally, it outlines tearing down the existing system by simplifying then eliminating standard costing and taming the ERP system.
Take a look at our SignaPay Insights where we will educate and discuss the main payment product offerings that are expected to grow, available solutions that can help with merchant and ISO retention, and operational enhancements that can improve the efficiency of a payments business.
Top-performing midsized company finance teams spend an average of 300 hours less per year on the accounting close than their peers.
CEB Finance provides powerful benchmarking data and
best practice solutions to help CFOs and their teams to identify inefficiencies in their accounting close processes and to prioritize improvement efforts.
Learn the 5 best practices leading CFOs use to shorten the accounting close process.
Contact us to receive detailed Accounting Close Process Benchmarks and Best Practices that will help guide your process improvement efforts.
CEB Finance
This document provides an overview of GPS services available to businesses, including expert advice and support for asset protection, cash flow management, business closures, cost reduction, business exits, independent business reviews, pre-insolvency trading, tax management, turnaround financing, downsizing, efficiency improvements, lean processes, financial controls, overtrading risks, temporary resource needs, succession planning, new business vehicles, acquisitions, board meetings, and business growth. The services are intended to help business owners manage risks, crises, reductions and exits in a way that minimizes risks and distractions.
The document discusses corporate governance and IT governance. It states that corporate governance principles are the same even if models vary, with the board responsible for protecting shareholder rights. IT governance focuses on using IT to support top-line growth while reducing costs. The value of IT investments is not just financial but also comes from supporting strategic goals. Signs of bad IT governance include projects running over budget and benefits not being tracked. Good IT governance provides strategic alignment, visibility of benefits, and efficient control to maximize future cash flows and deliver shareholder value.
Actionable Steps to Elevating your IT Service ManagementIvanti
Every organization goes through a process of improving its operation. Despite this, many ITSM projects fail to deliver the level of effectiveness and the value promised. You have to ask why do so many ITSM projects fail to deliver the value IT teams know they can realize?
Join us for this webinar as we uncover the approach and organizational capabilities required to continually increase ITSM efficiency and effectiveness. Learn about the building blocks to create institutional processes and a culture of shared learning and accountability needed to deliver optimized ITSM that delivers more value to the business.
McKonly & Asbury Webinar - LEAN and the Finance and Accounting ProcessMcKonly & Asbury, LLP
We continued our Celebrating 40 Years of Excellence! Webinar Series with a webinar entitled "LEAN and the Finance and Accounting Process" presented by David Blain (Principal) with McKonly & Asbury! Thank you to everyone that attended.
David provided us with a useful understanding of how to use and implement LEAN to enhance the finance and accounting processes within your business. We focused on key concepts of LEAN and tips around how to implement those concepts for improved operational and financial reporting to business leaders, managers, and front line operations personnel.
Check out our Upcoming Events page for news and updates on our future seminars and webinars at www.macpas.com/events.
1. Working capital management is important for any business to sustain itself and involves managing current assets and current liabilities.
2. Taking a narrow accounting view of working capital as just current assets minus current liabilities can ignore important operational factors and risks, while seeing it as involving the entire quote-to-cash, purchase-to-pay, and order-to-delivery processes can help identify risks and opportunities.
3. Firms must determine optimal current asset levels to balance liquidity, profitability, and risk, as more current assets increase liquidity but reduce potential profitability and vice versa.
Disentangling disintermediation - Charles Armitage, FlorencePaybase
Charles Armitage discusses disintermediation and how marketplaces can manage the risk. Disintermediation refers to transactions occurring off the platform between buyers and sellers. It presents risks like lost revenue and data. While disintermediation is not currently a major problem for Florence given its regulated industry and vetting processes, managing it is important for growth. Strategies include providing value-added services, incentives for loyal users, and governance rules around off-platform transactions. The key is continually enhancing user value to make transacting on the platform more convenient.
Temenos T24 is a core banking software platform that powers end-to-end banking operations. It has capabilities for retail banking, corporate and wholesale banking, Islamic banking, private wealth management, and microfinance. T24 helps banks reduce costs, enhance productivity, mitigate risks, expand their customer base, and improve profitability. It offers pre-configured solutions that allow for quick implementation of additional modules.
The Zellman Group is a managed services provider of loss prevention services that has been in business since 1998. They employ over 33 loss prevention professionals to service over 60 retail and food service clients across the United States, Canada, Mexico, Puerto Rico and Hawaii. The Zellman Group offers a wide range of loss prevention consulting and security services including loss prevention reviews, audits, civil recovery, and physical security services.
Advanced Certificate in Loss Prevention 02 - 04 October 2011 Dubai360 BSI
This 3-day advanced certificate course in loss prevention strategies is designed to help reduce stock loss in retail, warehouse, factory and business environments. The course will provide practical scenario training for participants to learn techniques to detect, apprehend and interview offenders. Key topics include surveillance methods, approaching suspects, interviewing skills, and gathering evidence. Participants will improve their ability to identify risks and minimize losses, which can help reduce business costs through lower insurance premiums and identifying internal theft. The hands-on training approach uses real-life scenarios to help attendees learn from mistakes and apply the strategies in their workplace.
Organized retail crime poses a significant challenge for retailers. Gangs steal large quantities of merchandise in an organized and sophisticated manner to resell illegally online or through other channels. This type of crime accounts for millions in losses each year. Retailers must enhance security measures like surveillance technologies and personnel training to detect organized crime activities and prevent further losses. Cooperation across retailers and with law enforcement is also important to address this growing problem.
This document summarizes the WebWay International company and its digital alarm signalling solutions. It discusses how migrating from analogue to digital signalling can reduce costs, enhance security, and improve operational efficiency by (1) reducing communications costs; (2) reducing business disruption; (3) improving security; and (4) improving reliability. Standards compliance is emphasized as a way to mitigate risks when specifying digital alarm systems.
Every year, retailers around the world loose a big chunk of their inventory and profits to internal as well external theft. Organised Retail Crime is a major Issue in the Retail Industry that’s continuously getting neglected. According to The National Retail Federation’s 2009 Organized Retail Crime Survey, 92 percent of retail companies were victims of organized crime activity during the past year, an increase of 8 percent from 2008. The percentage of loss of products between manufacture and point of sale is referred to as shrinkage. In 2008 Global Retail Barometer surveyed 36 countries, the shrinkage calculated approximates US$ 104,529 million, constituting a share of 1.34% of their retail sales.
Lean accounting aims to support lean transformation through timely and understandable financial reporting that eliminates waste. It uses lean tools like value stream mapping to streamline accounting processes and provide accurate information to motivate continuous improvement. Lean accounting focuses on measuring customer value and uses performance metrics and visual tools to communicate financial information clearly to support decision making. The goal is to strengthen internal controls while planning budgets and investments from a lean perspective to increase customer value and profitability.
This document discusses management information systems and keys to successful record keeping. It contains the following main points:
1) Management involves planning, organizing, directing, and controlling a business, with controlling being the most important and challenging aspect. Financial and production records provide valuable information for business decisions.
2) Effective record keeping systems are needed that allow for necessary record keeping while providing summary information for daily decisions. Records should be simple yet useful and meet specific needs and limitations.
3) Financial analysis requires a basic set of financial statements including a balance sheet, income statement, statement of owner equity, and statement of cash flows to understand and interpret a business's financial condition and performance.
This document provides recommendations for improving financial management and strategies for a company. It outlines goals of conducting SWOT and Porter's Five Forces analyses. Key operational areas to review include budgets and forecasts, costing, processes, cash flow, procedures, recruitment, training, stock control, software automation, reports, and analysis. The document recommends regularly reviewing these areas to maximize profits, reduce costs, and improve efficiencies. Contact information is provided for further discussion.
Lean Counting Keynote, Jim Womack, Lean Accounting Summit, September ...Chet Marchwinski
- Jim Womack discusses different types of counting done in business including counting GDP, value added, total cost of ownership, and organizational performance. However, he argues that much of this counting focuses on the past and results rather than processes.
- A better approach is to focus counting on physical measures of current processes to identify improvement opportunities and then measure changes in those processes to confirm improvements. This type of counting helps managers envision and implement better future processes.
- In many businesses, detailed counting may not even be necessary for improvement. A walk of the current process is often sufficient to identify problems and opportunities for a better future state. "Lean counting" should involve minimal counting focused on physical measures of current and improved processes.
This document discusses challenges facing local government and proposes radical changes in 3 areas: 1) Management from individual silos to enterprise management, 2) Mission from victim strategies to self-sufficiency, and 3) Means with modern processes and systems. It advocates rewiring management and the organization using commercial techniques like adapted boardroom programs, organic gains, and structured transformation journeys. Specifically, it recommends local governments insource commercial enterprises rather than outsource, owning strategy, assets, and upside with low investment and ready implementation.
This document discusses problems in IT solution selling such as time-consuming business cycles, requiring costly consulting expertise, and a complex, manual, and repetitive process. It proposes accelerating the sales process through an integrated sales process approach using a methodology, toolset, and best practices to generate automated quotes and statements of work in order to optimize time spent by sales teams and ensure error-free solution sizing and pricing inclusive of all service opportunities.
This document summarizes a presentation about implementing a Lean management system with an emphasis on the role of the CFO. It discusses designing the Lean system by understanding economics of Lean and measuring flow. It also covers building the system by measuring operational performance instead of profits, managing spending instead of costs, and valuing capacity measurement. Additionally, it addresses moving the system forward by focusing on decision making and a box score tool. Finally, it outlines tearing down the existing system by simplifying then eliminating standard costing and taming the ERP system.
Take a look at our SignaPay Insights where we will educate and discuss the main payment product offerings that are expected to grow, available solutions that can help with merchant and ISO retention, and operational enhancements that can improve the efficiency of a payments business.
Top-performing midsized company finance teams spend an average of 300 hours less per year on the accounting close than their peers.
CEB Finance provides powerful benchmarking data and
best practice solutions to help CFOs and their teams to identify inefficiencies in their accounting close processes and to prioritize improvement efforts.
Learn the 5 best practices leading CFOs use to shorten the accounting close process.
Contact us to receive detailed Accounting Close Process Benchmarks and Best Practices that will help guide your process improvement efforts.
CEB Finance
This document provides an overview of GPS services available to businesses, including expert advice and support for asset protection, cash flow management, business closures, cost reduction, business exits, independent business reviews, pre-insolvency trading, tax management, turnaround financing, downsizing, efficiency improvements, lean processes, financial controls, overtrading risks, temporary resource needs, succession planning, new business vehicles, acquisitions, board meetings, and business growth. The services are intended to help business owners manage risks, crises, reductions and exits in a way that minimizes risks and distractions.
The document discusses corporate governance and IT governance. It states that corporate governance principles are the same even if models vary, with the board responsible for protecting shareholder rights. IT governance focuses on using IT to support top-line growth while reducing costs. The value of IT investments is not just financial but also comes from supporting strategic goals. Signs of bad IT governance include projects running over budget and benefits not being tracked. Good IT governance provides strategic alignment, visibility of benefits, and efficient control to maximize future cash flows and deliver shareholder value.
Actionable Steps to Elevating your IT Service ManagementIvanti
Every organization goes through a process of improving its operation. Despite this, many ITSM projects fail to deliver the level of effectiveness and the value promised. You have to ask why do so many ITSM projects fail to deliver the value IT teams know they can realize?
Join us for this webinar as we uncover the approach and organizational capabilities required to continually increase ITSM efficiency and effectiveness. Learn about the building blocks to create institutional processes and a culture of shared learning and accountability needed to deliver optimized ITSM that delivers more value to the business.
McKonly & Asbury Webinar - LEAN and the Finance and Accounting ProcessMcKonly & Asbury, LLP
We continued our Celebrating 40 Years of Excellence! Webinar Series with a webinar entitled "LEAN and the Finance and Accounting Process" presented by David Blain (Principal) with McKonly & Asbury! Thank you to everyone that attended.
David provided us with a useful understanding of how to use and implement LEAN to enhance the finance and accounting processes within your business. We focused on key concepts of LEAN and tips around how to implement those concepts for improved operational and financial reporting to business leaders, managers, and front line operations personnel.
Check out our Upcoming Events page for news and updates on our future seminars and webinars at www.macpas.com/events.
1. Working capital management is important for any business to sustain itself and involves managing current assets and current liabilities.
2. Taking a narrow accounting view of working capital as just current assets minus current liabilities can ignore important operational factors and risks, while seeing it as involving the entire quote-to-cash, purchase-to-pay, and order-to-delivery processes can help identify risks and opportunities.
3. Firms must determine optimal current asset levels to balance liquidity, profitability, and risk, as more current assets increase liquidity but reduce potential profitability and vice versa.
Disentangling disintermediation - Charles Armitage, FlorencePaybase
Charles Armitage discusses disintermediation and how marketplaces can manage the risk. Disintermediation refers to transactions occurring off the platform between buyers and sellers. It presents risks like lost revenue and data. While disintermediation is not currently a major problem for Florence given its regulated industry and vetting processes, managing it is important for growth. Strategies include providing value-added services, incentives for loyal users, and governance rules around off-platform transactions. The key is continually enhancing user value to make transacting on the platform more convenient.
Temenos T24 is a core banking software platform that powers end-to-end banking operations. It has capabilities for retail banking, corporate and wholesale banking, Islamic banking, private wealth management, and microfinance. T24 helps banks reduce costs, enhance productivity, mitigate risks, expand their customer base, and improve profitability. It offers pre-configured solutions that allow for quick implementation of additional modules.
The Zellman Group is a managed services provider of loss prevention services that has been in business since 1998. They employ over 33 loss prevention professionals to service over 60 retail and food service clients across the United States, Canada, Mexico, Puerto Rico and Hawaii. The Zellman Group offers a wide range of loss prevention consulting and security services including loss prevention reviews, audits, civil recovery, and physical security services.
Advanced Certificate in Loss Prevention 02 - 04 October 2011 Dubai360 BSI
This 3-day advanced certificate course in loss prevention strategies is designed to help reduce stock loss in retail, warehouse, factory and business environments. The course will provide practical scenario training for participants to learn techniques to detect, apprehend and interview offenders. Key topics include surveillance methods, approaching suspects, interviewing skills, and gathering evidence. Participants will improve their ability to identify risks and minimize losses, which can help reduce business costs through lower insurance premiums and identifying internal theft. The hands-on training approach uses real-life scenarios to help attendees learn from mistakes and apply the strategies in their workplace.
Organized retail crime poses a significant challenge for retailers. Gangs steal large quantities of merchandise in an organized and sophisticated manner to resell illegally online or through other channels. This type of crime accounts for millions in losses each year. Retailers must enhance security measures like surveillance technologies and personnel training to detect organized crime activities and prevent further losses. Cooperation across retailers and with law enforcement is also important to address this growing problem.
This document summarizes the WebWay International company and its digital alarm signalling solutions. It discusses how migrating from analogue to digital signalling can reduce costs, enhance security, and improve operational efficiency by (1) reducing communications costs; (2) reducing business disruption; (3) improving security; and (4) improving reliability. Standards compliance is emphasized as a way to mitigate risks when specifying digital alarm systems.
Every year, retailers around the world loose a big chunk of their inventory and profits to internal as well external theft. Organised Retail Crime is a major Issue in the Retail Industry that’s continuously getting neglected. According to The National Retail Federation’s 2009 Organized Retail Crime Survey, 92 percent of retail companies were victims of organized crime activity during the past year, an increase of 8 percent from 2008. The percentage of loss of products between manufacture and point of sale is referred to as shrinkage. In 2008 Global Retail Barometer surveyed 36 countries, the shrinkage calculated approximates US$ 104,529 million, constituting a share of 1.34% of their retail sales.
The document discusses future trends in retail security and loss prevention. It notes that theft accounts for 72% of retail shrinkage, with employee theft being the largest source. To reduce losses, the document recommends investing in security measures like CCTV, electronic tagging, and staff training. It also advocates for developing loss prevention partnerships between retailers and law enforcement to share intelligence on crime trends. The overall message is that loss prevention requires a strategic, multifaceted approach that addresses theft deterrence, process improvements, and organizational compliance.
This webcast discusses new thinking for retail security and loss prevention. It provides an overview of current trends challenging loss prevention leaders, such as reduced staffing and budgets. Topics discussed include fighting organizational fires with fewer resources, demonstrating ROI to justify technology investments, and combating organized retail crime. The speakers also cover litigation avoidance strategies and video surveillance trends. Attendees were invited to submit questions during a 10-minute Q&A session at the end.
Loss prevention aims to establish policies, procedures, and practices to prevent loss of inventory and money in a retail environment. The three main categories of loss are administrative failures, external theft, and internal theft. Administrative failures include paperwork errors by employees that can account for 15-20% of annual losses. External theft includes shoplifting and robberies. Internal theft, primarily employee theft, is often the largest contributor to loss. Loss prevention strategies include careful hiring, inventory control, developing internal theft policies, and minimizing employee temptation through positive work environments and perks.
Evolution is the only way to stay in the game. Evolution of a retailer in today's context is about building a self-sustainable and self-driving business. Let us indulge you with our take on where you should deploy no-touch measures and the trophies your business can gain by doing so.
The internal audit department at Lowes-Manhattan Menswear adopted a proactive approach to reduce shrinkage through prevention. This led to a 61% reduction in shrinkage since 1988. The internal audit department conducts regular store audits, investigates fraud and theft, educates staff on prevention, and is involved in policies, procedures, and other loss prevention initiatives. By taking an expanded role in loss prevention, the internal audit department helped lower shrinkage and position itself as an important part of the management team.
Internal controls are methods and procedures put in place by businesses to safeguard assets, ensure accurate financial reporting, and help the business achieve its objectives. They help filter activities to prevent and detect fraud and errors, encourage good management through timely performance information, and reduce risks. Having proper internal controls protects a business's resources and allows issues to be addressed when they occur.
This document outlines policies and procedures for retail loss prevention. It defines loss prevention as establishing policies to prevent loss of inventory or money. The role of loss prevention is to enhance profitability by reducing shrinkage (inventory losses). Shrinkage refers to missing inventory and can be caused by internal and external theft, paperwork errors, and other issues. The document discusses measuring shrinkage and factors considered. It also covers non-inventory dollar losses. Finally, it emphasizes that loss prevention should be a critical business component and outlines the five key aspects: people, philosophy, policies, procedures, and practices.
This webinar was about ISO 9001:2015 changes and enterprise risk management. It mentioned how risk management actually contributes to the organization’s value and QMS. It also described the benefits of implementing enterprise risk management.
Main points covered:
• Where to start?
• What is in and what is out?
• How to win top management support?
Presenter:
This webinar was presented by Eddie de Vries, a PECB ISO 31000 Certified Risk Manager and Trainer with 20 years’ experience in Quality Management and more than 12 years’ experience in Enterprise Risk Management.
Link of the recorded webinar published on YouTube: https://youtu.be/PLHx57ZPo30
The Concierge Zimbabwe provides various third party services to help businesses focus on their core strategies. These services include establishing sales procedures, coordinating sales efforts, conducting SWOT analyses, adapting sales strategies, managing customer service and data analytics. The company aims to improve client operations and efficiency based on global best practices. It also offers business mentoring, call center support, and customer service training. The directors have extensive experience in logistics, retail, law and administration.
Opportunity-based Growth: How GrowthPath Drives Cash and ProfitTim Richardson
Opportunity-based Growth for small and medium sized businesses is the proven approach to prosper under economic and technological change. It's GrowthPath's speciality.
This document summarizes key strategies for small business management. It discusses common reasons why businesses fail such as lack of experience, insufficient capital, and poor inventory management. The presentation then covers important areas for discussion like accounting, controls, inventory, technology, and human resources. Specific accounting and technology tools are described that can help businesses better manage finances, sales, and inventory. Overall, the presentation provides small business owners with strategies to professionally manage key operations and avoid common pitfalls that cause other businesses to fail.
The document provides an overview of lean principles and quality control tools. It discusses lean as a philosophy focused on eliminating waste through continuous improvement. The key lean principles are specified as: specify value, identify the value stream and eliminate waste, make value flow, implement pull, and continuously improve. Quality control tools covered include check sheets, Pareto analysis, histograms, cause-and-effect diagrams, and brainstorming. 5S methodology and its five disciplines are also explained as a tool to maintain an efficient workplace.
Finance Fast and Furious for Australian SMEsTim Richardson
Applying the lessons of the modern European finance team to Australian SMEs, to help businesses become more focused on opportunities and gain the agility to respond quickly and effectively.
Getting your business ready for sale - Smith & Gesteland WebinarSmith & Gesteland
Preparing your business for sale requires knowledge of what a buyer is looking for along with knowing where the value in your business resides. We discuss this topic from three different angles: M&A strategy, Valuation drivers, and using 80/20 to increase the EBITA of your business.
Leadership Strategies for High Performance Contact CentresTina Arora
This Presentation was prepared & shared by me as a Guest Speaker at a Conference on 'Customer Experience and Service Quality Excellence', organised by Gripel (www.gripel.com), on 27 and 28 May 2011.
Risk, Fraud Management and Current Issues and Challenges for Digital Financia...John Owens
The document discusses various risks faced by digital financial service providers, including strategic risk, regulatory risk, operational risk, technology risk, financial risk, political risk, fraud risk, cybersecurity risk, agent management risk, reputational risk, and partnership risk. For each risk, key questions are provided to help assess the risk and ensure it is properly managed. The document also outlines the risk assessment process and provides an example of how to identify risks in the initial stage of assessment.
Building an Effective Customer Experience within the ETA Risk GuidelinesAgreement Express Inc.
In order to provide a great customer onboarding experience, merchant acquirers should first consider improving the underwriting process. This webinar challenges merchant acquirers to go beyond the “status quo” in payments by first unpacking the challenges of the risk process, before building an incredible customer experience.
With the ETA’s Risk Guidelines as a guiding principle, Recombo CEO, Mike Gardner takes attendees through the necessary steps to understand the modern merchant, provide the tools to improve customer experience, and critically examine the underwriting process.
Secrets of a Successful Sale: Optimizing Your Checkout ProcessAggregage
https://www.onlineretailtoday.com/frs/26905197/secrets-of-a-successful-sale--optimizing-your-checkout-process
Once upon a time, in the vast realm of online commerce, there lived a humble checkout button overlooked by many. Yet, within its humble click lay the power to transform a mere visitor into a loyal customer. 🧐 💡
Getting checkout right can mark the difference between a successful sale and an abandoned cart, yet many businesses fail to make payments a part of their commerce strategy even when it has a direct impact on revenue. But payments are just one part of a chain. What’s the next touch point? How do you use the data sitting behind a payment to find the next loyal customer?
In this session you’ll learn:
• The integral relationship between payment experience and customer satisfaction
• Proven methods for optimizing the checkout journey
• Leveraging payments data for personalized marketing and enhanced customer loyalty
• Gain invaluable insights into consumer behavior across online and offline channels through data
2. Introduction
Loss prevention is far more complex than just shoplifting and employee
theft.
The rate of loss continues to be high. Global retailers lose over:
• $51.5 billion to crime
• $41.7 billion to internal theft
• $16.7 billion to process failures
Source: Kurt Salmon
3. What is Loss Prevention (Shrink Management)?
Loss prevention is essentially free money on the table.
4. What factors cause Losses?
Theft by customer Theft by employees Vendor fraud or mistakes
Administrative errors Inefficient processes Perishable Inventory
6. Strategic Level Factors
Senior
Management
Commitment
• Making sure that senior executives are aware
and supportive of the need to priorities loss
prevention.
Organizational
Ownership
• Making sure that all of the functions within the
organization recognize the importance and value
of loss prevention.
Embed Loss
Prevention
• Making sure that loss prevention is part of the
fabric of the business and acted upon by all
departments.
7. Cultural Level Factors
Provide Strong
Leadership
• Generating energy, direction, focus and a vision for loss
prevention in the company.
Generate Barometer
Management
• Creating and analyzing data to enable decision making to be
based upon an evidence-based approach.
Prioritizing People
• Making sure employees take shrinkage seriously. Create a loss
prevention team that is multi-faceted and forward thinking.
Prioritizing
Innovation and
Experimentation
• Recognizing that retailing and loss prevention is a dynamic
arena that requires new thinking and a willingness to change.
Create Store
Management
Responsibility
• Without the active support and engagement of all store staff,
but particularly managers, loss prevention will not be properly
controlled and minimized.
8. Operational Level Factors
Utilize latest technology to enable real-time inventory visibility
Loss Visibility through stock take on daily basis:
> Identify shrinkage as they happen. > Identify employee theft/vendor fraud right away. > Fix broken processes.
Authenticate transfers between DC and stores.
Move to RFID-based EAS to differentiate the value and quantity of merchandise leaving the store.
Impose accountability & control with smart applications (i.e. auto Alerts & Notifications, Smart Showcase,
Smart Cabinet Lock, Staff Tracking, etc.)
Combine RFID + video surveillance to know WHEN it was moved, WHO moved it, WHERE it was moved to.
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9. Summary
Shrink management is the last un-covered profit center.
Without a sound LP program, your losses will grow as your business
grows.
LP does not start and end at your retail floor. It touches every part of
your operation.
When every part of the business thinks shrink, it ensures that LP is
embedded in the organizational structure and culture.
10. Thank You
Offices in USA and Dubai
USA: +1-888-426-RFID(7343) Toll Free
Dubai: +971-4-447-5343
Website: www.dominateretail.com
Email: sales@dominateretail.com
DominateRetail @DominateRetail company/dominateretail