To be successful, a business needs a high quality business loss prevention system in place. Loss prevention is a set of practices designed to limit preventable profit losses, which include sound operational policies and holding employees accountable to these policies. But, perhaps the most important aspect of loss prevention in the business sector is good security.
Without the right security in place, internal theft and shoplifting can decimate a business’s bottom line. The National Retail Federation reported last year that theft and fraud combined to cost retailers roughly $44 billion in 2014. Nearly 73% of that, or just over $32.1 billion, was due to internal theft and shoplifting respectively. That is an enormous amount of money down the drain.
The good news is that with the right security measures in place, losses from employee theft and shoplifting can be minimized. One of the most successful loss prevention security strategies a business can put in place is to install a cloud-based video surveillance system. Video surveillance deters would-be thieves, helps catch those that are stealing, and can be used to monitor employees to make sure they are following best practices.
When shoplifters and employees see video surveillance cameras installed throughout a business, they will be less likely to steal. Cameras should be placed in conspicuous areas, and should of course survey high-risk areas. There are a number of specific locations that cameras should be placed at, including all entrances/exits, cash register spots, and sales floors.
When theft does occur, video surveillance can help a business find the culprit. Moreover, video surveillance provides evidence so that the thief can be held accountable.
A video surveillance system reaps rewards beyond theft prevention. When employees know they are on camera, they are more likely to adhere to the policies of the business. They will be less likely to cut corners or slack off if they know they are being recorded.
A cloud-based system backs up video in the cloud, so that no matter what happens, data is available. A cloud-based system also allows businesses to monitor multiple locations with ease and the applications that come with the cloud services provide valuable analytics you can use to safeguard your business’ future. Having fully optimized, high definition cloud-based video surveillance for your business is an excellent strategy to reduce profit losses.
There are many options in video cameras and systems to complete your security and loss prevention strategy. It is recommended that a security consultant advise on the placement, type, and number of cameras you will need for your type of business. How you want to control the live video should be taken into consideration as well. Do you want to be able to monitor your business on a mobile device or a home computer, or in a security room on site? If so, let your consultant know so they can determine what would be the best surveillance system for your business and your lifestyle.
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