Businesses are increasingly using inventory control systems to combat shoplifting.
Among 23 of the country's largest retail companies, internal employee theft and outside shoplifting swelled in 2012. More than 1.1 million people were apprehended for retail theft from these companies over the past year, according to the 25th Annual Retail Theft Survey released by consulting firm Jack L. Hayes International. Approximately one out of every 40 employees stole from their employers in 2012. While many believe these incidents don't significantly hurt businesses, workers steal more product than the general public, resulting in millions of dollars in losses.
"It is also not true that most employees are caught stealing inexpensive items such as pens, pencils, and paper clips from their employers," Mark Doyle, president of Jack L. Hayes International, noted. "Over the years, Hayes International has witnessed a steady and significant rise in this serious problem."
In order to offset the danger posed by shoplifting, inventory control systems are highly recommended by experts to accurately keep track of products. Businesses that implemented the software lost up to 1.5 percent of their inventory from employee theft, according to eConnect. In comparison, firms without such a solution in place lost up to 6 percent of their supplies from this issue. Procedures for handling inventory and automation can help to prevent dishonest workers from taking merchandise.
Another way to prevent employee theft is with cycle counting, a scheduled inventory check to make sure that all numbers are correct and up to date. Small high-priced items should be regularly checked, according to Diversified Risk Management. Less accessible areas also need to be processed. Conducting counting procedures frequently will help to identify a problem and prevent future negative occurrences.
Inventory control systems are important for keeping losses at a minimum, but it can also make the inventory management process more efficient. To learn more about Microsoft NAV solutions for inventory, visit the Microsoft Dynamics NAV Inventory Systems page today.