Regular retail businesses treat asset protection as if it is all about figuring out where there is going to be predictable areas of loss. The important aspect to keep in mind is how utilizing data can be used to figure out any discrepancies between inventory lists and identifying them with product orders.
A good tool to use is using different approaches to analytics. Using data from sources like billing and inventory can assist in the process and companies can use these tools to set prices and improve allocation of products and avoid wasting inventory which as mentioned is one of the problems when figuring out areas of loss.
Different Departments Coming Together
Let’s take a look at the company that was most affected by this data driven model that was molded by asset prediction. Weis Markets based out of Sunbury, PA had an opportunity to use this new tactic when Mike Limauro entered the fold and used his expertise to elicit change in the company.
The first thing that he used was a software system to manage all of the different systems and turn the entire place into a data driven company and that is why he found that using different areas of inventory was important in figuring out how to predict areas of loss.
The new approach that Limauro was taking, he considered a big picture approach that took all things into account. The software that he was installing to keep track of all of these things wasn’t just opened up for executives and store managers but for workers as well. This creates a more cohesive picture and helps with the analytics of the company.
The Software Involved & Benefits
Limauro’s team and group of staff uses something called Profitect to monitor things and create reports and identify areas of loss. Limauro stated, “When we identify an issue that causes us margin erosion or profit loss, we have somebody on staff that reverse engineers everything that goes wrong.”
Although there have been no solid numbers on what this new data driven environment is gaining the company, Limauro has assured that the company is gaining profits and becoming a better company. The total of waste has gone since using this integrated system and profitability is rising in the charts. The new approach to asset protection is also helping change how the department operates and is reverbing across the rest of the company.
The Shift to a Data Driven Company
The department that runs all of this is beginning to be seen as the central operation due to its heavy reliance on making the company a data driven company. This new designation is making it more important and a central figure in the running of the business operations. More companies should take heed of how they are doing business here and operating their internals because the data does not lie it also can help in a myriad of different situations in running a company.