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Time to Stop Shrink continued from page 112
erly credited to the retailer. These problems stem from a gap in some process, a failure to double-check work, or possibly lack of protocol to follow. This is where a major oppor- tunity lies for LP professionals: in creating systems, training, and veri- fi cation to ensure that processes are in place and consistently executed to prevent the most fundamental causes of shrink. In many retail organizations,
LP is primarily focused on what is happening on the sales fl oor. Mean- while, the company’s weak spots and sources of loss may be in unexpected places, such as the buying process, invoicing, logistics and distribution. Before becoming overwhelmed with this scope of work and the gravity of their responsibility, savvy LP profes- sionals will fi rst attempt to determine the areas where their particular or- ganization seems to be experiencing the greatest losses. Attempting to ad- dress all possible sources of shrink simultaneously will most likely result in an unsuccessful effort. By evaluat- ing and then assigning resources and time to the most signifi cant sources of loss, LP can focus on plugging the biggest holes and then move on to other sources. So it’s back to the basics for LP professionals. By taking a fundamental look at the end-to- end retail operation, they can get one step closer to stopping shrink in its tracks. ■ Andrew Wren serves as CEO of
Wren Solutions, a loss-prevention tech- nology provider helping leading retailers reduce loss and increase profi ts.
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