How Technology Reduces Employee Theft
“Overall the biggest area of store loss remains employee theft with 38% of respondents citing it as the number one area of store loss and, across first, second and third highest causes of loss, scoring 59 points. Cash theft remains in second place with 26% or respondents identifying it as their biggest area of store loss. However, Administrative and bookkeeping errors come in second with 45 points and cash theft falls into third with 40 points.”
Technology can help restaurant, merchandise and fuel retailers reduce employee theft risk by making it easy to identify and investigate suspicious activity.
Advances in Monitoring and Analytics
Historically, the use of security cameras (closed-circuit television (CCTV) cameras) and video footage have played a role in monitoring employee theft but the hours required to review video footage has impacted the effectiveness of this technology. This is no longer the case with the many advances in camera, video and software technologies.
Today, restaurant, merchandise and fuel retailers can easily and quickly make use of video footage and POS data to monitor high risk transactions including age-restricted sales, refunds, voids and no sales. Petrosoft’s video journaling technology speeds up the video review process by tying video footage to POS transaction data and then grouping and/or flagging important transactions or groups of transactions for review. Petrosoft’s analytics have also advanced, providing restaurant, merchandise and fuel retailers with new insights into when and how high risk transactions are completed and, most importantly, by who. These advances ultimately reduce video footage review time from hours to minutes and provide additional insights into high risk transactions and operations.
How Does it Work?
Report Highlight: CStoreOffice® Risk Event Rating Report
Three types of risk events are important to restaurant, merchandise and fuel retailers: no sales, refunds, and voids. By knowing what locations, employees, and departments record most of these transactions, business owners can can address operational issues before they can irreversibly impact their business.
The CStoreOffice® Risk Event Rating Report is an advanced analytical tool that provides information about the number of risk transactions by employee, location, or department over a specific period of time.
Company assets and information can be especially sensitive and should not be openly accessible to all employees. Access level should be based on roles and responsibilities. CStoreOffice® enables role management.