PerformanceRetail, a provider of web-based software for the high velocity retail industry, and FKI Security Group, a security and loss prevention company, today announced that the two companies have entered into a co-marketing alliance to provide web-based software applications and security hardware such as digital video recorders and intelligent safes as part of an end-to-end loss prevention offering to the retail industry. This alliance will enable retailers to monitor key performance indicators of shrink, more quickly identify the source of the loss and move to resolve the issues, reducing loss and improving retailer profitability.
According to the National Retail Federation (NRF), the retail industry loses $31 billion a year to inventory shrinkage, which represents the largest category of larceny in the United States. Leading retailers are looking for innovative means to stem the tide of loss and therefore improve profitability.
Through its MADE (Multi-Application Data Exchange) interface, FKI Security Group's Image Vault digital video recorders (DVRs) can interface with a variety of devices in the retail store environment including access-control systems, alarm panels, ATMs, electronic safes and point of sale (POS) devices. PerformanceRetail's InSite Loss Prevention Edition tracks events at the POS and identifies issues that negatively impact retailer margins, with a particular focus on cashier actions that correlate with fraudulent behavior. By integrating the platforms from the two companies, retailers can track loss indicators from the POS and tie questionable events back to video of the specific potential fraud or theft occurrence. The video from the FKI Image Vault DVR, coupled with the transaction data from the PerformanceRetail InSite software provide the retailers with a closed loop loss prevention solution that can quickly drive ROI. Additionally, retailers can leverage the instant alerts features of InSite to remotely monitor and tie alarms to activities related to FKI's NKL Cash Handling Systems, further improving their loss prevention processes.
Image Vault DVRs, FKI Security Group's flagship product, have been proven in many different retail environments nationwide, where simplicity and durability are key factors. Image Vault, currently shipping Version 8.4, offers faster record rates, smaller image sizes and the stability of the Windows XPe OS. Advancements in the product family continue to enable Image Vault to extend its sales penetration to other markets that are benefiting equally well from its established product line.
The PerformanceRetail InSite Loss Prevention Edition provides real-time visibility into the key metrics of shrink and enables proactive resolution of potential losses through:
- Chain, district, store and cashier loss prevention Scorecards which highlight and correlate loss indicators across the entire organization
- Instant alerts, which provide notification of exceptions at the cashier, store or district level on key loss prevention indicators such as price overrides, voids, errors, no sales, coupons, cash over/short and scan rate
- Shift analysis and loss prevention-specific transaction and cashier reports, with drill-down capability to enable quick issue resolution
- InSite Agent which can continually monitor POS activities and securely transmit transaction-level data to the retailer for issue analysis and resolution
Steve Aronson, FKI Security Group's vice president of marketing said the partnership will enable the retailer to identify areas of loss and quickly take steps to resolve potential issues. "PerformanceRetail creates and supports great applications that enable retailers to track and improve retail performance, and FKI Security Group builds innovative devices that monitor and control cash from the POS all the way to the bank drop or pickup by the cash transporting service," Aronson said.
"We are excited to work with a leader in security such as FKI," said Dean Cruse, executive vice president of marketing at PerformanceRetail. "Our customers are the real winners with this alliance; gaining easy and affordable solutions that will enable them to increase their competitive position and grow their businesses."