This solution provides complete visibility into the entire shrink management lifecycle. Wipro Retail’s LP Platform helps identify internal and external theft, and provides a comprehensive view, from identification to resolution. The solution integrates a video management system with retailers Point-of-Sale systems and case management systems, which helps retailers accurately pin-point areas of theft that were previously difficult to identify.

The LP Platform addresses some of the current operational issues faced by retailers by incorporating business performance management. This helps retailers identify bottlenecks, prioritise cases and drive a higher rate of closure. The platform packs in the next generation analytics suite that helps retailers prevent fraud by leveraging predictive modelling. Other features of the solution include identifying trends and shrink hot spots; executive dashboards for effective decision making; and Intelligence On-Demand – reporting integrated as part of business processes.

The solution is backed by workflow and dashboards so that retailers can ensure that shrink is being dealt with and that data is put in the hands of managers in the front line. This platform will be delivered by bundling technology, infrastructure and business services and will help retailers reduce shrink. This will eliminate the need to own software, and the subsequent vendor dependence.

Research shows that in 2009, total global shrinkage cost retailers US$ 114,823 million*, equivalent to 1.43% of their retail sales, demonstrating an urgent need for retailers to battle losses wherever they occur. "In a tough economic environment, any reduction in shrink is a straight boost to the bottom line.  The LP Platform is an innovative solution that looks to identify, manage and prevent shrink in a holistic way. It will improve the effectiveness and throughput of LP operations, thereby enabling retailers to improve their operational efficiency and improve their margins." said Mike Davies, Vice President, Wipro Retail

Davies continued, “The Wipro Retail LP solution has been developed as the result of the growth that we’ve been experiencing.  That growth has allowed Wipro Retail to deepen our capabilities, and build new ones.  In the area of shrink, we have extensive experience in stores systems, and have helped some of the leading retailers with their Loss Prevention operations.”