Torex tackles internal retail theft

This article is brought to you by Retail Technology Review: Torex tackles internal retail theft.

Torex Retail Holdings Limited (Torex), a leading global provider of integrated technology solutions to the extended retail marketplace, has launched Torex Business Analysis Loss Prevention, a new tool to help retailers tackle the issue of internal losses.  The tool equips retailers with highly valuable insight into improperly handled sales, returns and refunds by staff.

With shrinkage currently representing almost 1.5% of retail turnover and half of this figure attributable to human error or the dishonest activities of employees, the tool is set to have a significant impact on retailers bottom lines.  Indeed, out of nearly 1,000 retailers in 36 countries, disloyal employees were found to account for a total loss of $38,150 million as a result of internal theft within these companies.

Torex Business Analysis Loss Prevention is installed in the central database of a retail chain to allow managers to scrutinise inconsistencies across millions of transactions, identifying dishonest practices by employees. As it is a web-based product, the store information can be accessed and analysed by both local store managers and head office. Its pre-packaged nature means it can be easily installed and rapidly deployed, allowing retailers to start obtaining value from it by identifying and stopping theft as quickly as possible.  

An affordable tool designed for large retailers with multiple outlets, Torex Business Analysis Loss Prevention provides easy-to-interpret reports that support full-scale audits. It also integrates with CCTV to heighten monitoring and offer enforced evidence admissible in a court. 

Doug Hargrove, Chief Marketing Officer for Torex, comments, Internal losses are crippling many retailers and with the current times proving tough, identifying these losses is especially important to safeguarding profits. Torex is an expert in both Point of Service technology and business analysis systems so we were in a strong position to develop technology which provides real insight into this aspect of retailers operations. We are confident that Torex Business Analysis Loss Prevention will lead to significant cost savings for retailers across a large variety of sectors.