Wipro Technologies, the global consulting, system integration and outsourcing business of Wipro Ltd., recently launched a strategic retail solution 'Profit Lock', at the 2011 edition of the National Retail Federation Conference. Profit Lock is a solution providing an end-to-end and integrated view of the inventory shrink management lifecycle.
It is a comprehensive solution addressing three major retail organisational pillars People, Process and Technology. The solution is designed to provide a 360 degree view of the Shrink Management life cycle and uses 'integration' of key organisational disciplines Loss Prevention (LP), IT, F&A (Finance and Accounting), Merchandising, Risk & Compliance, Supply Chain and Logistics - as a best practice.
According to National Retail Security Survey 2009, the US retail industry saw an average loss of 1.44% of revenue due to inventory shrinkage annually. Shrinkage losses accounted for more than USD 33 billion in 2009. Traditional Shrink Management efforts focus heavily on theft and fraud detection.
Changing business and operational dynamics force retailers to expect more versatility from presently used shrinkage control IT solutions. Retailers continue to face issues stemming from multiple LP vendors with discrete applications for shrink management. Profit Lock offers a new standard in shrink management by going 'beyond the fraud'.
Hari Shetty, Vice President and Head of Retail, Wipro Technologies, commented: "We believe, the introduction of the Profit Lock solution is the most innovative retail shrink management approach in decades. Providing extreme innovation in support of our customer's continued profitability is a prime focus for Wipro's dedicated retail practice."
The Profit Lock solution incorporates three elements of the shrink management life cycle: 'Identify', 'Manage' And 'Prevent'. Wipro will host a LP command center which will strategize, define, design, implement and monitor different areas of Loss Prevention programs for retailers.
Wipro's Retail offerings include Consulting, Application Development and Maintenance, and Process Improvement. Wipro Retail offers customised solutions in the CRM e-business, CRM, SCM, Technology Infrastructure, ERP, Data Warehousing, Stores Operations Management, Retail Shrink Management, Retail Merchandising and Business Intelligence space.