March 23, 2017
Overcoming the risks of poor store visibility
No matter how much effort you put into creating manuals and training protocols, keeping tabs on how your policies are executed is a challenge. After all, it’s impossible to know exactly what your store employees are up to day in and day out. But ultimately, your profits are in their hands.
If every employee in every store in your enterprise followed your currency management procedures to the letter, then every report would be complete and on time, every register would balance to the penny, and you’d never have to investigate a missing deposit again.
Unfortunately, that’s not likely to happen — your employees are only human. However, when it comes to store activity, what you don’t know does hurt you. There’s no better way to arm yourself against loss and risk than with comprehensive store visibility.
There are many risks of poor store visibility, and they work in conjunction against your bottom line. Consider:
- Loss. Without timely information on loss in your stores, you can’t act quickly enough to mitigate it. Errors happen, and there’s no way around it. But your loss prevention department might be devoting too much precious time to sniffing out their cause, leaving less bandwidth for uncovering real fraud. Delayed reports from stores keep you from discovering either type of loss until the funds are long gone. Ensuring your reports from stores are timely and accurate will help your team stay on top of potential fraud as well as repeated errors, so you can crack down on theft and revisit your processes to find more mistake-proof solutions.
- Compliance and accountability. When your longtime employees share shortcuts and workarounds with their newer coworkers, they’re just trying to be helpful. But the downside to these informal “training” sessions is that generation after generation of employee learns to do things incorrectly. When established employees figure out how to get their jobs done more quickly but less accurately, or deliberately stretch out their currency management duties to avoid other tasks, they set off a chain reaction of noncompliance that can wreak havoc on your policies. If you have a clear picture of what’s happening in your stores, you can identify these compliance issues before poor habits take root and spread to other employees.
- Cash assets. When you have visibility of your cash assets by store, you can make informed decisions: identifying cash that would otherwise remain idle, adjusting the minimum and maximum cash amounts per store, and optimizing your banking and armored car needs, for example. If the information you receive about each store’s cash holdings is delayed, it can make a big difference.
Increasing store visibility
Trying to keep track of every employee and currency management policy in every store might seem impossible — and without the proper procedures and tools, maybe it is. But there’s no better way to give yourself a competitive edge against online giants and other brick-and-mortar retailers than true store visibility. When you empower yourself with information about what’s happening at a store level, you’ll be prepared to take quick action on both problems and successes, keeping your business agile, efficient and competitive.
By tackling your challenges one at a time and investing in technology that provides virtual insight into your enterprise, you’ll find the comprehensive visibility you need for maximum profit.
Ready to take the next step toward store visibility? Read more about how a clearer view of store activity benefits your currency management and discover which four functionalities you should be looking for in a store visibility solution.