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A full featured exception reporting application
One of the key information sources that RetailNext can use for its analysis of your stores is the point-of-sale (POS) system. RetailNext can take data directly from all popular POS systems to power a variety of analytics operations, including full-featured exception reporting.
Because RetailNext integrates your transaction data with other sources, the platform offers powerful capabilities that are beyond the norm for POS exception reporting systems. And by combining this capability with other necessary in-store functions like traffic counting and loss prevention video systems, you can realize extreme savings in capital expenditures and ongoing service and maintenance.
- Comprehensive view of all POS transactions
- Sorting and searching by time period, transaction type, amount, number of items, payment type, cashier, sales associate, SKU, exception type, and more
- "Top-N" reporting for one click detection of outliers and suspicious activity
- One-click access to full basket information for every transaction
- Instantly viewable video of all transactions
- Automatic, customizable exception reports sent to your inbox
- Instant alerts based on predefined criteria
- Integration with third-party messaging and alerting systems
- Web-based console with credential-controlled access available from anywhere
- Mobile access to transaction queries and video through iOS and Android devices
POS exception reporting can help you in these areas:
THEFT REDUCTION. By giving you greater visibility to what’s going on at the register and highlighting suspect behaviors, POS exception reporting is an indispensable tool in reducing shrinkage, internal theft, credit and gift card fraud, and cash shortages. Not only it is easier to resolve known cases and perform audits, but knowing that these capabilities are in place has been shown to reduce the frequency of employee dishonesty.
FASTER RESOLUTION OF CASES. By giving you instant access to searchable, sortable data and video on 100% of transactions, a POS exception reporting system can enable the fast resolution of cases and reduce your own LP staff’s time invested.
TRAINING AND OPERATIONAL IMPROVEMENT. Exception reporting offers an excellent view into the KPIs that drive your stores’ success. Use this functionality to find and act on systematic inefficiencies or opportunities for improvement. Plus you can easily identify low-performing stores and cashiers for additional training and focus – or high-performing ones for recognition and to discover new best practices.
BROOKSTONE. The store uses in-store analytics in its effort to create an environment that "keeps honest people honest." POS exception reporting is particularly helpful in identifying suspicious returns for additional scrutiny, including the use of video to make sure customers are actually present during transactions. Through its rigorous adoption of exception reporting and other analytics, Brookstone has reduced shrink more than .2%, equating to roughly $1 million a year in bottom line improvement.
AMERICAN APPAREL. The store cut theft 16% and up to 75% in some stores with RetailNext solutions. The clothing retailer reported that the staff time necesarry to investigate POS exceptions is reduced to one quarter of what it had been and that having the same objective data avaliable to different departments has improved communication, alignment, and cooperation across the orgranization. By combining loss prevention and traffic counting functionality in a single system, American Apparel achieved all these results while saving 40% in capital expenditure.