Video-Based Business Intelligence: What You Don’t Know CAN Hurt You

Envysion, a leading provider of cloud-based, video-driven business intelligence, shared a recent article to touch on the 2014-2015 increase in shrinkage in the retail industry.
Let’s look at some facts and contributing factors outlined by the article:
- A challenging retail environment forced retailers to cut budgets, reducing the size and scope of loss prevention efforts.
- Budget cuts resulted in limited tools for monitoring internal theft and inventory mishaps.
- 45% of shrinkage is due to employee theft.
- 36% of shrinkage is due to consumer theft.
Isn’t it striking? The individuals you trust to sell your products and run your stores are the ones most responsible for theft. It happens right under your nose, and perhaps, right under your current surveillance system.
Theft does not necessarily have to look like those televised hold-ups starring a masked villain. It often occurs in moments of opportunity in the quietness of a store when few employees and customers are present. Indeed, much of the loss you must take the greatest steps to prevent occurs in the least obvious corners of your business.
Most retailers have no idea how incredibly powerful and valuable video-based business intelligence systems are.
Video-based business intelligence is designed to expose the subtleties you may miss if you are simply installing cameras and auditing clips at certain intervals, if at all. Yet, most retailers have no idea how incredibly powerful and valuable video-based business intelligence systems are.
iQmetrix and Envysion share a partnership to provide comprehensive surveillance and auditing. The intelligence system reinforces the video system with algorithmic auditing based on common transaction flags. Additionally, the coupling of audio and video in the recording of store activities provides auditing power for verification and opportunity identification purposes.
Let’s look at a couple examples: