According to the National Restaurant Association, an estimated 75% of restaurant inventory shortages are attributed to employee theft. That equates to a substantial 7% increase in sales down the drain in an industry where margins are tighter than ever.
So how do you combat a security risk when it’s coming from inside the store? Today it takes more than state of the art security cameras to protect what matters most. This blog will go in depth into the tools and systemic updates your organization can implement to secure your store and your margins.
Point of Sale Technology: Track All Transactions
When it comes to reducing shrinkage and increasing revenue: data is king. Implementing a Point of Sale (POS) system gives you the ability to track all transactions in and out while easily identifying any discrepancies or irregularities in the sales data.
Additionally, this system provides the opportunity to quickly recognize patterns of theft, such as voided transactions or unauthorized discounts.
RFID Tags Alongside Automated Inventory Tracking
Data continues to be the preferred tool when combatting theft. Through the application of Radio-frequency identification (RFID) tags you now have the ability to track all inventory through your restaurant. By attaching RFID tags to high-value items, such as bottles of wine or expensive cuts of meat, restaurant owners can track when and where these items are being moved, and quickly identify any inconsistencies. RFID paired with an automated inventory tracking system gives you a real time view into your stock levels. Not only letting you know when you need to place your next order of beef but allowing you to reduce the risk of theft or mismanagement.
By pairing RFID with POS and inventory tracking you can now track where the inventory is throughout your business and how much of it, while simultaneously tracking who is handling it and selling it to customers. Having all this data at your disposal provides an efficient way of mapping the potential theft happening in the backroom of your restaurant.
Help with Analyzing Your Data
Putting all of these systems together will leave you with a ton of data to sift through. Implementing a data analytics tool gives you the power at your fingertips to efficiently and effectively sort through all of this new information.
Quickly identify patterns of theft, or, better yet, identify potential avenues of theft before the crime ever happens. Through analyzing this data, you can easily determine which employee is underreporting their tips or those who have an unusually high number of voided transactions.
All of these tools and systems are easily implemented with little to no disruption to your day-to-day operation. Through the implementation of POS, RFID, inventory tracking, and data analytics tools you are on your way to securing your restaurant well into the future.
Do you know that you need these tools but don’t have the bandwidth to implement them properly? Partner with the nationwide leader in solutions integration that secures what matters most to you while allowing you to focus on what matters most to you.