According to a claim made by CBS News in 2017, employees steal about $50 million worth of inventory and business assets every year. This theft contributes to about 33% of bankruptcies filed for businesses. CBS News also reported that nearly 43% of inventory shrinkage was caused by internal employees.
This theft can cut into a large amount of your yearly revenue, and with police only being able to solve 13% of burglary cases due to lack of evidence, it is unlikely that the culprit would ever even be brought to justice for stealing. Thankfully, advancements in the security technologies industry have made protecting your inventory easier than ever. If you are looking to upgrade your business’s security measures, check out how commercial access control systems can help.
What Is Inventory Shrink?
Inventory shrink refers to anytime an item that was logged into inventory goes missing. The most common reasons for this occurring include theft, human error, and product spoilage.
What Can Be Done To Prevent Inventory Shrink?
Inventory shrink doesn’t have to plague your business. All three of the most popular causes are easily fixed and likely just require greater attention to detail — such as avoiding human error and product spoilage. If your business is experiencing theft, however, check out these security measures you can implement:
- Commercial Access Control System: A commercial access control system will make it impossible for unauthorized persons to stealthily steal from you by creating a secure barrier. This can include a door or gate that only opens with a password or card swipe.
- Video Monitoring Services: In addition to securing all access points to your inventory, installing video surveillance around your building or facility can help deter theft from ever happening. You will also have access to video footage if any crime does occur, which can greatly assist in getting your stolen goods back.
- Integrated Security Systems: An integrated security system provides a convenient method of organizing all of your security needs. The process involves combining the many aspects of your current security system to create one central system. This can help prevent theft by alerting you if someone is trying to access an area they are not supposed to be in.
It’s easier than ever to find business security solutions that work with your specific company and situation. Integrated security systems offer a customizable way to centralize your overall security plan and can be an effective way to prevent inventory shrink caused by theft. This investment can in turn help you keep profit in your yearly revenue, as well as alert you to suspicious activity before it gets the chance to affect your business. If you’re ready to optimize your security plan, call us today so that we can start tailoring a security plan for your business.