Sourcing Loss Prevention and Risk Categories

March 7th, 2022

Whatever your Loss Prevention need is, the global environment …………………………….


Today’s post is from our SafeSourcing Archives

What are some of the ways to actively use sourcing tools to help reduce your company’s loss?”

What ever state the world economy is in, is no longer  newsflash material for anyone.  As governments and businesses actively pursue the steps to improve results, issues within business, especially in retail, that were once concerns are now becoming major problems as they battle theft and loss both internally and externally.

In the course of dealing with “loss” head-on, many companies are looking to improvement their infrastructure, processes and coverage by researching companies that specialize in providing goods and services to help reduce loss.  Today we will be covering a few areas that sourcing departments or 3rd party sourcing partners can help you so that you know what is out there and to help make the best decision for your company to procure.

Enterprise Software – There are many companies that provide enterprise software for gathering and monitoring the data that flows through your business every day.  Hundreds of successful RFPs are run every year to gather the information necessary to compare these companies and offer you valuable insight into the solution that is best for you.  Make sure you have all of the facts to be able to compare the companies evenly.

Video Equipment – With literally hundreds of video manufacturers on the market offering DVRs, cameras and the software that goes with them, not to mention new technology that leverages IP devices and video analytics to intelligently monitor the video, it is a perfect time to review the current video condition of your company.  Begin to gather the details and competitive pricing from these vendors to upgrade or improve your company’s current video infrastructure.

Consulting Services – While enterprise loss analysis software and video capabilities are important for many companies, not all companies have the staff to monitor and deal with what is being provided out of these systems.  Due to this issue, many consulting companies have appeared with terrific loss prevention experience to help you use your tools to reduce your loss, whether that is reviewing exception based reports, video or handling the interviews of potential theft activity in your company.

Alarms & Safes – Alarms and safes are terrific categories to be looking at due to the fact that with so many companies selling them, there is a terrific common ground from which a company can evaluate the pricing from multiple companies easily.  Because the field can be so competitive on pricing it is also a good time for customers to get additional “value-add” from vendors that are offering more services in order to get the alarm or safe business.

Security Companies – Security and doo/fire alarm monitoring companies have been in existence for years and many offer similar services.  Now is a good time to look at your existing supplier and see what else they are doing that is new that you might be able to leverage.  While doing this process it is probably a good idea to take a look at some new companies and see if they are offering anything that may help your company reduce either your loss or your costs.

Whatever your Loss Prevention need is, the global environment is quickly demanding that companies begin to pay more attention to the amount of money and product they are losing and look for ways to reduce that loss and the above categories and suggested steps in examining what is right for your company are just a few of hundreds.  For assistance in sourcing these categories for your business, please contact a SafeSourcing Customer Service Representative.

We look forward to your comments.

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