Retail Risk Fraud Awards Finalists
DIS are extremely pleased to announce that we are finalists at the Retail Risk Fraud Awards 2022 for the category ‘Award for Most Innovative Retail Risk Management Cross-Functional or Supply Chain Solution’.
As detailed by Retail Risk: ‘The judges are looking for an innovative product, solution or service that has a risk and loss prevention benefit, but that sits outside of the Profit Protection department – for example people counting and hot spotting that has increased sales and reduced shrink.
The judges are also looking for innovative products, solutions or services that reduce shrink in either physical aspects of driver, vehicle, site security or in managing the complexities of delivery and replenishment fulfilment.
We are extremely pleased to have been nominated for this award for our work for Next, and their Loss Prevention department within their warehousing and distribution, alongside our partner Qognify, for Business Video Intelligence.
Business Video Intelligence is a solution that has been implemented to support the Loss Prevention team at Next, and it has a proven track record of efficient return on investment, helping to reduce fraudulent customer claims, whilst improving efficiencies within warehousing and distribution.
How does it do this?
Business Video Intelligence combines both video footage from a VMS with transactional data from business-related IT systems, creating a new level of information allowing your organisation to optimise business processes.
Your complex business processes can then be racked with reams of data, which are derived from numerous sources, but a multitude of gaps persist, where there are no sensors, logs or visual information- unfortunately these gaps can lead to losses…
Business Video Intelligence provides you with the facility to close these information gaps, through using both event and video data from a VMS and combining it with process data.
As a result of linking these previously unconnected areas, you gain extremely valuable new information.
Not only this, but Business Video Intelligence significantly reduces the time taken to browse through recordings to clarify irregularities in your business processes, for example lost or damaged packages in the warehouse.
How can BVI support business processes?
Business Video Intelligence combines your video and your transactional data, making it possible to search for specific items or transaction types, furthermore, finding the matching video recordings within seconds.
Traditionally, business processes are tracked with lots of data, but unfortunately this rarely (if ever reveals what happens, which is where BVI comes in.
Business Video Intelligence seamlessly monitors each step of a process, combining visual and transactional data, helping to improve the process flow, ensuring that responsibilities are always clear, hence the transfer of liability within the supply chain can be reliably documented.
In terms of lost, stolen or damaged shipments when it comes down to organisations having to replace, or pay a penalty it contributes significant costs, so Business Video Intelligence helps to prevent false claims by providing seamless documentation of the flow of goods.
In turn, this improves the efficiency of research compared with traditional video systems- furthermore, allowing all labels provided by an ERP, PoS or Warehouse Management to be used as search criteria.
If you would like some further information to better understand Business Video Intelligence and how we can support your organisation please contact Data Installation & Supplies on email@example.com.
The Retail Risk Fraud Awards take place on October 6th 2022.