Updating surveillance equipment has big payoff for stores
A good security system can help deter and stop shoplifters, but what is a retailer to do when thieves learn how to work around current surveillance equipment?
The technology in the surveillance and security equipment industry is constantly evolving. This is good news for retailers who are looking to prevent inventory loss – top-of-the-line, upgraded security equipment can help keep stores safe from thefts that can add up to big costs for business owners.
Store thefts hit retailers hard
According to the National Retail Federation (NRF), the retail industry lost about $44 billion last year to inventory shrinkage – an avoidable loss of inventory due to store thefts and administrative errors. By far the biggest cause of shrinkage is store thefts. The Wal-Mart corporation alone lost an estimated $200 million to larceny in 2014.
In total, these thefts account for a 1.4 percent loss of yearly sales for retailers and a 70 percent loss in inventory. Shoplifting costs the industry more than $16.7 billion and employee thefts clocked in with more than $15 billion.
For many stores, this can have a big impact on business.
"A common misperception about shoplifting is that retailers can 'afford' the loss of a candy bar or a pair of jeans. But the truth is that the industry loses billions of dollars," said Matthew Shay, CEO of the NRF.
According to Fortune Magazine, the grocery sector is hardest hit by the thefts, with an inventory loss of 3.23 percent in 2014.
Keeping security systems updated
One of the best ways for a store to prevent theft-related losses is to routinely invest in its surveillance systems. Retail experts claim that as good as technology may be, it is also evolving to counteract the evolution of shoplifters.
"Though we are encouraged by the partnerships forged with law enforcement over the years and advances in technology that will help deter a crime before it happens, criminals continue to thwart much of the progress retailers have made thus far," said Shay in the NRF release.
That's why businesses owners need to periodically test and re-evaluate their surveillance equipment. What was top-of-the-line 10 years ago may not protect a store from modern causes of loss. While some store owners may think they shouldn't spend the money on an updated security system when they already have one, they stand to save more than they spend by preventing high inventory loss. Store owners who don't have any existing security equipment at all are especially in need of reconsidering and investing in modern surveillance technology.
Don’t be distracted when shopping for surveillance equipment
It's safe to say no business wants to compromise on its security, not just online, but when protecting their facilities, resources and employees in the real world.
To do that, most businesses would say they're willing to do whatever it takes to get the job done, especially if it means purchasing brand new technology like cutting-edge cameras. What issues should business owners keep in mind when acquiring new video surveillance equipment?
4K technology has its obvious advantages, but can your business support them?
If businesses are looking for a surveillance system with picture clarity so vivid, they could see a mole on a thief's cheek, many will say 4K definition is the way to go. Picture quality in general appears to be one of those forms of technology that progresses without caveat. Unfortunately, that's not necessarily the case, according to Charlie Erickson, director of product management at 3xLOGIC.
"People want the same quality picture that they're getting with their consumer experience, and 4k is a logical progression," he said. "However, our industry is still challenged by managing data at 2K and HD. We still have storage and network capacity limitations."
Given 4K technology's incredible data footprint, a compatible security system can put a strain on a company's network and server space. Without the proper IT hardware throughout the rest of the business, companies could sacrifice other amazing assets modern surveillance can offer, like remote viewing, for something as flashy as picture quality. Business owners would be wise to loop their IT departments in on any decision regarding top-of-the-line technology, including surveillance.
"Companies could spend untold amounts of money on video surveillance features they don't need."
Jon Cropley, principal analyst for IHS Technology, wrote in a recent report how despite more than a decade of revenue expansion, the market for video surveillance equipment will not reach the level of pure commodification, no matter how important security is to companies now and will be in the years to come. Surveillance is not just an item a business owner purchases, but rather a way of improving operations overall. As such, security needs will differ depending on the industry in question. Cropley believes video surveillance system brands will begin to branch off, targeting specific industries and tailoring their products in ways that attract that audience exclusively.
This is where the average business owner could falter, as this commercial phenomenon has already started somewhat. Without thoroughly researching the equipment they plan to buy, companies could spend untold amounts of money on features they don't need. For instance, quality of low-light imaging might be more important to some than it is to others. Unintentionally purchasing a system on the higher or lower end of that scale would mean customers wasted money. Moreover, if customers bought a system thinking it included a feature it didn't, it could even give them faith in surveillance that isn't right for them. Instead, any business looking to upgrade surveillance should look into the systems similar
GSSC at St. Paul BOMA Expo
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GSSC would like to recognize these individuals for their outstanding work performance – for going above and beyond to assist GSSC and our client in their day to day activities. We want to thank each one of them for their superior service.
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