How to Improve Retail Profitability: Five tips you can use to boost audit recoveries, reduce the cost of claims and prevent future losses
Retail is a high-stakes arena, characterized by large transaction volumes and razor thin margins. To add to the pressure, market complexities make it all too easy for profit impacting problems to occur—from missed scan allowances to pricing errors.
One common culprit is poor data capture. A single deal can involve mountains of paper and electronic documents. Information might be keyed incorrectly, misfiled or routed to the wrong person. If there are workflow delays at any point in your process, pertinent details might not be entered into your systems until well after the effective start date of the deal.