Reason for shrinkage & action plan for control

Question

Accepted Answer

Shrinkage can be caused by theft, errors in inventory management, or administrative mistakes. Implementing strict inventory controls, training staff on loss prevention, and conducting regular audits can help control shrinkage.

Identify the root causes of shrinkage, such as theft by employees or customers, errors in receiving or recording inventory, or administrative mistakes
Implement strict inventory controls, such as regular inventory counts, security measures like surveillance cameras, and limiting access to high-value items
Train staff on loss prevention techniques, such as proper handling of merchandise, checking receipts at the door, and reporting any suspicious behavior
Conduct regular audits to track inventory discrepancies, investigate any variances, and take corrective actions to prevent future shrinkage
Utilize technology like RFID tags, electronic article surveillance systems, and inventory management software to track merchandise and deter theft

Reason for shrinkage & action plan for control

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