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According to the latest figures, 64 percent of businesses report having issues with inventory theft. However, only 16 percent reported the thefts to police. While there are many ways this can occur, the most common is employee theft. But whether items are stolen by employees or customers, business owners are constantly looking for ways to prevent inventory theft. If you are a business owner who has experienced inventory theft, here are five methods you can use to reduce or eliminate your problem.

Dash Cams

While many people think dash cams are useful only for recording auto accidents, they can actually be quite useful in helping to prevent inventory theft. Particularly useful for freight providers who transport inventory, dash cams can now be used to catch thieves in the act. As technology has advanced, dash cams can now be monitored remotely using apps that can be downloaded to mobile devices. As a result, warehouse managers and others can record footage without a driver or others knowing it, resulting in key evidence that can prove useful.

Inventory Tracking Tags

Equipped with RFID capability, these tags can be attached to items in a warehouse. Then when loaded onto a truck, the tags can be tracked using specialized software and can send an alert to management if an item has not been delivered to its destination.

Accounting Software

As this technology has advanced, it can now more easily detect inventory discrepancies. By using real-time data, the software can show managers which employees had access to the products, as well as the time frame when the merchandise went missing.

Protect User IDs and Passwords

To make sure employees who work on inventory tracking cannot alter inventory numbers when using software, always make sure each employee has a unique user ID and password. By doing so, you'll be able to track which employees were working on the system at a particular time, making it easier to determine what occurred.

Securely Store Inventory

While this may sound simple, many businesses fail to do just that. By using caged areas with locks and alarms, locked cabinets, or areas monitored by security cameras, inventory theft will be greatly reduced.

 

Whether your business is big or small, using some or all of these techniques should lead to greater inventory security, greatly reducing theft and other problems.

 

References:

ADT Home Defenders | Crime Rates

DMS | How to Prevent Inventory Loss or Theft In Warehouses

Wasp | Reducing Employee Theft Through Inventory Tracking

Ordoror Blog | 5 Inventory Management Techniques to Avoid Theft

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