Partner Spotlight: Scarsdale Security Systems

We are pleased to feature Scarsdale Security Systems, one of the leading electronic security companies
in the U.S. and a leading supplier of security systems and services in the Northeast. Scarsdale is a proud partner of Nedap Retail-Americas.

Scarsdale provides system installation and monitoring for retail corporations and outlets, residences and businesses nationwide. Scarsdale’s systems incorporate a full range of the latest security technology for intrusion, fire detection, loss prevention, business intelligence, environmental monitoring, video surveillance and access control. Markets served include the following:

  • Retail Corporations and Stores
  • Residential Security
  • Commercial Security
  • Financial Institutions
  • Government, Schools
  • Commercial and industrial Security

To learn more about Scarsdale, visit: http://www.nedapretail-americas.com/scarsdale-security

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About Nedap Retail

Nedap brings 40 years of global experience, market expertise and close cooperation with leading retailers. Everything we do is driven by our mission to make it simple for retailers to always have the right products available. To achieve this, we offer industry-leading solutions for our customers’ diverse needs in loss prevention and stock management. For more information, visit www.nedapretail-americas.com.

RFID for Retailers: Either Lead or Be Led

The retail industry is ever-changing. New technology and innovation re-focuses and alters the marketplace at every turn. Retailers must stay ahead of the curve to attract new customers, retain the loyalty of existing customers, and streamline operations to sustain profits.

Adopting RFID is a win-win strategy that allows today’s retailers to forge ahead in this ever-changing landscape while leading the industry in a new and innovative direction. Mark Roberti, founder and editor of the RFID Journal, says in an article, “RFID’s Tipping Point, “What I see is a technology that is beginning to build critical mass in retail. At some point, enough retailers will have put RFID in stores that suppliers will decide they might as well tag all of their clothing. At that point, other retailers will quickly follow suit, and RFID will spread rapidly through the rest of the retail sector.”

IS RFID A REALITY?

Some large global retailers such as Walmart, Macy’s, Zara, and JC Penney, are already using RFID technology and the use of RFID tagging has significantly increased over the past five years. But the industry is poised for an exponential growth surge in the very near future. The RFID Journal reports that the retail industry could “see tag volumes grow from 5 billion [at present] to 10 billion to 50 billion in the space of just a year or two.” A Frost & Sullivan report on tags, hardware, and middleware/software, predicts that the RFID retail market “will grow from $289 million in 2011 to $3.2 billion in 2017,” with significant growth in the areas of “apparel and footwear, perishables, jewelry, and personal care.”

Retailers who do not jump on the RFID bandwagon soon, may find themselves lagging behind their competitors in several key areas, such as inventory control and distribution, product authentication, and customer satisfaction.

THE TIME FOR RFID IS NOW

Retail innovators are eager to get started using RFID technology and realize that, as with the implementation of any new idea, there is a foundation to be laid.

  • RFID requires a commitment from manufacturers and suppliers to put tags on goods.
  • RFID infrastructure takes time to install in stores.
  • RFID necessitates a strategic and purposeful allocation of resources.

Some retailers have started their RFID plan with a limited number of product categories and then expand to more categories as time and money allow. This way they will not be caught short when the “tipping point” is reached and the majority of retailers are scrambling to develop and execute RFID programs.

BENEFITS OF RFID

What can retailers gain from adopting and implementing RFID technology? Business Wire reports, “Increasing acceptance of RFID technology in the retail sector is the major trend in the market. RFID systems for retail applications are applied by the business to increase their return on investment as these systems help reduce the delivery cycle time of goods and the number of defects. RFID systems provide transparency and help streamline supply chain operations. With the help of RFID systems, retailers are able to capture the data and use inventory management software and big data solutions to identify the buying patterns of customers and form different promotional schemes to increase sales.”

Benefits of using RFID technology:

  • Accurate inventory tracking
  • Less discrepancies in inventory accounting
  • More efficient distribution
  • Reduced costs due to inaccurate accounting or delayed reporting of theft or other product loss
  • Identification of individual product items beyond their product type
  • Location of items beyond a direct sight line
  • Access of information from thousands of items simultaneously, all without manual data input or manipulation
  • Immediate access to information about the product that can be sent to inventory systems and/or manufacturers
  • Increased efficiency of operations
  • Improve asset accounting
  • Decrease reliance on manual input
  • Reduction of operations costs and supply chain inefficiencies
  • Simultaneous and continuous collection of useful data for analytics
  • Ability to identify the buying patterns of customers, online and in-store, to create targeted promotions that increase sales

TAKING THE FIRST STEP TO RFID

Retailers are beginning to get off the proverbial fence and really start to look at implementing RFID technology. This area is expected to expand, especially with businesses that can respond nimbly to new technologies, cutting-edge innovation, consumer demands, and marketplace pressure. Technavio, the leading global technology research and advisory company, reports, “Increasing adoption of RFID technology will significantly propel the global inventory management software market in the retail sector until 2020.”

Building an RFID strategy requires accurate planning by manufacturers and retailers to address an often complex set of objectives with the goal to ultimately better serve their vendors, distributors, and consumers both in the real world and in the virtual online marketplace.

6 Most Common CFO Objections

Seasoned Loss Prevention executives know that when attempting to acquire funding for a new LP initiative or solution, they must be prepared to answer some tough questions and possible objections from their CFO, as well as other senior executives.  A common best practice to prepare for these objections is to consult others within the company who have had experience going through this same capital request or budgetary process.  Often times coworkers can share the objections or tough questions that were previously asked of them.  LP professionals can use that knowledge and anticipate other similar scenarios, then practice viable responses.

What if an LP professional does not have someone to consult? 

Here is an opportunity to review some common questions and objections LP executives may encounter when asking for budget allocations or capital for a new or upgraded LP initiative. For illustration purposes, we’ll use the installation of Nedap’s EAS system with RFID capability as the LP initiative being proposed.

 CFO Question: What are the operating costs?

 LP Executive Answer: “Rather than continuing down the path of standard EAS, Nedap’s system is much more intelligent.  It will allow us to use the EAS system as more than just a deterrent to theft, as it provides Retail Analytics.  However, any slight increase in costs when compared to our current LP solution will be more than covered by the increase in sales we will realize due to having product on the shelf as a result of the reduction of theft, as well as the added benefits of RFID technology.  Therefore, this LP solution is well-suited to ensure we reach our break-even point within the first 10 months of the fiscal year.”

CFO Objection: We have other priorities right now. Maybe next year!

 LP Executive Answer: “We understand that one of the biggest challenges of any senior executive is how to justify spending capital on an LP solution, especially when shrink has improved over prior years.  However, it is important to note this LP solution doesn’t only reduce shrink.  It also reduces labor, provides crucial insight into what is being stolen so we can ensure proper replenishment immediately, and provides a wealth of other analytics that can be used by operations, marketing, and Loss Prevention.  Since all of these areas are priorities for us, it is imperative to integrate this LP solution.  By reducing theft, we will decrease turnover, increase average transaction size, and increase same store sales over last year.  With this improved in-stock position, customer satisfaction will undoubtedly improve.”

 Ever heard these common objections?

  • I don’t want to burden the store employees. The have enough to do!
  • This LP solution will NOT improve sales.
  • That sounds like a huge operation! We don’t have the capacity for that right now!
  • This LP solution requires additional hardware and capital expenditures.

For the answers to the above objections and more ways to win over your CFO, click here to download, “Winning Over the CFO – A Practical Guide for Loss Prevention Executives” by Nedap Retail.