Question

Able to provide and explain clearly at least 4 internal and 4 external ways of preventing stock loss by firm "US automotive industry"

(500 word only )

Answer 1

Answers 1) Well there are many ways to take care of stock loss, let’s talk about them:

Internal

· Use an EPOS system: It is a costly apparatus however is regularly utilized as a money box as opposed to oversee stock and income all the more effectively. Use it to follow exchanges, limiting workers on what they have authorization over. Set the framework to just permit rebate, discounts or voids to be done by an administrator. With this proper tracking of billing of parts of vehicles, invoices of vehicle sold, cash in flow and out flow can be checked and monitored.

• Train employees: Training employees regarding shrinkage control will reduce the stock loss. Trainings of how to control shrinkage and what areas are more prone to shrinkage and what areas are less, how to react when finding a faulty employee/customers stealing goods etc. With help of training all this can be achieved,
• Run a Live-stock system: Live stock system will help the company to check its stock at real time that is stock in hand can be checked and mapped physically in the store at any time with help of little software. Monitoring of goods again and again will help company to reduce shrinkage.
• Use employee sign-ins: Employee should do a thumb scanning when he/she comes and leaves the store along with this the camera will completely scan the body where the employee will need to raise his/her hand and stand still so that camera can read it. This is done in many automobile companies where robots do a phycail check of employees

External

• Figure out who is stealing: Figuring out who is stealing goods can be done through camera checks and physical checks.
• Have security in place for both customers and employees: Guarantee your stockroom isn't effectively open to everybody, even to all staff individuals now and again. Having restricted access permits you to pick who has contact with back room stock, eliminating potential theft.Ensure your stockroom isn't effectively open to everybody, even to all staff individuals at times. Having constrained access permits you to pick who has contact with back room stock, eliminating possible robbery.
• Beware of scams: Verify that your workers know about any tricks that you find out about, there are in every case new deceives that show up which are difficult to keep on head of. Attempt and remain mindful of these and keep your staff insider savvy moreover. Millions are lost each year because of trick specialists. A lot of scams and frauds happen in Automobile stores where customers come for taking test drive of cars then they take the car with them.
• Use RF/RFID tags: RF (Radio Frequency) or RFID (Radio Frequency Identification) ought to be utilized in retail locations to battle robbery. RF labels would be the more typical utilized security label utilized, however both set off security sensors on the off chance that somebody endeavors to leave the shop with labels despite everything connected to the product. With help of RFID proper security can be adopted at automobile stores.