Shrinkage and Fraud Reduction

Solution Group

Industry

Smart Retail
Retail and Wholesale

PoC Duration

Iotellect Match

3-12 days
AI powered Low Code IoT/IIoT Platform

Safeguard your retail business with a comprehensive solution for loss reduction. Leverage real-time monitoring, data analytics and intelligent algorithms to detect and prevent harm from employee theft, shoplifting, and vendor fraud. Gain full visibility into your operations, optimize inventory management, and enhance security - all from a centralized cloud-based platform. Empower your team to make data-driven decisions and protect your bottom line. Unlock the power of smart retail technology to drive profitability and sustainability.

Iotellect is a low code IoT/IIoT development platform. It does not work as an out-of-the-box solution or product. Instead, it helps you to monetize your IoT know-how by dramatically lowering labor costs and cutting time-to-market for your product, service, or solution. It allows business-oriented IoT professionals to join the development process by converting their IoT market knowledge directly into product features and specific value delivered to your end customers.

Build Your IoT Application

Connect Your

Shrinkage and Fraud Reduction Equipment

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RFID/NFC tags and readers
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Environmental sensors
(temperature, humidity, light, air quality, etc.)
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Smart cameras and video analytics systems
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Electronic Article Surveillance (EAS) systems
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Point-of-Sale (POS) terminals
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Inventory tracking sensors
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Access control systems
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Asset tracking devices
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Smart alarms and door sensors
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Edge gateways and connectivity hubs
  • Plug-and-play support for 100+ industrial protocols like Modbus, OPC UA, BACnet, SNMP, MQTT, reducing time to integrate devices
  • Device drivers normalize data from diverse protocols into a unified data model, ensuring a consistent data flow
  • Encrypted communication modules for reliable, secure data transmission between edge gateways and cloud platforms
  • Automated detection and reporting of inventory levels across multiple stores to minimize manual checks
  • Real-time monitoring of store premises using IoT sensors to enhance surveillance capabilities
  • Seamless remote configuration of sensors and devices to adjust based on the evolving needs within the retail environment
  • Hierarchical organization of all connected devices in the context tree simplifies large-scale system management

Connectivity and Management

  • Low code integration with existing ERP systems for comprehensive inventory management across all retail locations
  • Integration with Point of Sale (POS) systems to correlate transactional data with shrinkage events
  • Facilitation of easy synchronization with Warehouse Management Systems (WMS) via pre-built drivers for seamless inventory tracking
  • Low code connectors for easy communication with supply chain management platforms, ensuring up-to-date inventory records
  • Supports the importation of vendor and delivery data to cross-check against received inventory reducing vendor fraud risks
  • Integration with business intelligence platforms providing comprehensive insights into operations and shrinkage metrics
  • Automatic triggering of maintenance or restocking alerts through integrated task management systems when anomalies are detected

Integration

  • Utilization of Iotellect's digital twins to simulate store layouts and optimize placement of high-value items to deter theft
  • Machine learning algorithms for anomaly detection in purchase patterns, highlighting potential fraudulent activities in real-time
  • Analysis of historical shrinkage data using the Round-Robin Database (RRD) to identify trends and predict future losses
  • Real-time alerting based on customer behavior analytics for immediate intervention during suspicious activities
  • Correlation of sales data with security camera footage to identify and address incidents of employee theft
  • Calculation of shrinkage rates per product category and store location to inform targeted preventive measures
  • Utilization of low-code expression language to customize fraud detection rules and trigger specific alerts or actions
  • Advanced event management capabilities including correlation and aggregation for comprehensive incident analysis

Analytics

  • Customizable dashboard components allow retail managers to monitor real-time shrinkage stats and performance indicators at a glance
  • Dynamic vector images and icons for enhanced visualization of security events and alerts across floor plans
  • Visual GUI Builder empowers users to design and modify dashboards without needing extensive coding knowledge, enhancing flexibility
  • Role-based access control ensures that only authorized personnel can view sensitive shrinkage data or modify alarm settings
  • Integrated low-code web component SDK facilitates easy creation of tailored visual interfaces for different roles within the organization
  • Configurable alert notifications sent via email or SMS based on user-defined triggers ensure rapid response times to potential incidents

UI/UX

Key Features
of Your Shrinkage and Fraud Reduction Solution

Customers and Partners

  • System Integrators
  • Independent Software Vendors
  • Original Equipment Manufacturers
  • Retail Chains
  • Wholesalers
  • Retail Technology Vendors
  • Logistics and Supply Chain Companies
  • Security Solution Providers
  • Data Analytics Firms

Solution Users and Developers

  • Dedicated low code developers
  • Building automation engineers
  • Retail specialists
  • IoT/IIoT hardware developers
  • Loss prevention supervisors
  • Asset protection specialists
  • Data analysts and business intelligence professionals
Customer success team
Community
Online training

Assistance