STR Launches STR TradeWatch Loss Prevention Application, New OLAP Data Mart
STR, Inc., a leading developer of store software systems for specialty retailers, has announced the introduction of STR TradeWatch, a loss prevention data mart for specialty retailers. TradeWatch is a corporate office application designed to be the primary loss prevention analysis tool used by a specialty retailer's audit/loss prevention department. Based on OLAP (On-Line Analytical Processing) database technology, it provides drill down analytical tools, ad hoc queries for reviewing stores, and exception-based alerts and reports to monitor associate activity.
"Managing loss prevention issues offers a tremendous bottom line impact to retailers," said Robert W. Munson, President of STR. "Developing TradeWatch is a natural outgrowth of STR's point-of-sale expertise and an optimum use of computer technology to dramatically simplify a critical corporate function. Connecting the loss prevention group directly to store data creates a true analysis environment for the detection of potential theft or fraudulent activities."
Industry surveys indicate that employee theft may account for as much as 40% of total retail losses. Using TradeWatch a specialty retailer will easily be able to review chain-wide transaction information to look for abnormalities and/or suspicious patterns of activity. Drill-down inquiries and exception reports track discount, void, and return activities, outside of acceptable ranges. To monitor stores and associates, users may perform many specific analyses; for example you may compare returns to the original sales transaction to examine discrepancies. Or you may track credit card activity, looking for instances where the same card number might have been used multiple times in one day, or by one associate.
Automatically Alert Your Field Organization
A key advantage is the ability for TradeWatch exception reports to trigger e-mail alerts that send information directly to front line managers who can address the problem immediately. For example, if a store or individual associate processes a return outside of the stores normal operating hours, an alert message can be e-mailed to the district manager for examination with follow-up the next day. The alert feature combines the benefit of instant notice of a situation with the simplicity and brevity of receiving only the exception data that your managers require.
Technically, TradeWatch is based on OLAP services built into Microsoft SQL Server 7.0. On-line Analytical Processing (OLAP) is a key part of most data warehouse and business analysis systems because it supports interactive viewing and analysis of data. POS data is first loaded into a SQL database; then, using Microsoft Data Transformation Services within SQL Server, it is loaded into a SQL OLAP database. The use of OLAP permits faster response times, increased performance and efficiency for corporate reporting, analysis, decision support, and data modeling.
STR, Inc., based in Cleveland, Ohio, is a leading provider of retail software solutions, drawing from more than a decade of store systems experience. The company offers in-store system and corporate and warehousing tools built on 32-bit Microsoft Windows NT technology, and also provides a full range of professional services, including: software customization, implementation, training, hardware services and international help desk support. STR has more than 15,000 contracted installations in a client base of internationally recognized specialty retail companies. To learn more about STR, please visit http://www.STRinc.com.