Qognify has won at the Retail Risk 2022 Fraud Awards, for its work with Data Installation & Supplies Ltd. (DIS) to provide Business Video Intelligence (BVI) to a large multinational clothing retailer. The companies are recognised in the Most Innovative Retail Risk Management Cross-Functional or Supply Chain Solution category.
Qognify’s BVI has been implemented to support the retailer’s loss prevention team, and it has a proven track record of efficient return on investment, helping to reduce fraudulent customer claims, whilst improving efficiencies within warehousing and distribution.
The Qognify BVI solution works by combining video footage from a retailers video management system (VMS) with transaction data from its business-related IT systems. In linking these previously connect systems, Qognify BVI creates a new-level of information that can be used in the prosecution of crime, and to transform processes that improve safety, security and operations. For example, retailers can use Qognify BVI in combination with its stores Point of Sale (POS) system to investigate suspicious transaction types such as cancellations, returns or void transactions at the checkout.
BVI can also be used to document pick and pack as well as the returns handling processes, and the transfer of liabilities in the warehouse. In this instance, the video system is connected to barcode scanners or to the ERP/warehouse management system to combine video and transaction data. This approach provides an opportunity to avert false claims and fight organized retail crime while also benefiting staff and customers, who can quickly and easily accurate information regarding the status of orders, replacements and returns.
The winner of the 2022 Fraud Awards, Most Innovative Retail Risk Management Cross-Functional or Supply Chain Solution category, needed to demonstrate an innovative product, solution or service that has a risk and loss prevention benefit, but that sits outside of the Profit Protection. The judges also looked for innovations that reduce shrink in either physical aspects of driver, vehicle, site security or in managing the complexities of delivery and replenishment fulfilment.
UK & Ireland Channel Sales Manager at Qognify Nigel Austin comments: “The Qognify team is proud that this innovative project has been recognized with a Fraud Award 2022. Together we are demonstrating to other retailers around the world, how to harness the power of video.”
Technical Director at DIS, Adam Foster, explains; “The implementation of Qognify BVI has enabled our customer to show a real ROI within an impressive time frame. Not only does the solution help prevent missing item claims, but it also supports process improvements within their operations. In turn, this provides our customer with a solution that can help support in many areas and processes within their business.”
The award was presented on 6th October 2022, in Leicester UK, at a gala ceremony that took place during the Retail Risk event.