Retailers are increasingly looking at utilizing operational efficiency and compliance of stores to enhance their brand value. One of the critical tools they are adopting to achieve this goal is a systematic and standardized store audit program. Whether retailers want to provide an unmatched customer experience or maximize brand integrity across stores, they must leverage an effective store audit program.
Store audits can increase productivity, prevent errors, and ensure data integrity. They also ensure that a store's operations and processes are aligned with the retailer's standards for service, merchandising, and overall corporate compliance requirements. Other than reducing shrinkage, assisting in loss prevention programs, ensuring compliance with regulations and protecting company assets, effective store audits also strengthen a store's operational performance. Retailers can also glean valuable insights that empower them to improve the store's efficiency and controls.
MetricStream's solution helps retailers strategize, plan, streamline, evaluate and improve audit processes across their network of stores, and foster a culture of operational and service efficiency, integrity and accountability. It enables retailers to evaluate and efficiently manage key control areas such as safety and security, pricing, inventory control, human resources, payroll processing, cash control, cashiering and customer service, shipping and receiving and damaging and non-conforming merchandise.
The solution encompasses detailed embedded audit templates and checklists to efficiently undertake an audit with a logical structure and hierarchy. The solution includes end-to-end functionalities for managing the complete audit lifecycle spanning audit planning and scheduling, store data collection, development of audit reports and recommendations, and review and implementation of recommendations, enabling retailers to efficiently monitor compliance.Standardized scorecards can further be utilized by retailers to evaluate and assign points to each control area being assessed during the audit.
The solution offers a unique offline and mobile solution for data capture that allows auditors to record their findings in remote at remote stores, and synchronize this data seamlessly with the central audit database. It also provides sophisticated capabilities such as dashboards, flexible reports, and a centralized document repository to gain complete visibility into the audit exercise.
The key benefits of the solution include:
Embracing GRC to Manage Compliance, Risk and Audit Challenges - Retail and Consumer Industry Perspective
Expert Speaker: Keri Dawson - Vice President of Industry Solutions and Advisory Services, MetricStream