A new year is upon us and with it, the promise of exciting new achievements and, yes, even challenges. As we bid farewell to 2017, we shared some of the milestones that have made our year great with Built In Colorado, the authority on startup jobs, tech news and events in the Colorado tech scene.
For most QSR owners and operators, the loss prevention and workforce retention struggle is all too real. Between theft, loss, false legal claims, high turnover, and fierce competition for employees and customers—boosting profits and ensuring a great customer experience may seem like an insurmountable task.
To finish this series on video intelligence, video surveillance is most commonly seen as a tool for identifying negatives, like shoplifting and employee theft, but it can also be an excellent way to show staff that you understand the things they’re excelling at.
“We’ve realized a sustained and predictable profit impact from Envysion over the last seven years and we are continually finding new ways to use video to improve our restaurants’ performance” says Tim Spong, Chipotle’s director of safety, security and risk At Chipotle. In fact, the restaurant chain’s profit margins are among the highest in the industry, despite managing 50,000 employees across over 1,750 locations.
“In just six months we’ve added 2% to the bottom line in each of our stores,” said Bernie Quintero, Director of Operations at D-Carr Investments. The combination of video cameras, the Envysion platform, and a new loss prevention department makes a big impact on how the employees and store managers operate in each restaurant.
Anyone who follows current events knows that this has been a stellar year for hackers—over the last 12 months, several big name retailers including Home Depot, Michaels and Target have all experienced breaches of sensitive consumer data. According to Forbes.com1, Target estimates that the data breach to their company represents a net loss of $148 million dollars to shareholders. And of course, it’s nearly impossible to calculate the longer-term financial impact due to loss of consumer confidence.