Strategic View of The NRF 97th Annual Convention & Expo Case Study

Strategic View of The NRF 97th Annual Convention & Expo - Case Study Example The presenter recommended that building of mutual aid networks, tightening the management, communicating effectively, being foresighted and taking preventing measures are the way to minimize the losses occurring from the threat to homeland security. The human resources are considered to be the most valuable assets of a company. They are also referred to as the 'intellectual assets' of the company since they are knowledgeable about the company's policies, processes, and workings. Managing these assets properly (talent management), prevents a business from making losses. By efficiently managing these resources, the company can do more with less. The important thing is not to let employees leave their company because when an employee leaves the company, he/she takes away the knowledge with him/her. Therefore the presenter recommends that jobs should be made more interesting, working should be team based to increase motivation, the working environment should be friendly yet challenging and rewards and credits should be given to individuals for their ideas and contributions. (Huang, 1998) Crime in the business vicinity takes a major portion in the losses incurred by the company. Shortage in the merchandise caused by employee theft and shoplifting, accounts for 78% of the losses in the merchandising business, while errors make up the rest. According to the presentation, organized retail crime is behind most of the shrinking merchandise. Their intent is to steal desirable products with the intent to resell. These sales can be made at a local pawn shop where approximately they receive 30% of the retail price. With the technological advances, they can also send these items online where no links of stolen goods can be found and get up to 70% of the value. However, return fraud is also very common where people return the stolen items back to the retailers by creating counterfeit receipts and tickets. To prevent these issues the presenter recommends the use of intelligence sharing, installing tracking equipment like GPS, data mining to analyze fraudulent trends, training an d Education programs to catch their people and invigorating the legislative efforts to put stricter punishments for the offenders.