Today Oracle announced enhancements to Oracle Retail XBRi Loss Prevention Cloud Service that help retailers quickly identify and investigate fraudulent activities across store and online transactions. With embedded science, Oracle Retail XBRi can detect new data anomalies and alert loss prevention analysts to potential risks and drive quick resolution by providing the transactional insight needed to investigate. The Oracle Retail XBRi enhancements also include embedded science developed over 20 years of research and development in retail including more than 4,000 reporting metrics and attributes representing experiences and best practices of global retailers.
“The opportunity for retail theft grows as retailers reach to meet customer expectations and struggle to manage individual channels of engagement,” said Jeff Warren, vice president, Oracle Retail. “The updates to Oracle Retail XBRi provide customers with the tools to protect their margins and is another example of the continued value we aim to deliver through cloud services.”
“This new generation of cloud services accelerates the path to ROI within months of deployment,” said Chris Sarne, senior director of omnichannel strategy, Oracle Retail. “The result is a smart, holistic approach to preventing fraud and saving money that scales to grow with your business.”
Oracle Retail XBRi Loss Prevention Cloud Service provides the retail community with:
- Agility, Security and a Path to Lower Total Cost of Ownership. One of the goals of using embedded science is to clarify and lower the total cost of installation, set up, and maintenance of solutions by taking advantage of iterative cloud updates. The cloud-based solution offers even greater precision, building on existing knowledge and adding new features and analytics automatically.
- Prompt Investigation. Upon deployment, the solution immediately identifies exceptions and escalates them to analysts and investigators without requiring manual intervention to initiate the process.
- Comprehensive Discovery. The cloud service employs embedded science to quickly surface anomalous behavior and potential cases. With new insight to emerging fraudulent activities comes opportunities to help store managers train their associates to detect and avoid potential loss before it happens.
- Intuitive Configuration. The Oracle Retail XBRi interface allows analysts to easily configure reports that reflect the unique needs of omnichannel brands without incurring additional costs or relying on IT specialists.
- POS Integration that Streamlines Investigation. A heightened degree of integration between Oracle Retail XBRi Cloud Service and Oracle Retail Xstore Point-of-Service further enhances the ability of XBRi’s embedded science to pinpoint new sources of risk and deliver purpose-build reports that streamline and support investigative activities while leveraging the best practices built into the Oracle Retail portfolio.
Oracle will continue to add new knowledge from the Oracle Retail customer community to combat new patterns of fraud that emerge in the complex omnichannel retail environment.