Importance of Loss Prevention

There was the time when people were not worried for their property; it was due to non existence of corruptions or frauds in the society. People were more ignorant and less knowledgeable to measure any kind of loss committed due to corruptions or frauds. As time changed and technology advanced, this has brought out the new way or huge facilities to the people in the society. People got new opportunities to develop in the life and they got addicted to more amenities and became demanding to more comforts. This has developed an environment of tough competitions and gave rise to more corruption and frauds in the society which leads to the huge loss of movable or immovable property. The dangerous and threatening environment became unpredictable to the individual to anticipate heavy losses due to various fraudulent intentions tried out on the victims. There was the need to make the people more educated and get awareness to identify these corrupt practices and stand together to prevent the occurrence of the same. Government brought out the provisions to protect the victim for the huge losses due to palpable corruptions. So, the loss prevention processes are able to provide a solution of these losses.

What is loss prevention?

The concept of loss preventions is providing the information to educate the people with the worst effects of loss coming in their way due to various frauds. This is the concept taken up in the business to establish standard procedures and policies to prevent various losses to the assets, property, inventories or duties and create an environment to formulate a program around the same concept which helps to minimize the occurrence of these losses. This concept is being utilized in the entire sector to measure the losses and work to prevent these types of losses.

How can you detect the losses?

Although, there is no correct way to measure the kind of losses since variety of losses have which have no assessment. But, it is necessary to assess and detect these losses and evolve different methods to measure the losses. It is essential for the victim to make the up to record of assets in an order to clearly mention the quantities and costs and total costs of the assets. At the same time, updating the inventories and identification of independent items will be able to accurately estimate the total asset and costs. When the individual is able to maintain the records of their stocks or assets and any kind of deficiency in their stock will project the loss to the assets. This would enable to victim to correctly measure the losses and estimate the costs. This is a great way to help the victim to acknowledge the various losses committed by different frauds.

Protection from the loss

Loss prevention processes needs a careful strategy to execute the asset protection initiatives. There are the possibilities of removal or extortion of property or asset by controllable or uncontrollable methods is called losses which need to monitored or examined to put a check on such processes. These practices will enable better protection from these losses. These practices starts from the protection strategy which involves the identification of loss, root cause of the loss and correct estimation and calculation of the existing loss, reacting to the loss and finally comes the appropriate action which needs to be taken at the earliest to prevent the occurrence and same time steps to be taken recover the losses in a manner which help to victim to avoid the repetition of the same losses. When this methodology is applied on the loss prevention then it could surely help the victim to take an initiative to prevent the loss and at the same time protect the assets.

Conclusion

This shows that the alertness and proper maintenance of stock and inventories and accurate strategy would surely help the victim to save guard their assets and active personal involvement in asset estimation would help in the loss prevention activities.