Biggest guard replacement/shrink-reduction services contract in the industry?
So I was going through my email the other day and I came across a press release from video monitoring company Iverify. Seems they recently won a pretty hefty video monitoring and loss prevention services (LP) contract with an unnamed major U.S. retailer. I jumped right on it and got some fresh feedback from Iverify president Mike May. I'm still sort of hopeful that the reatiler will come around and release its name, but until that happens, here are the particulars written up along with some of the feedback I got from my interview with Mike:
CHARLOTTE, N.C.—Iverify on April 27 announced it had been awarded a five-year contract valued at $39 million dollars to provide guard replacement and shrink-reduction services for an unnamed national retailer throughout its 550 stores. According to a release from the company, it’s the largest such video monitoring contract in the history of the industry.
Iverify president Mike May said Iverify brought big savings to the table for the client.
“The client is using a robust application that uses Cernium analytics for location-based risk assessment that triggers local announcements in the vicinity of high-shrink products. Further, with sophisticated time-based analysis it then escalates the risk profile and engages a live intervention from a protection specialist,” May told Security Systems News. “They then assess and respond to a protocol based in the actual risk. This is a best case model leveraging intelligent video coupled with a loss-prevention certified specialist that responds and reduces the customer’s potential shrink losses.”
According to May, Iverify will provide its “I Guard” and “I Control” products, delivering projected savings of $62.5–$70 million. The suite of services will reduce guard costs, lower losses from theft, and improve employee safety, according to May.
“We think we have developed an effective forward-leaning service that drives value and safety to the point of protection,” May said.
Michael Barnes, a partner in the consulting and advisory firm Barnes Associates, which specializes in the security alarm industry, and co-sponsors the Barnes Buchanan Conference, felt Iverify had a lot to offer.
“Iverify has been at the forefront of delivering improved value in security operations for national retailers while reducing the cost of security expense,” Barnes said in a statement. “Mike May has built a sophisticated team of loss prevention professionals that remotely deliver security services at a very low cost. They have driven robbery and shrink rates down by over 50 percent at a number of national retailers.”
Iverify’s May made headlines in SSN a year ago when he was onsite doing a risk assessment for a client, a large, urban retail store in Detroit. While he was there a gang of youths attacked, and brutally beat a lone individual. May’s quick action—prompted by 10 years of law enforcement and EMT experience—very likely saved the victim’s life.