Profit Lock, a comprehensive Shrink Management solution for the retail industry
New York, USA - January 11, 2011:
Wipro Technologies, the Global Consulting, System Integration and Outsourcing Business of Wipro Limited (NYSE: WIT), announced the launch of a strategic retail solution, Profit Lock, today at the 2011 edition of the National Retail Federation Conference. Profit Lock is a pioneering solution providing an end-to-end and integrated view of the inventory shrink management lifecycle.
It is a comprehensive solution addressing three major retail organizational pillars – People, Process and Technology. Profit Lock is designed to provide a 360 degree view of the Shrink Management life cycle. Wipro’s Profit Lock uses “integration” of key organizational disciplines – Loss Prevention (LP), IT, F&A (Finance and Accounting), Merchandising, Risk & Compliance, Supply Chain and Logistics - as a best practice.
According to National Retail Security Survey 2009, the US retail industry saw an average loss of 1.44% of revenue due to inventory shrinkage annually. Shrinkage losses accounted for more than USD 33 billion in 2009. Traditional Shrink Management efforts focus heavily on theft and fraud detection.
Changing business and operational dynamics force retailers to expect more versatility from presently used shrinkage control IT solutions. Retailers continue to face issues stemming from multiple LP vendors with discrete applications for shrinkage management. Profit Lock offers a new standard in shrinkage management by going “beyond the fraud!”
According to Hari Shetty, Vice President and Head of Retail, Wipro Technologies, “We believe, the introduction of the Profit Lock solution is the most innovative retail shrinkage management approach in decades. Providing extreme innovation in support of our customer’s continued profitability is a prime focus for Wipro’s dedicated retail practice.”
The Profit Lock solution incorporates three elements of the shrink management life cycle: ‘Identify’, ‘Manage’ And ‘Prevent’. Wipro will host a LP command center which will strategize, define, design, implement and monitor different areas of Loss Prevention program for retailer.
Wipro’s Retail offerings include Consulting, Application Development and Maintenance, and Process Improvement. Wipro Retail offers customized solutions in the CRM e-business, CRM, SCM, Technology Infrastructure, ERP, Data Warehousing, Stores Operations Management, Retail Shrink Management, Retail Merchandising and Business Intelligence space.
About Wipro Technologies
Wipro Technologies, a vision of Wipro Limited (NYSE:WIT) is the first PCMM Level 5 and SEI CMM Level 5 certified global IT services organization. Wipro Technologies was recently assessed at Level 5 for CMMI V 1.2 across offshore and onsite development centers. Wipro is one of the largest product engineering and support service providers worldwide. Wipro provides comprehensive research and development services, IT solutions and services, including systems integration, information systems outsourcing, package implementation, software application management, and datacenter managed services to corporations globally. In the Indian market, Wipro is a leader in providing IT solutions and services for the corporate segment in India, offering system integration, network integration, software solutions and IT services.
Wipro also has a strong presence in niche market segments of consumer products and lighting. In the Asia-Pacific and Middle East markets, Wipro provides IT solutions and services for global corporations. Wipro's ADS' are listed on the New York Stock Exchange, and its equity shares are listed in India on the Stock Exchange - Mumbai, and the National Stock Exchange.
For more information, please visit our website at www.wipro.com
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Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.