March Networks: Managing Loss Prevention with Artificial Intelligence

By Shelley Swearingen – April 23, 2020

We’ve all seen a heist movie where the robber spray paints a security camera. His partners all rush in undetected to steal the money, jewels, high valued art, or priceless relic. Thanks to March Networks, these techniques are now antiquated.

March Networks offers surveillance systems with cameras equipped with intelligent video. These systems are able to interpret what they see and trigger alarms accordingly. And unlike people, cameras don’t sleep (gone are the days of the snoozing security guard).

ME6 Cameras, the IR DuraBullet & the IR Dome, record footage, evaluate the footage, and sound alarms when necessary. For example, all of these situations would trigger an alarm:

  • an object is abandoned in one space for too long
  • a person or object moves in the wrong direction
  • people loiter in an area for too long
  • a vehicle stays in an area for too long
  • a person or vehicle enters a certain area
  • a camera is tampered with

But what if you’re not worried about the burglar in the black hoodie? For retail establishments, internal theft and shoplifting are bigger concerns. Surveillance cameras and accurate record keeping are the two best factors to prevent and minimize shrinkage.1 The integration of Searchlight software with March Networks surveillance systems make it easier than ever to identify instances of diversion.  Searchlight software allows loss prevention associates to quickly & easily search transactions to match the incident with the footage. This significantly cuts down on man hours spent on reviewing recordings to identify culprit(s). March Networks is even available to manage and maintain this solution with the help of certified partners.

Cannabis entrepreneurs know just how important loss prevention is to a business plan. The product these business grow, cultivate, test, transport, and sell is highly profitable and easily sold on the black market. Furthermore, marijuana businesses are forced to do a large amount of their transactions in cash due to the illegality of the substance federally. For these two reasons, experts suggest investing in quality surveillance measures and storing cash and product in cannabis security vaults.2

The partnership of March Networks and KL Security takes diversion prevention one step further. These security experts have integrated artificially intelligent camera systems and Searchlight monitoring software with cash safes. These smart safes offer bill validating, cash currency counting, cash management, and cash recycling. If your Smart Safe Point of Sale (SSPOS) unit reports a discrepancy, it’s tied to the surveillance system and all guesswork is removed as to when/where/how the incident occurred.

March Networks and KL Security are revolutionizing the way businesses prevent theft. This technology is sure to be seen as the gold standard for loss prevention going forward, known as Total Retail Coverage and Total Harvest Coverage for Cannabis dispensaries and grow operations. To discuss how we can assist your business shrink loss and grow profits, you can reach out to a qualified expert at 866-867-0306 or [email protected].

SearchLight & Retail POS Software Integrations

Features

  • Improve retail security and loss prevention efforts with Point of Sale exception-based reports integrated with intelligent video
  • Oversee operations with video images from all of your business locations
  • Track and analyze customer behavior with people counting, queue length and dwell time analytics
  • Receive alerts about suspicious activity

Total Retail Coverage Security and loss prevention efforts

From shoplifting to internal employee theft as well as organized retail crime, your profits are affected. With Total Retail Coverage, retail business can utilize intelligent video that proactively alerts you to suspicious transactions and other potentially problematic activity in your retail stores. Searchlight’s powerful combination of surveillance video, transaction data and analytics helps you improve retail security and reduce losses. The software’s business intelligence reporting tools also let you gather valuable data on employee behavior and customer interests, information you can use to improve operations, customer service, marketing, and profitability.

Information has been gathered from sources deemed reliable but not guaranteed and is subject to change without notice.

  1. Alstete, Jeffrey (2006), “Inside advice on educating managers for preventing employee theft”, International Journal of Retail & Distribution Management, Vol. 34 No. 11 pp. 833-844
  2. Helmer, Jodi. November 12, 2019. Cannabis Security: How Growers Can Prevent Internal Theft. Cannabis Business Times. Retrieved from: https://www.cannabisbusinesstimes.com/article/prevent-employee-theft-cannabis-facility-industry/

The Oklahoma Obstacle: Cash Management and Marijuana Sales

“Oklahoma is the fastest-growing medical marijuana market in the average number of daily patient increases, and MMJ patients represent 4.1% of the state’s total population – one of the highest rates in the nation.” [1]

Image Source from: https://mjbizdaily.com/medical-marijuana-market-growth-with-oklahoma-and-florida-leading/ 

Who would have thought? Oklahoma is the fastest growing market for medical marijuana sales. Their legislation, whether consciously or not, is set up to do primarily just this. The barriers to entry for cannabis businesses are fairly easy and obtainable (as far as marijuana establishment regulations go). The license application is a mere $2,500 for medical marijuana dispensaries, commercial growers, and processors (Okl. Title 63, Ch. 15, Medical Marijuana). This should make it possible for smaller mom and pop retail dispensary, grower or cash in transit (Oklahoma legislation also dictates that a separate ‘transportation’ license must be obtained to “to transport marijuana from an Oklahoma licensed medical marijuana retailer, licensed growing Facility, or licensed processor Facility to an Oklahoma licensed medical marijuana retailer, licensed growing Facility, or licensed processing Facility.” Okla Stat tit. 63, 424) establishments to do business in the marketplace.  Also, there’s no list of required medical conditions for patients to suffer from prior to obtaining their medical license; it would appear that if an Oklahoman ‘patient’ applies for a medical marijuana license for use, they will probably be approved.  

This is all great news for Oklahoman entrepreneurs planning to set up shop and open legal cannabis establishments. Millions of dollars will be pouring in to these establishments from card carrying patients, but these patients will be paying in cash. Marijuana is still considered an illegal drug as per Federal law. Most credit card companies will not allow transactions at marijuana establishments, Visa has explicitly stated they will not permit any transactions involving marijuana on their credit network [2]. This means Oklahoman businesses are going to be faced with the challenge of handling mass amounts of cash.  

SSPOS Smart Safe point-of-sale-The SecureCash smart safes are a state-of-the-art solution designed specifically for cannabis dispensary cash management. Focused on simplicity and security, the unit is ideal for cannabis point-of-sale and under-counter installations. Retail businesses experience up to 55% savings in time spent on cash counting, tills & daily cash deposits with Smart Cash Safes

The marijuana industry is estimated at nearly $9 billion in sales, and “…expected to grow to $50 billion in just a few years…” [3] most of those sales being completed in cash. The amount of cash exchanging hands presents abundant opportunities for security issues. A standard old-fashioned till is not going to suffice in a successful Oklahoma cannabis dispensary. 

In addition to security concerns, business owners must adhere to state regulations. The state of Oklahoma requires all marijuana establishments to keep business records (including those pertaining to cash transactions) for seven years for auditing purposes (2018 OK Regulation Text 19159). Cash management software will be the easiest way to meet this requirement. 

When properly implemented, a cannabis security plan utilizing SSPOS and intelligent video surveillance can help drive revenue and create opportunities for a cannabis dispensary to become more profitable. As a premier partner of Total Harvest Coverage, we help cannabis growers, processors, transportation and dispensaries with integrated security that maintains compliance.

Cash Management Software for Retail Cash Management Safes  Dispensary

Cash levels can be monitored in real time and end-of-day accounting is performed automatically without the need for employees to manually count cash. Retailers can even monitor the amount of cash collected by CIT across a chain of stores. CashControl’s reporting tools help optimize performance and ensure that in-store security routines are being followed. In addition, technicians can use the application to remotely maintain, update and service SafeCash Retail machines, which means increased uptime and a more reliable closed cash handling process. 

Setting the Standards for Cannabis Facility Design Security & Operational Protocols

When you’re ready to begin the process of securing your facility, the consultants at KL Security are available to assist. Well versed in government regulations and recent legal mandates, we are prepared to ensure your business will pass requirements for DEA federal guidelines for Vaults, Safes and retail cash management.

 

TOLL FREE 1-866-867-0306

[email protected]

Information has been gathered from sources deemed reliable but not guaranteed and is subject to change without notice. All license information and security measures taken directly from Oklahoma legislation: OAC 310:681 & Okl. Title 63, Ch. 15, Medical Marijuana & Okla Stat tit. 63, 424.

Sources: 

[1] Cowee, Maggie. (2019, August 13). Marijuana Business Daily. Medical marijuana markets expanding at varying rates, with Oklahoma, Florida setting the pace.

Retrieved from: https://mjbizdaily.com/medical-marijuana-market-growth-with-oklahoma-and-florida-leading/

[2] Sommer, Constance & Mims Caitlin. (2019, June 18) Paying with cards at marijuana dispensaries? It’s complicated.

Retrieved from: https://www.creditcards.com/credit-card-news/marijuana-dispensaries-pay-with-credit-cards.php

[3] Murphy, Kevin. (2018, September 6). Forbes. Legal Marijuana: The $9 Billion Industry That Most Banks Won’t Touch.  Retrieved from: https://www.forbes.com/sites/kevinmurphy/2018/09/06/legal-marijuana-the-9-billion-industry-that-most-banks-wont-touch/#6a3d49013c68

Helpful Links:
Code of Federal Regulations: Title 21

https://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfCFR/CFRSearch.cfm?fr=205.50

OMMA: Oklahoma Medical Marijuana Authority

http://omma.ok.gov/

Legislation: 

http://omma.ok.gov/rules-regulations