Technology: the protagonist in retail compliance

The crisis that shook the retail giant, Americanas, triggered the strongest alert for the importance of compliance programs in large companies.
Renato Ferraz

Renato Ferraz

Compliance Cover

According to a newly published study by Alexander Dyck, professor of finance and economic analysis at the University of Toronto, in partnership with Adair Morse of the University of California at Berkeley and Luigi Zingales of Chicago, four out of ten companies commit fraud or accounting violations. Only a third of the cases come to light.

Fraud is not a recent problem, as a survey by Price Waterhouse Coopers (PWC) survey of 7,200 respondents from 123 countries, which showed that half of the responding companies had already suffered from some form of fraud or financial crime. The data was ascertained in 2018, and showed an increase of 36% compared to 2016. In Brazil, the rates also rose, from 12% to 50%.

Fearing these frauds and scams, entrepreneurs are seeking measures to avoid future losses. It is in this context that technology arrives as the protagonist. Solutions involving artificial intelligence are revolutionizing the retail market and ensuring more security in B2B (business to business) transactions. (business to business) transactions..

After all, what is compliance applied to retail? 

But before getting into the benefits of technology to prevent fraud, it is necessary to understand what compliance is. Literally translated, the term means to be in compliance with external and internal laws. These solutions, which seek to prevent fraud, have gained prominence in the corporate world after major police operations uncovered gigantic corruption and money laundering schemes.

The compliance programs seek to ensure that the company is following the guidelines in the labor, tax, accounting, financial, environmental, legal, and ethical fields, among others. All this to prevent financial losses arising from scams. 

In retail, problems usually occur in the purchasing area. According to PWC research, irregularities in this sector account for 34% of cases of fraud or financial crime. 

The Study The Global Fraudster Profile study points out that the main problems occur due to external influence, since criminals who act alone are usually caught in internal audits. The data shows the need for compliance solutions, which, together with technology, are an ally to fight these crimes.

How does artificial intelligence prevent fraud? 

Innovative solutions are using artificial intelligence (AI) to seamlessly control operations and facilitate processes. Today, supplies can be bought and sold in an automated way, with real-time processing and transaction tracking. 

One example is the work done by the Brazilian startup Easy B2Bthat developed a white label white label that connects industries, franchises, retailers, suppliers, and distributors to offer B2B buying and selling transactions with 100% transparency.

In addition to the buying and selling processes, the platform has features that help in stock and inventory management through data provided in real time using an AI, which ensures a much more effective and accurate internal control. Another highlight of the platform is the possibility of tracking orders both online and physically on the RFID order ballast. 

Today, technology is compliance's best friend. compliance. Allied, they are able to avoid from small frauds to gigantic scams, which would be capable of making the news. In transactions between companies, the final objective must always guarantee safe commercial operations, avoiding setbacks and ensuring retail prosperity.

Article written by Renato Ferraz, CEO of Easy B2B.


See the story on the Estado de Minas website

CEO of Easy B2B
Renato Ferraz, CEO of Easy B2B

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