Four Strategies to Fill the Resource Gap
Information. Some people say we are all drowning in data, but for a large enterprise, detailed analysis of data and metrics is a wonderful tool. We can now understand – operationally and strategically – the cost and return on our investments. We know the actual cost of shortage and how much margin we lose. We know which products are hot with thieves, and therefore can design merchandise protection strategies around those items that pose the greatest theft risk. Information is a key tool to help us make critical business decisions more quickly and with greater impact.
Partnerships. At Target, community engagement is a passion. We have long partnered with local, state and federal law enforcement professionals to help keep our stores and surrounding communities safe and secure. Our focus includes innovative philanthropy, which extends beyond writing a check, and it reaps huge benefits. For example, in 2009, we introduced a program that provides corporate-style training to high-ranking law enforcement officials to expand their skills in finance, management, communication and personnel issues. As part of this program, Target leaders in areas such as HR and Communications provide expertise on opportunities such as recruiting, training and retaining diverse talent as well as building relationships with the media.
For many years, Target also has served as a sponsor of National Night Out to strengthen relationships between police and communities. And across the country, we have helped launch Safe City projects in more than 20 cities, building partnerships between businesses and police in these communities to share best practices and collectively leverage cameras and communication devices. These efforts support healthy communities, and healthy communities benefit us all.