Final answer:
Safeguarding inventory refers to the implementation of security measures such as surveillance and controlled access to prevent inventory theft, loss, and damage.
Step-by-step explanation:
An example of safeguarding inventory involves implementing security measures such as CCTV surveillance, restricting access to inventory storage areas through keycard or biometric systems, and conducting regular inventory audits. These practices help to prevent theft, loss, and damage to the inventory, ensuring that the stock levels are accurate and goods are available when needed. Using barcode systems or Radio Frequency Identification (RFID) technology can greatly enhance inventory tracking and control, thereby reducing the likelihood of inventory shrinkage due to mismanagement or theft.