Loss Prevention Technology
Loss prevention technology is the practical application of technical processes, methods or information to solve problems or invent tools that can be successfully implemented for use in the retail loss prevention environment. This involves the latest advancements, use, and application of technologically-based products, techniques, methods or processes used in the retail loss prevention environment.
Most often we associate loss prevention technology with the use of sophisticated equipment, computers, the Internet, or other related resources and devices. But in simple terms, technology refers to the means and methods used to help solve real-world problems. It is a far-reaching term that may include simple tools or complex approaches and equipment.
The dynamic and highly competitive nature of the retail industry requires ingenuity and innovation in order to remain relevant, meets the needs and hold the interest of today’s progressive retail consumers. With expectations continuing to expand and intensify, loss prevention leadership must respond with equal focus and fervor. Innovative, cutting-edge technology that will address the challenges that lay ahead must remain a priority, and expectations will only continue to rise as we move deeper into the age of e-commerce and omni-channel retail. New enabling technologies are blossoming every day, and understanding the use and application of these tools has become a primary objective.
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While technology has helped to revolutionize the retail industry, with this revolution has come new risks. The need to find effective technology solutions has become paramount in order to stem the tide and implement practical protections against these threats. Industry resources and technology that further supports the needs and objectives of company loss prevention, data protection, and asset protection efforts must remain a primary consideration as part of the evolution of the loss prevention industry.
In response to escalating needs and growing concerns loss prevention practitioners must look beyond internal resources and work with external solution providers and thought leaders with proven track records in the industry. Loss prevention leadership must challenge vendor partners to think outside the box to design new and innovative technology solutions. Creative approaches must then be coupled with effective learning programs to improve efficiency and maximize productivity.
It’s in the best interest of every loss prevention practitioner to become more familiar with the latest trends in loss prevention technology. As our roles and responsibilities grow and develop, the ability to stay current will only become more crucial to long-term professional success.
An expert shares insights on building effective video surveillance systems and how to get the most out of existing systems to help maximize retailers’ options and investment. Read More
Technology is not here to eliminate us; it’s here to make our jobs and lives easier. Read More
Over recent years, we’ve witnessed a resurgence of interest and substantial growth in the use of radio frequency identification (RFID) technology in retail—a veritable RFID renaissance—with more than six billion tags used in 2016 alone, not just in apparel, but for other categories and uses as well.
We wanted to find Read More
Data is the future of the loss prevention and asset protection industry. A single, data-friendly LP professional can both identify and address leading indicators of loss for a significant grouping of stores, with no need for airfare, travel, or company car. Identification and correction of these leading indicators driven by Read More
At some point in your retail loss prevention career, if you haven’t done so already, you will be called upon to help make procurement decisions on new technology, such as electronic article surveillance (EAS) or video surveillance. While you may be most interested in the features, functions, and benefits of the technologies, your CFO will Read More
In last week’s LPM Insider survey, we discussed the Rite Aid asset protection team’s new investigation tool that unites the latest in loss prevention technology with the power of social media and the insatiable interest so many of us have in criminal behavior and solving crime. By empowering the public Read More
In last week’s most read article, “The Rite Aid Asset Protection Team Reveals Details about Its New (and Valuable!) Investigation Tool,” the Rite Aid asset protection team discusses a new investigation tool that unites the latest in loss prevention technology with the power of social media and the insatiable interest Read More
Risk Amplification: Making Offenders Think Twice, a recent study by Adrian Beck undertaken for the ECR Community Shrinkage and On-shelf Availability Group in Europe, reviewed the available published literature from the past forty years on a wide range of new retail technology interventions intended to control theft in retail stores Read More