Technology regarding assets is moving at a fast pace. To be able to accurately monitor and track assets is of paramount importance to many industries and can protect the assets that a company has. Radio frequency identification (RFID) technology is one way that any company can track their assets accurately. Read More
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.
Every day we are reminded just how quickly retail technology trends are changing the world around us. Charging at us at a furious pace, technology is no longer something that we can hope will slow down long enough for us to avoid being swept up. We can’t sidestep the inevitable. Read More
We live in a time of great change. We work in an industry where our ability to adjust to the needs of the customer and the dynamics of a global market sculpt the landscape of retail. We serve in a profession that demands that our retail technologies adapt and adjust Read More
With the appropriate RFID solution, store associates can easily restock merchandise on the sales floor, replenish out-of-stock items, improve inventory accuracy at the point of sale, and process returns efficiently to make them available for resale. The technology helps retailers ensure merchandise availability in store, as it provides clear visibility Read More
It is that time a year again, when shoppers and shoplifters converge on our retail outlets looking for that all important deal or steal. It’s also a critical time to ensure that your loss prevention plans are in place, up to date, and ready to tackle the upcoming holidays.
While the Read More
Technologies do not manage themselves; they need to be managed with equal passion and energy at all the key stages of their life cycles, from the initial selection for trial through to their eventual decommissioning. Here are the three skills and approaches that I have observed over the years to Read More
The LP industry is fortunate to have attracted the attention and the investment of loss prevention technology vendors, both from well-established names as well as new start-up companies, all of whom believe they have big, new ideas to help resolve the industy’s problems.
While many of the technologies they have already Read More
When building our loss prevention program interpreting the meaning of all of the various information that has been collected can be a complicated process. While this involves looking for patterns—similarities, disparities, trends, exceptions and other potential relationships—and determining what these patterns might mean, we must also ensure that we have Read More
Biometrics refers to the quantification of human traits or characteristics into data that can be used for two main purposes: to identify and/or to validate. The most common forms of biometrics include facial recognition, fingerprint, iris, palm-vein scan and voice biometrics, but other biometrics also exist to include things like Read More
The concept of core competencies in business was made famous in the 1960s by the management guru Peter Drucker. He stated that organizations should seek to identify their unique points of difference. Once these skills and capabilities have been identified, he argued that organizations should disproportionately invest in them and Read More