Australia is famously referred to in a Men at Work song as the “land down under, where women glow and men plunder,” which according to experts was a reference to the country’s mining industry and the exploitation of natural resources from this vast, mineral-rich country. However, another reading of the Read More
A loss prevention definition, at its most basic level, states that loss prevention is about preventing losses and shrink, and enhancing the profitability of retail companies. However, the loss prevention definition that many professionals would offer has grown increasingly complicated as various functions, philosophies, tasks, and responsibilities are debated by the LP community.
Rapid changes in retail, enabled by new technologies, mean that the way consumers shop, the products they buy, and even the way they pay for goods and services are all changing in ways that never would have been expected just a few years ago.
Technology is driving trends in areas such as mobile POS, emerging selling concepts, and business analytics. Intelligent CCTV systems with analytics technology will continue to have a bearing on how LP performs in the stores, but will take on additional value as part of other retail applications. Use of data and predictive indicators, cloud computing, and business intelligence will enhance processes as well as investigations.
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Many also believe that RFID technology will finally take on a bigger role in effectively managing inventories, from original purchase or manufacture until it ends up in a customer’s hands. This may also expand the role of LP into areas that until now were considered non-traditional, such as energy savings, SKU rationalization, accident reduction, and business continuity.
The emergence of omni-channel retailing as a growth driver will have a substantial impact on the role of loss prevention. As described by one industry leader, “As the retail industry continues to consolidate, increase in complexity, and expand omni-channel solutions, the role of LP will change significantly.” Omni-channel retailing will enable customers to purchase what they want, when they want it, and decide how they want to pay for it and have it delivered.
The move toward the infinite store is creating new areas that need to be secured, such as networks and customer data. LP professionals are increasingly being asked to bring their specific skills into areas where they never participated before, causing a shift in responsibilities.
For example, the dual role of increased data and analytics will create a shift in thinking that will change many roles in retail, including LP, which will work more closely with IT departments going forward. Thus a loss prevention definition in the near future will also include an expanded, more proactive leadership role to ensure data is secured and properly managed, because data breaches cost companies in many ways beyond the immediate financial losses, to include litigation, brand protection issues, and additional sales impact.
Under the theme “Precision LP,” the Loss Prevention Research Council (LPRC) IMPACT conference concluded Wednesday after three days of presentations ranging from research results to case studies to law enforcement partnerships. Over 350 industry retail, supplier, and manufacturing executives attended the three-day event October 2-4 held on the University of Read More
The LPM team, the Retail Industry Leadership Association’s (RILA) Asset Protection Leadership Council, and the Loss Prevention Foundation gathered in Nashville, TN, last month for their annual meetings. Read More
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As a busy loss prevention professional, you don’t have much time to keep tabs on industry event details. Let us help you find your next networking opportunity, retail technology expo, or training course. Take a look at the loss prevention conferences, events, and activities Read More
Regardless of what your company sells, where you sell it, or your total store count, you as a loss prevention or asset protection professional must win. Life safety, frightened customers and team members, dangerously low margins, and liability are some of your business risks. Violence, theft, fraud, and even poor Read More
Academics who examine crime and security-related issues aren’t always seeking practical solutions, but some recent research studies have pragmatic applications and impart some actionable advice on relevant loss prevention issues. Below are questions that researchers have recently looked at and what loss prevention should know about what they found.
1. Does Read More
Excellence in Leadership
Tom Arigi, Senior Director of Safety and Security, Walmart US
“When I think about the true leaders that I’ve known or worked with, I’ve found that they drive for results and have a passion for what they do,” said Arigi. “But they were also resilient. They had the ability Read More
Excellence in Partnerships
Hedgie Bartol, Retail Business Development Manager, Axis Communications
“As I was climbing the career ladder, the one thing that always seemed to be at the core of wherever I found myself was a strong sense of doing the right thing for my customer,” said Bartol. “Through the years, I Read More
What is a loss prevention manager? What might appear to be a fairly simple question now requires a much more complicated answer in a new age of retail where roles and responsibilities are changing on a consistent basis.
To the average consumer, a loss prevention manager might be perceived as a Read More
Restaurants of all types descended on Las Vegas for the Restaurant Loss Prevention & Security Association’s (RLPSA) 38th Annual Conference at the M Resort & Casino July 30–August 2. RLPSA hosted more restaurant companies than ever before and saw increased attendance from last year’s conference in San Antonio.
This year’s theme Read More