If you want to believe that your retail loss prevention staff is content and fulfilled, don’t spend time reading posts on these workers’ online forums. Although venting is clearly an element to many comments on these boards, significant griping is also on display. The fact is that negativity can infiltrate 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.
In many professional fields, such as legal, technology, and finance, one can expect to find commonalities among the practitioners. These professionals share certain certifications or degrees, or they’ve progressed through a series of common steps or training regimens to reach their current position, where they share a fairly standard reporting 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
EDITOR’S NOTE: This interview is with three long-time loss prevention industry veterans. One is a retailer, one is a solutions provider, and one started on the retail side before starting his own company offering loss prevention solutions. We’ve chosen to not identify the individuals in order to allow them to Read More
Senior loss prevention executives throughout retail are coming to grips with a new entry into the field of promotional sale events—the all-too-frequent store-closing sale.
It is no longer a rarity that LP managers are called upon to design and implement shrink-control programs that protect inventories throughout the process of closing a retail store. Often, a Read More
Excellence in Partnerships
Cita Doyle, LPQ, Director of Sales and Marketing, InstaKey Security Systems
After joining InstaKey in 2001, Doyle was quick to build upon her new-found passion for the security and loss prevention industry. She was soon promoted to director of sales and marketing where she has continued to thrive as Read More
Excellence in Community Service
Sara Mays, former Director of Loss Prevention Stores and Training, Barnes & Noble
As a seasoned veteran of the loss prevention industry, Mays has shown excellence both with her performance in the stores and in the community. Following an unfortunate accident involving a coworker’s toddler son drowning in Read More
Excellence in Leadership
Don Knox, President of the International Organization of Black Security Executives (IOBSE)
A veteran industry professional, Knox carries more than twenty years of experience in enterprise security strategy, policy and program development, risk management, crisis management, business continuity, and information security. He is currently the director of enterprise security, Read More
In today’s retail business environment, everyone is seeking a competitive advantage. It could be in technology, people, business practices, or newly developed programs. The best strategy in the world, however, becomes meaningless if it is not executed properly.
I have been fortunate to have a high degree of success at executing Read More
On March 29, the Loss Prevention Research Council collaborated with ALTO US, Cam Connections, and the Home Depot to host a Supply Chain Protection Working Group Summit in Atlanta, GA. Nearly 30 LP executives traveled to Atlanta to participate in the day-long research planning meeting hosted at the Home Depot Read More