By nature a conservative, risk-averse beast, the loss prevention industry is well suited to the task of playing steward to this enormously valuable, enormously risky set of big data. And when used properly, loss prevention is also well suited to the role of leader when it comes to guiding other retail segments toward best practices and responsible use.
Analytics is the side of big data that doesn’t have to worry as much about risks. Analytics plays with the data, extracting the patterns and putting them to useful ends. But guarding the data – cyber security – is outside the scope of analytics. Nevertheless, it’s important to keep in mind during any discussion of analytics that all of the data comes from somewhere and could have wide-ranging, possibly calamitous effects if not well protected.
LPM Contributing Writer Chris Trlica takes an in-depth look at the current state of analytics in the retail enterprise that is affecting every part of the organization from operations to marketing to e-commerce as well as loss prevention. His research and interviews with Johnny Custer, LPC, CFI, director of analytics at Sears, and Tom Meehan, CFI, Bloomingdale’s corporate manager of data, systems, and central investigations, provides readers with an interesting look at the implications of data analytics technology.