Listening to loss prevention leaders discuss their relationships with information technology (IT) departments and offer advice for strengthening them can seem a bit like eavesdropping on marriage counseling. 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.
Over many years, cabinets have presented themselves as physical barriers to customers wishing to interact with high-value items. Locking merchandise away in a secure display case was seen as good for reducing shrink, but it could also run the risk of sales reduction. Read More
Preliminary analysis of how LP teams are using data analytics suggests it is being used in at least three ways, based on the type of analysis being performed, the frequency with which it is done, and the type of employees using it. Read More
The ability to assess patterns in data, measure loss prevention programs, and make decisions in real time is fundamental in solving complex issues related to customers, sales, and loss. Read More
Today, analytics is one of the most vital tools to statistically identify the key factors which highly correlate with loss due to shrink. Collecting data from various sources gives retailers a more holistic perspective of their store activity. Read More
Just five months after the official launch of their new conversion program, Cycle Gear was already seeing great comp results, and by the end of the year, the company had their best Black Friday ever. Read More
Loss prevention directors need to call on many skills—not just their security smarts—to make a new or upgraded system optimally effective. Read More
RFID technology allows companies to know where in their process any particular asset is, so they can monitor the speed of production, the time of delivery, or any other factor that will help them to see how long their processes actually take—and control assets by knowing where they are at Read More
Why is it that some product protection technologies have been around and working for decades, while other retail loss prevention solutions only seem to work for a few months before offenders aren’t impressed? Read More
While many things about this family-owned business have changed since its founding in 1973, the need to keep a close eye on each location’s inventory hasn’t. Read More