What is the true value of loss prevention? What may seem to be a relatively simple question often takes on a life of its own as various functions, philosophies, tasks, and responsibilities are debated by the loss prevention community, those that loss prevention serves, those that support loss prevention in meeting goals, and those outside the retail circle that draw their own conclusions based on what they see, hear, and experience.
This research study aims to measure perceived value and maturity among loss prevention teams in four categories—perceptions, process, technology, and metrics for measuring success. These four categories were chosen to highlight how far the industry has come but also to show how much progress still needs to be made.
The results of this research confirm that there has been a significant evolution in how loss prevention professionals view their role and their value to the business. Many departments have taken on responsibilities outside of traditional LP activities and this has been reflected in a greater focus on proactive processes, increased demand for technological improvements including integrated data streams, and more holistic metrics to measure success including profits added to the business’ bottom line. Departmental leadership (Directors, VPs and above), in particular, seem to have embraced these changes and believe that their teams are viewed as subject-matter experts and operational partners for their respective businesses.
Key Findings
- There is a clear disparity between how LP leadership and those in the field believe LP is viewed by the rest of the organization and how success is measured.
- LP departments have growing responsibilities that many expect to continue to grow and evolve.
- The vast majority of LP departments operate and are respected as key operational partners to the business and their success is measured as such.
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