Analytics aren’t just for “techie” types anymore. If you’re in the loss prevention or asset protection industry, you’ve been using data analytics for your entire professional career. [You may not have always used that phrase, but applying data to identify problem areas and drive results has always been an essential part of the job.] It’s time to embrace the pocket protector look; your inner data geek isn’t going anywhere.
A feature article in the October 2018 issue of LPM Online by Jac Brittain, LPC, examines the ways in which LP pros once applied analytics to business data and the more advanced types of data used in the retail space today. From the article:
Some among us can still remember the days of searching through mountains of refund documents and miles of register tape trying to uncover patterns and solve theft problems in our stores. Then somewhere along the way, we were given the gift of exception reporting, taking what once took hours and even days to review and turning it into a review of documents that took a few seconds to generate.
This by no means took away our jobs, but it did mean we had to modify the way we looked at how we manage the loss prevention process. We had to make adjustments to better fit the new standard of performance. Technology changed our approach and made our jobs much more efficient. It made us better, allowing us to focus on other things and be more productive. It has actually helped us gain additional credibility as we gain responsibilities and take on a more prominent role in managing the profitability of the business.
Check out the full article, “Analytics Has Never Been a Four-Letter Word in Loss Prevention,” to learn more about advanced data analytics (and why they aren’t so intimidating). Then it’s time to get fitted for that pocket protector.
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