LP Must Start Collaborating to Support the Latest Retail Innovation Trends

retail innovation trends, asset protection system

If you’re a retailer in 2018, it’s time to accept the truth: you’re no longer just a seller of goods. You’re a tech company, too. That means your team—including your loss prevention department—needs to be tech savvy enough to keep up.

The latest retail innovation trends include new approaches to data analytics, advanced exception-based reporting systems, and cutting-edge warehouse management tools that help control shrink in distribution centers. But all these technologies are useless if loss prevention professionals are not collaborating with IT and other departments to maximize their potential.

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Contributing Writer Garett Seivold digs into the need to focus on the broader reach of the latest retail innovation trends in a feature article for the latest issue of LP Magazine. From the article:

It may seem inconsonant advice, but to be a successful leader of LP innovation, you can’t focus on innovating LP. Your focus has to be on more-expansive opportunities, say industry leaders.

“For those of us who set policy and strategic direction, we’ve been forced into broader areas than just shrink and away from solutions focused on theft issues or other areas of narrow opportunity,” explained Scott Glenn, EJD, LPC, chief security officer at Sears. “Certainly the breadth of the role has changed. We don’t have the funding to buy narrowly tailored solutions. It’s a situation where any one solution has to be addressing multiple issues, and it’s why there are such gains in the area of analytics and predictive modeling.”

Check out the full article, “All Together Now,” to learn more. You can also visit the Table of Contents for the March–April 2018 issue or register for a free subscription to the magazine. [Note: if you’re already a subscriber, the previous link will take you to the current issue instead.]

This post was originally published in 2018 and was updated April 12, 2018.

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