Retailers have generally accepted the necessity for data and analytics in their organizations. Using loss prevention analytics the right way can boost profits and reduce losses. However, the constant deluge of information sometimes makes it difficult to identify which loss prevention analytics are important and actionable and which can be discarded.
In a feature article in the March–April 2017 issue of LP Magazine, author Stan Welch, LPC, takes a closer look at this conundrum alongside key LP thought leaders: Rick Beardsley, director of loss prevention, safety, and risk management at At Home; Gregg Smith, senior director of asset protection at Five Below; and Scott Ziter, director of asset protection at Price Chopper.
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The conversation begins with the ways in which LP departments handled exception reporting and other labor-intensive processes before the introduction of useful loss prevention analytics. Then the discussion turns to the new ways the industry is using data and analytics. From the article:
The first thing the At Home team noticed about their new data analytics solution was how light it was on their IT department. “The biggest challenge was getting the IT group to move up the priority of our project. They provided us with their requirements and set a limit on man-hours to be spent,” said Beardsley. Thanks to the simplicity of the solution’s infrastructure and the help of the support staff, “we were able to get the system up and running three months ahead of projections,” he added.
Ziter and Smith both had similar stories, and once the solution was up and running in all three organizations, the impact was instant. “Our team became far more efficient at identifying and correcting issues,” noted Ziter. The ability to easily create complex queries and develop personalized reports had a big impact on their team’s performance. Ziter also added, “The new solution allows us to focus on resolving root causes of loss, not just individual cases.”
As the article points out, data and loss prevention analytics aren’t just buzzwords. They provide concrete benefits for loss prevention professionals. To read more, check out “Modern Data Analytics.” You can also check out the other articles in the March–April 2017 issue of LP Magazine. Not yet subscribed? No problem – register here for free.
This post was originally published in 2017 and was updated May 15, 2017.