A new white paper exploring the loss prevention technologies and techniques deployed by major retailers indicates that retailers have, in fact, the ability to reduce the negative effect that employee and customer theft, as well as organized crime, a on their profitability. The research was conducted by Cambridge Retail Advisors (formerly Boston Retail Partners).
The white paper, titled “Loss Prevention: Why Merging Technologies is Essential,” explores the ways retailers are using or could use technologies such as exception-based reporting, advanced video analytics, serialized RFID, blockchain and 5G. It also examines how these tools can be used together to essentially amplify the benefits of the retailer’s LP operations.
“LP is at a crossroads,” said Ken Morris, managing partner at Cambridge Retail Advisors (CRA). “Technologies such as AI, serialized RFID, intelligent video analytics and 5G are beginning to converge and complement each other.” Morris and his colleagues at CRA work with retailers to identify the techniques and technologies that will provide the best results in their specific operating environment. “In a world with more sophisticated thieves and a tough job market, retailers need to get the maximum return on their investment in LP,” he added.
“As the retail landscape continues to be increasingly competitive, retailers need to take advantage of all the options available to them,” said Marty Whitmore, managing partner at CRA, adding that retailers should consider loss prevention as a key element to improving their bottom line. “Retailers who are reluctant to prevent losses due to cost will be left behind,” he warned.
The research report provides significant detail on the evolution of Exception Based Reporting (EBR) and how retailers today are using current technology to sift through massive amounts of retail data to find suspicious activities.
“Today, LP teams are focused on organizational profitability,” said Raoul Ricard, a retail industry executive with decades of experience in exception-based reporting technology. “EBR vendors can help digest, organize and standardize a wide variety of retail data types to help examine exceptions and trends across all areas of the business.”
Click here to download this new white paper for free. The research report was sponsored by Avery Dennison, Agilence and Hanwha Techwin.