Loss prevention/asset protection (LP/AP) teams have seen a tidal wave of new and unexpected conditions, pressing them to hone new skills to combat emerging challenges. While organized retail crime (ORC) and new high-tech fraud threats were top of mind in 2019, a global pandemic, outbreaks of violent crime, and destabilizing economies are the challenges presenting themselves since 2020. These conditions have presented a host of new problems for LP/AP teams, changing their focus and the criteria for success.
The good news is that LP/AP teams are working diligently to overcome these daunting new challenges. Powerful new technologies are there to aid them and are being applied to creatively solve problems.
In a recent episode of the Telaid Tech Connect podcast, I sat down with host, Beth Bergmann, to discuss how emerging technologies are fueling loss prevention and asset protection advancements and why the future is bright for retail LP/AP.
- Inventory accuracy with smart devices – RFID, computer vision and IoT technologies are sure to advance inventory accuracy, which is nothing short of critical in today’s day and age. Inventory accuracy helps avoid administrative losses as well as needless revenue losses due to empty shelves or the inability to locate items.
- Crime prevention using AI and video – AI has made video smart, capable of identifying vehicles, license plates and faces. While there are some privacy concerns ahead of widespread adoption, the potential for these technologies to help thwart crimes before they happen is undeniable. What if LP teams were alerted when a known ORC criminal entered the building or when a car with a license plate that was on file with law enforcement drove into the parking lot? It is possible that crimes could be completely avoided with advanced warning and action.
- Wireless advances that increase camera utility – Advances in wireless have the potential to significantly change the way cameras are used. Envision a scenario where cameras are charged and transfer video to the cloud wirelessly. This would enable cameras to be deployed in minutes, anywhere in the facility, without cabling runs. This type of advancement is in the works and will radically expand the use of cameras for precise LP/AP applications.
- Self-checkout AI for increased accuracy – Self-checkout technology is no longer just about customers scanning items and entering item numbers. Thanks to advanced on-board cameras and AI, self-checkouts now have the ability to see and accurately recognize items. This level of accuracy reduces purposeful and unintentional miskeying of items, therefore reducing mispriced items and the associated losses. Skip scanning will also be eliminated with more advanced technologies.
While new fraud and theft methods are growing, technology advancements are growing even faster. Collaborations among providers of cutting-edge technologies can further strengthen retailers’ ability to prevent theft, loss and violent crimes. Loss prevention professionals are a determined, tenacious group that thrives on new challenges and rises to the latest challenge.
