Telaid is an active member of the Loss Prevention Research Council, a pioneer in crimefighting and loss prevention (LP) for the retail industry since 2001. Taking advantage of having a large percentage of its members gathered in one place for the NRF Big Show in New York, the LPRC convened a 2020 kick-off meeting on January 15th in New York. LPRC is making some major strides in loss prevention as we enter a new decade.
Stepping into the digital transformation, the LPRC is leveraging the same emerging technologies that retailers are deploying to streamline their own testing and metrics.
For example, AI is allowing them to create virtual retail environments in which to test different LP technologies and tactics. The implications for the LPRC and its members are enormous. The use of advanced technologies is accelerating the LPRC’s ability to effectively move from concept, through proof-of-concept to configuration, deployment and results tracking. This means that evaluating the effectiveness of different LPRC approaches occurs at a vastly accelerated pace, producing more insights in a shorter period of time. Technologies like AI also allow the LPRC to reassess results from one store by changing variables that are representative of different stores. For example, AI can predict how a particular LP tool or process may deliver different results in a different geography, climate or format.
Partnering with the University of Florida, the LPRC is working with business majors and engineering professionals to extract meaningful data that help retailers gain a clearer understanding of the sources of loss and effectively take action against them.
Telaid is proud to be a member of this forward-thinking organization and is eager to partner with retail members and best-of-breed technology providers to elevate loss prevention and the fight against organized retail crime.