We returned from LPRC Impact 2018 with the feeling that loss prevention (LP) teams are gaining some real momentum in their retail organizations. An indication of an active and engaged audience, the show grew in size from 312 to 388 attendees. Attendees were high-level loss prevention executives and thought leaders, signaling the value of the show and the level of interest in research coming out of LPRC’s Innovation Lab.
As is typical at LPRC Impact events, there were plenty of studies, research projects and discussions surrounding best practices in LP. However, it was interesting to see a major shift to the discussion of outcomes. This one word, which came up frequently, brought great significance to the show. It is an exciting indication that when it comes to implementing combinations of LP solutions to achieve reduced loss and better visibility, LP teams are capturing results.
The LPRC Innovation Lab’s research projects are now revealing what works, what doesn’t work and best practices. These outcomes are exciting in and of themselves, and are also establishing some common terminology and metrics that retailers can use to measure how solutions are impacting their businesses.
LPRC IMPACT 2018 points toward a transformation in LP that has long been predicted, but is finally taking place in tangible ways. Here’s the quick list of significant take-aways:
- LP is collaborating across the industry in meaningful ways to combat crime and identify best practices that help us all overcome some of the most vexing security issues. Through the LPRC labs and other collaborative efforts, retail loss prevention will more quickly and effectively identify and combat up-and-coming security challenges.
- With new metrics and outcomes available, LP teams are armed and ready to deliver critical metrics, significant insights and value to the retail organization as a whole. LP is moving out of the silo and demonstrating expertise and ownership of systems that deliver valuable data to operations, merchandising, customer service and all areas of retail.
- LP teams are getting more attention from their retail counterparts because they are demonstrating that their investments in technology are yielding results. For example, investments in video analytics and keyless entry are paying off for LP any beyond. As a result, they are getting more attention, bigger budgets and more responsibilities.
IMPACT 2018 offered clear confirmation that LP is moving in the right direction and will continue to advance loss prevention to keep stores safe for consumers as they shop, as well as ensure profitability. Stay the path, LP! You’re doing a great job!