How IoT changes the game for loss prevention security in retail
Learn how new technologies and IoT fundamentally change security and loss prevention management in retail. What can professionals in this area expect? What opportunities does further digitization offer? Spoiler: It's worth dealing with it!
Theft is the most prevalent form of revenue shrink that retailers experience globally. In Australia, for example, theft costs retailers billions each year. Averaging between 1% - 3% of gross profit, theft significantly impacts the net profitability of retailers. So it's no wonder that they are looking for new ways to make their stores and inventory safer.
How many thefts remain undetected?
Until now, video and security cameras at stores were only useful tools to keep an eye on the situation at the store. Now cameras could become your best friends in the daily fight against retail theft. Here’s how…
Devices are getting smarter every day and can perform many routine tasks for you. Imagine a camera at your store that automatically detects suspicious behavior of visitors without you having to sit in front of the monitor. And more: cameras automatically inform you so that you can react faster. These are just two examples of how smart cameras can help you and your team monitor and secure stores in real-time. Take a moment and think of the possibilities that could improve your security management and tell us!
Tip: If there is already a discussion in your company or with your clients about whether to invest in new camera technology, point out that smart cameras not only make retail safer but can also help to sell more effectively at the point of sale.
Security and loss prevention analytics
Smart camera systems provide you with the data you need to ensure efficient security service. The ability to assess patterns in these data, measure loss prevention programs, and make decisions in real-time is fundamental for running a sustainable security and loss prevention strategy. Here’s where retail loss prevention technology come into play.
Security and loss prevention video analytics help get answers to burning questions in these areas, among others:
• Testing: How effective is a new measure to prevent loss?
• Identify fraud: How can we recognize correlations in anomalies in several outlets?
• React faster: How can we reliably detect suspicious behavior before theft happens?
• SLP forecast: What theft rate will we reach in autumn?
Real-time analytics requires a suitable infrastructure for gathering and processing data. This includes both software components (that are very often localized in the cloud) as well as hardware connected through the Internet of Things. The hardware should include security cameras that, equipped with powerful processors and analysis applications, can take over part of the data analysis themselves.
Get to know more about our smart retail solutions.
What does that mean for you as security and loss prevention professional?
Retail loss prevention management is no longer just about organizing video surveillance and thief chasing (sorry if we're oversimplifying things). As technology becomes more important in your business, you need to know how to orchestrate people as well as machines within your policies and procedures.
It is therefore important that you keep up with the latest technology trends. The more you know about applications and innovations, the more value you can offer your company or your client. That’s why we want to encourage you to become a visionary enabler instead of “just” a manager. Here's how to start today…
1. Strive for knowledge: It's the age of lifelong learning. This also applies to you. Keep on top of magazines, blogs, books, conferences and training by experts and professional associations to get valuable knowledge that can help you develop. You’ve made a first step by reading this article!
2. Become tech-savvy: As shown above, the knowledge and use of technology is crucial to getting your job done today and in the future. Equipped with technical understanding and knowledge, you will be able to creatively shape your area of responsibility instead of just following the decisions of others.
3. Be an example: Every interaction between you as the manager and your team creates a picture of how they see the function of theft prevention in general. This is your responsibility: show the value of your work ethic and quality performance through your vision and your thought leadership regarding technology.
The future of security and loss prevention management in retail industry starts now!
Have fun with it!
Good to know: Retail loss prevention is a set of practices designed by retailers to preserve profit and reduce preventable losses. The use of a surveillance system to record any theft is one of the most efficient retail loss prevention technologies.
TL;DR: Technology for retail security and loss prevention is more than just video surveillance using security cameras. It's about digital ecosystems in the Internet of Things that help protect stores even more effectively from theft and to better control policies and processes. Managers responsible for security and loss prevention should take over the helm and help shape technical evolution in their company or with their customers.
We at Security and Safety Things support you with up-to-date information on the latest trends and developments.
Why Security and Safety Things? Because safety and security are our highest priorities. We believe we can enhance both — for people and for businesses, all around the world.
How? With our open IoT platform for security cameras. Starting in 2020, Security and Safety Things will enable seamless management of networked cameras — by unleashing a new generation of AI-based security apps. With the ecosystem, our aim is nothing less than creating a global industry standard together with OSSA.
Another good read: Start-Ups Revolutionizing Computer Vision in Retail, Mobility & Health
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