It is easy to make Loss Prevention processes and procedures look fancy and thorough on paper. But as made very evident by the many professionals and experts at NRF Protect 2016, execution is key. As LP evolves into a role encompassing all variations of security, from protecting assets to protecting employees and shoppers alike, LP professionals need to be dialed in and focused to ensure all aspects of security are properly executed. That overriding theme can be concentrated to the 3 key takeaways from NRF Protect 2016.
If everything is a priority, nothing will ever get done. As the LP role evolves, focus becomes essential. It is crucial to make sure all teams have their expectations set, are well trained, and that execution is reinforced throughout the entire organization. It should be very clear to all teams the critical few priorities and how they will be executed against. Your teams should know exactly where and how to concentrate their efforts. Once procedures are set, audit and refine the processes constantly. It is better to know your weaknesses than to be blind to them. In the security industry, no weakness goes unnoticed in the long run and there are technological solutions to help focus your efforts.
Risk evolves, and so should your LP programs. Technology brings streamlined solutions at scale to help your programs evolve and make your management efforts seamless. Discover comprehensive solutions that will help you identify weaknesses, execute refined processes, and monitor the precision of execution. In the age of technology there are tons of solutions to ensure successful strategy implementation and monitoring.
Implement technology that will continually develop to meet your ever changing needs with a vendor that truly values your partnership. Your needs evolve and so should your tool box. It is crucial to find a partner that wants you to progress just as quickly and effectively as you do. Make sure your solutions are backed by a long lasting partnership and constant development.
As the role of Loss Prevention evolves, so does its role within the organization. Developing effective LP strategies require a partnership with all business stakeholders including buyers, vendor partners, and stores. These relationships are crucial to LP’s new and expanded role, and the efficient execution of LP strategies. Establish partnerships among the various teams in your organization to be aligned on systems and processes. Teams that collaborate with common goals and tools are much more efficient and experience substantial CapEx and OpEx savings. Many retailers have found strong synergies essential to success in today’s retail environment.
As the retail industry continues its dramatic evolution – and, in turn, its Loss Prevention function as well – focus, leveraged technology and collaboration will prove to be winning strategies. Finding common tools delivering benefits across multiple functions of the retail organization enhances ROI, and committed partnerships develop the synergies to be successful in this new retail world.
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