LP Magazine

SEP-OCT 2018

LP magazine publishes articles for loss prevention, asset protection, and retail professionals covering shrinkage, investigations, shoplifting, internal theft, fraud, technology, best practices, and career development.

Issue link: http://digital.lpportal.com/i/1030193

Contents of this Issue


Page 48 of 68

PARTNERING SCIENCE, DATA, AND ASSET PROTECTION TO TACKLE RETAIL SHRINK students and the value we derived from their efforts and expertise," said Mike Lamb, LPC, vice president of asset protection with Kroger. "We know that in order to stay ahead of the ever-changing environment that affects shrinkage and waste, the benefit of analyzing our data in a meaningful and thoughtful way allows us to take a proactive versus reactive approach in mitigating our shrink. This not only serves to improve shareholder value from a profitability point of view but also enhances our in-stock position and product freshness focus." Analytical, data-driven investigations are important to the entire retail industry. Shrink exists in all sectors of retail, and this type of project benefits the entire industry. Through accurate root-cause analysis, we can help individual stakeholders identify different pain points and achieve a level of detail that was not previously possible. In addition, these methods provide tools that allow greater visibility into the business, making retail processes more efficient. With the diversity of products and vendors, seasonal variations, and highly perishable goods, the grocery industry can be extremely complex. This project demonstrated that signals can be found even in this noisy produce data and reflects how similar methods can be applied to other retail sectors. Investing in analytics can benefit retailers in many different ways, whether in terms of reducing losses, being better prepared for future issues, understanding the retail customer, and running more efficiently as a whole. Finally, we would like to thank each and every person who helped in this project, including our sponsors at Kroger, Aaron Medley, Jason McClure, and Mike Lamb—thank you for supporting our team and answering our endless questions regarding the data and work at Kroger. Ed Tonkon, our sponsor from Zebra Technologies—we appreciate your time and thank you for your ideas, feedback, and comments. Our sponsor at RILA, Ellen Jackson—thank you for listening in on every call and coordinating our trip to the conference in Orlando. Finally, Dr. Mike Hasler and Dr. Ramesh Rajagopalan at The University of Texas for guiding us through this project, providing us with critical feedback, and helping us provide the most value through our'work. Mike Lamb continued from page 46 48 SEPTEMBER–OCTOBER | LOSSPREVENTIONMEDIA.COM CLARISSA FRANKLIN, RAJAT MALHOTRA, DANI DIEHL, and RAKSHA PAI are students pursuing their master's degrees in business analytics in the McCombs School of Business at The University of Texas at Austin. LPM Online is an all-new magazine experience. LPM Online publishes every other month on even-numbered months in between our print editions. The inaugural edition went live in August. You can view it and our current edition on the LPM Online tab on our website, LossPreventionMedia.com, or by entering LPM-online.com in your browser. An All-Digital Magazine with All-New Content Don't Miss LPM Online LPM-online.com

Articles in this issue

Links on this page

Archives of this issue

view archives of LP Magazine - SEP-OCT 2018