LP Magazine

MAR-APR 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.

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their best interest, they were eager to support the roll out." While the objective is a collective approach to retail innovation, data suggests that IT, LP, and other departments have a ways to go before they are on the same page. In a 2015 retail survey by IHL Group, a global research and advisory firm, the differences in perspectives on technology among retail department heads was stark. In the survey, 50 percent of LP executives said their exception-based reporting technology was up to date, while only 19 percent of IT executives and 29 percent of executives in other departments held the same opinion. And when asked if they'd be using CCTV cameras for traffic counting in the next eighteen months, 60 percent of LP executives said yes, compared to 37 percent of IT professionals in IT and just 14 percent of executives in other retail departments. In a survey by LP Magazine and Security Director's Report, loss prevention executives suggested that some internal strategic relationships are strong, but others are not (see figure above). A Two-Way Street To successfully innovate today, LP leaders repeatedly emphasized the importance of reciprocity in relationships—forging a two-way bridge between LP and its business partners, between corporate planners and field operators, and between the future and the past. At our discount retailer, for example, loss prevention software from ThinkLP was brought in for case management, but it also helped the company to expand the investment's value by utilizing the LP tool to manage reporting companywide. Distribution centers use it to report accidents and thefts, stores to report pricing discrepancies, and promotions to track and report sales performance. LP also worked with the operations team to build a routine audit tool into the LP software for its use. "Oftentimes, leaders in AP don't involve their peers until after the fact, and then you're looking at modifications," the director observed. "And that's when you can upset some of your business partners, especially when the failure to involve others costs them time and effort." He believes it's mandatory for asset protection leaders today to transform LP innovation into companywide initiatives and that it's something that should drive projects from the start. LP innovation also hinges on being able to leverage asset protection value from partners' technologies. "You can't afford to miss it if there is some sort of innovation that is being used by store operations that can be of use to AP," said Roubic. "You want to put yourself in a position so that you'll be exposed to that idea, so you can think, 'Is there an AP use here?'" At JOANN, for example, AP has taken a system typically used by other retailers to alert store associates to long dwell times at changing rooms ALL TOGETHER NOW How Strong Is LP Collaboration across the Retail Enterprise?* Level of communication, coordination, and strategic alignment of objectives Weak Strong 1 2 3 4 5 Top Management 4.25 Operations 3.75 Internal Audit 3.88 Business Units 3.38 Marketing 2.88 Health and Safety 4.75 IT 4.06 Logistics 2.75 Purchasing 2.63 Facilities Management 4.25 Communications 4.25 Human Resources 4.50 *Opinion of senior security executives at retail companies Scale: 1 - Extremely weak or non-existent communication, coordination, alignment of objectives 3 - Moderate level of communication, coordination, alignment of objectives 5 - Extremely strong level of communication, coordination, alignment of objectives Source: SDR/LPM survey The US Security Industry: Size and Scope, Insights, Trends and Data, 2014–2017 for ASIS International and the Institute of Finance & Management 18 MARCH–APRIL 2018 | LOSSPREVENTIONMEDIA.COM

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