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.

Issue link: http://digital.lpportal.com/i/955857

Contents of this Issue

Navigation

Page 56 of 76

industry will then be discussed, expanding the conversation to forge a comprehensive plan that will set the tone for the upcoming year. This helps keep all members focused on the spectrum of issues currently facing the asset protection professional and the topics most relevant in today's retail setting. Nashville Shark Tank The recent event in Nashville took full advantage of the exceptional turnout, with an innovative approach to addressing retail shrink issues. "Bringing retailers together to look at new-wave ideas and innovation to help mitigate against loss is an exciting task in itself, but we also wanted to have a little bit of fun with it," said Jaeckle. "So we decided to use the Shark Tank format." Over the course of several months leading up to the Nashville meeting, RILA's (R)Tech AP Working Group—comprised of retail executives responsible for identifying cutting-edge technology solutions that mitigate total retail loss—vetted start-up companies to identify game-changing technology they wanted to know more about. The group reached consensus on the top five start-ups to invite to Nashville. Each start-up was given the unprecedented opportunity to pitch their technology to several "sharks" (AP leaders) and the broader audience. The sharks challenged each start-up, asking pressing questions about the technology and its application to retail AP. Each pitch ended with the sharks indicating whether they were willing to enter into a pilot with the start-up. "In this particular environment, it was probably one of the best ways to make the presentations for all involved," said Jaeckle. "Even those who watched from the audience were highly engaged, seeing the same value for their companies as what the sharks were experiencing. It was something completely new and different and something that hasn't been approached this way in the industry." The exercise proved to be both fun and productive, presenting asset protection leaders with a mechanism for thinking outside of the traditional box by taking a cutting-edge approach to solutions under the spirit of entrepreneurialism. It also provided the opportunity to help influence a start-up company by making suggestions on how to put it all together. For the start-up companies trying to get a foot in the door, it also helped provide real-time feedback on some of the things that they're trying to accomplish, facing criticisms and feedback on how they can better customize their products and help solve some of the problems that retailers are confronted with. "The Shark Tank format provided a broad approach to opportunities in our business, but not in the sense that a provider was pitching something that was essentially off the shelf," said Jaeckle. "This allowed us to essentially outline where we're experiencing risk in our companies, looking at those issues under a genuine spirit of collaboration. It provided the cooperation between the start-ups in the retailers as well, collectively reviewing everything as a team." How to Get Involved Change may be inevitable, but positive and meaningful change is typically the product of cooperation, flexibility, creativity, effort, and thought leadership. Nodding in agreement or pointing a finger in the right direction isn't leading and isn't enough to influence change. If we truly want to make a difference, our first step is to get involved. RILA's Annual Retail Asset Protection Conference is April 29 to May 2 in Orlando. The Asset Protection Leaders Council will meet on Sunday, April 29, from 2:30 to 5 p.m. While membership in the APLC is limited to asset protection pyramid heads from RILA member companies, all retail asset protection pyramid heads are invited to attend this meeting even if your company is not a RILA member. Those who have an interest and any solution providers who are interested in sponsoring the APLC should contact Lisa LaBruno at lisa.labruno@rila.org. RILA'S ASSET PROTECTION LEADERS COUNCIL JACQUE BRITTAIN, LPC, is editorial director for LP Magazine. Prior to joining the magazine, he was director of learning design and certification for Learn It Solutions, where he helped coordinate and write the online coursework for the Loss Prevention Foundation's LPC and LPQ certifications. Earlier in his career, Brittain was vice president of operations for one of the largest executive recruiting firms in the LP industry. He can be reached at JacB@LPportal.com. The Shark Tank format proved to be both fun and productive, presenting asset protection leaders with a mechanism for thinking outside of the traditional box by taking a cutting-edge approach to solutions under the spirit of entrepreneurialism. It also provided the opportunity to help influence a start-up company by making suggestions on how to put it all together. 56 MARCH–APRIL 2018 | LOSSPREVENTIONMEDIA.COM

Articles in this issue

Links on this page

Archives of this issue

view archives of LP Magazine - MAR-APR 2018