Enhancing Loss Prevention: The Potential of Advanced Technology
In our last blog post, we talked about the impact of inventory shrink on the retail industry and the importance of leveraging panoramic surveillance cameras to mitigate this risk. On their own, these devices provide numerous benefits for retailers looking to enhance safety efforts through comprehensive video coverage. But to truly prepare for today’s threats and increase overall efficiencies, retailers can take their security solutions to the next level by harnessing video at the core and then incorporating various advanced technology features.
According to Sensormatic’s 2018 Global Shrink Index Report, this trend is catching on, especially in Europe as video analytics is cited as the most popular loss prevention (LP) tool by 87% of respondents. The survey also indicates that many retailers have reported that “the proportion of allocation for technology from loss prevention and asset protection budgets is on the rise”.
By implementing an intelligent video solution and subsequently taking advantage of the following advancements, retailers can experience both enhanced safety and a greater return on investment (ROI).
Not only does the use of video analytics give retailers extensive opportunities to improve operations, marketing and sales, but when it comes to security, this technology also creates the opportunity for stores to be proactive rather than reactive. For example, through heat mapping and footfall monitoring, analytics can help alert LP professionals to an area of a store that is likely to be a target for shoplifting based on frequent traffic. This tool can also help identify safety hazards throughout the store and allow management to address concerns before an incident occurs.
Those living in today’s digital world demand convenience in their daily lives, and in the security industry, this is for good reason: the ability to remotely control a device or system can mean the difference between a proactive and reactive response. In retail, mobile viewing capabilities enable users to manage and view video on-the-go in real time, providing LP pros with a new tool to augment investigations. Users can achieve full situational awareness and insight into a specific store from any location and at any time.
Integrated systems are powerful tools because they link multiple pieces together and combine information into a single interface. This correlated view of operations and fraud management enables retailers to respond proactively and alleviate risk. For example, when video surveillance is integrated with a point-of-sale (POS) system, every transaction can be traced and the POS footage can be easily obtained in the event that an investigation is required. With so much of physical store-based retailing based on hunches and assumptions, this can provide real business intelligence and insights.
For as long as LP teams have been in place at retailers, security investments have been seen as purchases that don’t deliver noteworthy ROI. But capitalising on the various opportunities available to enhance a surveillance solution changes the game. Leveraging the same technology to meet varying needs is the way of the future for retail, and viewing each deployment as a comprehensive solution to a number of problems will best serve not only loss prevention managers, but also entire organisations.