Ch ch ch ch changes…
An article by Loss Prevention Magazine titled The Evolution of the Loss Prevention Professional illuminates ways the changing climate in the world of retail loss prevention began to reshape the roles, responsibilities, and strategies of those operating within it. While the central focus has remained unchanged (to reduce losses and shrink) a pivot into other areas such as enhancing profitability has occurred. Furthermore, data provided by constantly advancing technologies has opened new paths for loss prevention professionals to explore, with an interest in contributing increased value to the organizations they serve using their existing resources.
Just as the roles of loss prevention professionals morphed, so so went the retail environment. Shopping trends transitioned. Products evolved. Payment options changed. Buy online and pick up in-store emerged (BOPUS). New ways to buy now and pay later were popularized. All of these changes occurred at a blistering pace, and it appears the rate of change is not slowing, rather, it is increasing.
All of these changes presented many challenges for modern loss prevention professionals. Along with those challenges, new opportunities for LP to positively impact organizations began to present themselves. If one were savvy enough to employ the emerging tools and techniques as they surfaced, one could notably increase one’s value within an organization to the degree one could become essential to the organization’s success.
This nugget is paramount to grasp. Working within one’s comfort zone and failing to embrace change in the LP landscape is futile. New technologies, systems, and resources should be perpetually explored. Understanding how these tools can benefit other areas throughout an organization and between departments is necessary in order to grow. The successful LP professional of the future will demonstrate proficiency in this area.