The Evolving Perception of Value within Loss Prevention Departments

What is the true worth of loss prevention? What might appear to be a comparatively easy query typically takes on a life of its personal as varied capabilities, philosophies, duties, and tasks are debated by the loss prevention neighborhood, people who loss prevention serves, people who help loss prevention in assembly targets, and people outdoors the retail circle that draw their very own conclusions primarily based on what they see, hear, and expertise.

This analysis research goals to measure perceived worth and maturity amongst loss prevention groups in 4 classes—perceptions, course of, expertise, and metrics for measuring success. These 4 classes have been chosen to focus on how far the business has come but additionally to point out how a lot progress nonetheless must be made.

The outcomes of this analysis affirm that there was a big evolution in how loss prevention professionals view their position and their worth to the enterprise. Many departments have taken on tasks outdoors of conventional LP actions and this has been mirrored in a better deal with proactive processes, elevated demand for technological enhancements together with built-in information streams, and extra holistic metrics to measure success together with earnings added to the enterprise’ backside line. Departmental management (Directors, VPs and above), particularly, appear to have embraced these adjustments and consider that their groups are considered as subject-matter consultants and operational companions for his or her respective companies.

Key Findings

  • There is a transparent disparity between how LP management and people within the discipline consider LP is considered by the remainder of the group and the way success is measured.
  • LP departments have rising tasks that many anticipate to proceed to develop and evolve.
  • The overwhelming majority of LP departments function and are revered as key operational companions to the enterprise and their success is measured as such.

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