The Evolution of Loss Prevention and Asset Protection With New Technologies With Joe Davis
Release Date: 08/09/2022
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info_outlineToday we’re speaking with retail loss prevention industry leader, Joe Davis, who has led LP/AP teams in big box, specialty and other retail organizations. We explore key market trends and technology shifts in retail and their impact on LP/AP teams. Joe explains the potential for AI and data analytics to help combat loss and how LP/AP teams are evolving alongside retail.
IN THIS EPISODE:
- [1:50] What are some of the key market trends and technology shifts in retail and their impact on LP/AP teams?
- [3:30] What are the impacts of these technological advancements on the LP/AP industry?
- [6:10] How do you assess new technologies and the potential impact they will have on loss?
- [8:55] What are new types of loss that are occurring due to technologies like self-checkout?
- [10:50] How do data analytics impact the LP/AP team's decision-making process?
- [14:15] What does the ideal LP/AP team look like today versus what it looked like in the past?
- [16:05] Is there any particular technology that really could be a game changer for LP/AP space?
- [19:00] What will LP/AP industry look like in five years?
KEY TAKEAWAYS:
- Increasingly, recruiting individuals with diverse backgrounds and capabilities is valuable for growing an effective LP/AP team. As data becomes available and critical, recruiting individuals like statisticians, those with IT capabilities or even legal training can be valuable.
- AI has given LP/AP teams better visibility into people who cause malicious loss and exposes more consistently and effectively loss-causing deviated transactions.
- There is value in collaborating early and often with IT teams and cross-functional groups when it comes to emerging technology deployment plans. This provides an opportunity to learn about these technologies and to earn a seat at the table to debate and voice challenges.
- As data proliferates, the winners are going to be those who can leverage it into an actionable, proactive response. Just because we have the data does not mean it’s valuable.
LINKS MENTIONED
https://www.linkedin.com/in/joetdavis/
BIO: Joe Davis
Joe Davis is a loss prevention veteran with over 30 years’ experience in the retail industry. Joe started his career as an in-store loss prevention associate and was promoted into a multi-unit role supporting multiple complex markets across the US. Joe has led teams in the corporate, field, technology, investigations and risk management areas with a diverse group of retail organizations during his career. Currently, Joe is building out a new asset protection organization focused on recruiting talent, leveraging technology, improving product availability and driving increased profitability.