Innovation: Loss Prevention's New Vision
By Erin Harris, Editor-In-Chief, Cell & Gene
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My role with Integrated Solutions For Retailers affords me the opportunity to speak to top industry executives and analysts about where retail’s headed, the technologies retailers use to help get them there, and how they can go from good to great when it comes to delivering a can’t-beat customer experience. To that end, I recently had an enlightening conversation with Mike Limauro, VP of asset protection at Weis Markets about what retailers should be doing to synchronize loss prevention’s efforts with those of the other departments within the enterprise. The crux of the conversation will be published in extreme granularity in our June issue (watch your mailbox for the issue at the tail end of May). But one of the most important messages gleaned from our conversation focused on the importance of innovation in retail. Specifically, one of his overarching sentiments was that loss prevention and asset protection teams need to adopt a new, progressive line of thinking around how LP technology shapes and enhances the overall vision for the business. And, according to Limauro, that vision should be crystal clear — uncover your business needs and then find a way to make them happen.
Limauro explains that crafting such a vision starts by being unafraid of innovation, as your loss prevention efforts and technologies can propel the entire business forward. Indeed, loss prevention plays a critical role in enhancing the overall customer experience by driving sales and customer satisfaction while mitigating risk. Winning retailers can future-proof their business by embracing innovative technologies and adopting an innovative outlook that push loss prevention and asset protection beyond their traditional roles. Further, winning retailers can use traditional, existing asset protection technologies in new, innovative ways that will enhance the overall business and benefit every department. The most relevant issues in investigations, operational shrink, workplace safety, leadership and development, as well as audit and analytics require outside-the-box, innovative actions and technologies to deliver a place where people want to work and shop.
“It’s important and valuable to find technology partners that share your vision,” explains Limauro. “It’s about their vision matching yours. For Weis, our vendors must be an extension of our department, and they must possess the willingness to create what we need rather than sell us what they have. In meetings with our primary technology vendors, we don’t discuss the “bad guys,” as it’s about enhancing the company’s profits and inserting our process into the enterprise. Creativity and an innovative attitude are two of the most important qualities I look for — and encourage — with my team, and that has really changed the way we do business.”
Winning retailers understand that true success requires a companywide strategy focused on operational excellence. Innovation in the form of technology and C-level mindsets helps make that operational success a reality. It also enhances the customer experience, increases profits, and promotes safety for employees and customers alike.
How is your business relying on innovation to improve the customer experience? Share your success stories with us, or email me at erin.harris@jamesonpublishing.com.