Magazine Article | April 22, 2014

The New Role Of LP In The Era Of Network Technology And Big Data

Source: Innovative Retail Technologies

May 2014 Integrated Solutions For Retailers

By Scott Patsiga, president, Telaid

Because loss is anything that detracts from the bottom line, LP’s purview is expanding. The latest technologies deliver data that has the potential to unlock insights.

Romanticized notions of LP being a sophisticated game of cops and robbers are fading in the rearview mirror. Today, LP professionals spend their days accessing data, configuring reports, and generating insights from multiple systems to identify trends, spot outliers, and predict losses. They are collaborating with merchandising, operations, customer service, and finance teams. Loss is no longer solely about organized retail crime (ORC), theft, and shoplifting, but more about any event or missed opportunity that detracts from the retailer’s bottom line. The era of Big Data and the proliferation of network technology are completely transforming the role of LP in retail.