Insight: Why do Loss Prevention Managers depend on data-driven technology?

4th October 2019

Loss Prevention Managers play a critical role in protecting company assets and maintaining profitability. They are therefore tasked with developing, implementing and maintaining procedures for reducing loss of merchandise, money or assets and some of the work they carry out on a daily basis includes:

  • Investigating, recording and resolving issues such as theft, violations of policy and compliance.
  • Performing inspections, audits and investigations at multiple sites.
  • Encouraging loss prevention throughout the entire workforce.
  • Implementing guard services and physical security systems.
  • Utilising cutting-edge technology to identify and minimise the risks of financial losses related to both internal and external incidents.
  • Ensuring appropriate and timely report preparation.
  • Developing strategies to deal with difficult customers.
  • Formulating plans regarding customer and employee safety.
  • Improving emergency procedures.

According to the ACS 2019 Crime Report, crimes committed against the convenience sector cost around £246m over the last year – that’s over £5,300 for every store in the UK. Theft is of course, just one area that loss prevention managers focus on, yet there’s also the need to reduce loss from vandalism, counterfeiting, robbery, burglary, and store safety. 

How does sophisticated technology aid their daily work?

We’ve outlined just a few of the many important tasks that Loss Prevention Managers carry out but it’s important to understand in today’s fast paced digital world, technology is at the heart of those operations. It’s therefore important to ensure they’re taking full advantage of cutting-edge features, especially when looking to acquire actionable insight and improve productivity, speed and accuracy in day-to-day processes. Synapse is widely used by loss prevention teams in the UK and overseas, presenting timely information at their fingertips, enabling them to prioritise loss prevention activity, engage with operational teams and direct the security teams to areas of significant risk.

Why are loss prevention teams upgrading to Synapse?

Synapse is packed with pioneering features, helping loss prevention teams manage every aspect of incident reporting and staff operational activities. Below we’ve outlined 5 of rewards that can be reaped from this incident reporting, analysis and risk management platform. 

Manage data quickly and accurately

With Synapse, you’re guaranteed speed and accuracy when collating data, or creating crime and incident reports. We know actionable insight is key to success in any loss prevention strategy, and Synapse gives you exactly that, along with real-time reporting to optimise manpower levels, decision-making and reducing response times. 

Help combat crime 

The UK government has been heavily criticised for a failure to provide UK police with the resources they need to combat the rise in theft and violent crime. Synapse comprises two elements: a mobile app for the self-reporting of incidents and a central intelligence database for collating reported data. By combining each of these tools, Loss Prevention Managers can analyse intelligence and enable resources and actions to be deployed in a simple and efficient manner. Actions can include deploying security guards, organising remote patrols, issuing equipment or prompting civil recovery. It’s also possible to build an offender library to notify security personnel and store detectives, collecting evidence in an efficient and compliant manner.

Streamline operational processes

From store audits to checklists, task management, risk assessments and reviews, Synapse can provide you with the full functionality needed to help you achieve greater success in investigation, action and closure. 

Reporting and analysis

You will also have performance statistics and management information at your fingertips, allowing you to easily coordinate SLAs and KPIS, integrating seamlessly with your loss prevention analysis. It allows access to accurate data on shrinkage, such as actual, attempted and deterred losses, whilst allowing you to identify patterns and trends, revolutionising the intelligence approach to tackling incidents.

The reporting platform also holds a powerful data repository pulling in feeds of information from a wide range of data sources - including Police data streams, government demographics and environmental alerts from both the immediate location and the surrounding area for you to access at anytime.

This enables risk profiles to be generated at a location to aide strategic planning and decision making.

Collaboration and communication

A Loss Prevention Manager may play a critical role in planning, implementing and evolving a loss prevention strategy, however, success only comes from crystal clear communication and seamless collaboration. Synapse allows teams to share best practice and knowledge to other relevant staff, improving communication across the board. 

Insights & Spotlights...

Your login details have been used by another user or machine. Login details can only be used once at any one time so you have therefore automatically been logged out. Please contact your sites administrator if you believe this other user or machine has unauthorised access.