Retailers are facing a surge in organized retail crime (ORC), with incidents rising by 26.5% in the past year. These aren’t isolated shoplifting cases; they’re coordinated efforts by sophisticated criminal networks. In 2022 alone, retail shrinkage, losses from theft and other causes, amounted to $112.1 billion, up from $93.9 billion in 2021, according to the National Retail Federation. Don’t worry, though; it’s not all doom and gloom. You have a secret weapon already at your disposal that can help your business stay ahead of looming retail security risks — you just have to learn how to use it. And that secret weapon is…
Data: Your Secret Weapon Against Organized Retail Crime
To combat rising retail security challenges, retailers are turning to data-driven strategies to increase their situational awareness and, in turn, enhance their security. Modern security platforms can integrate information from various sources, such as video surveillance, access controls, and inventory systems, to provide a comprehensive view of store operations. This holistic approach enables retailers to detect anomalies in their security data to identify potential threats and respond swiftly to incidents, or even prevent them outright. But what’s the secret to unlocking this retail security superpower?
Use Your Security Data Like a Pro
Your security systems are more than just cameras and alarms; they’re an untapped treasure trove of data that can be the difference between profits and losses, depending on how you use it. By centralizing your security systems into one streamlined platform, security teams can analyze footage, access logs, and inventory movements to spot patterns that indicate potential theft right under your nose. For instance, if certain items are disappearing faster than others, or if access points are being used unusually, these are red flags that security teams can pick up on by having all of their collected security data in one central platform to analyze. Centralizing systems to correlate data allows teams to address issues before they escalate into full-blown problems to worry about. Data helps you get ahead!
Gone are the days of siloed security systems. Connecting your video surveillance, access control, and inventory management tools gives you a clear, connected picture of what’s happening across your stores. By integrating your systems into a centralized platform to correlate data streams, your security solutions work together to equip security teams with the situational intelligence they need to secure your business’s bottom line and prevent shrinkage.
Defending your business from organized retail crime doesn’t have to be an uphill battle. By harnessing your security data effectively, you can outsmart thieves and protect your assets. Remember, a well-informed team and a connected security system are your best allies in creating a safe and profitable retail environment. So, gear up, integrate, stay vigilant, and let your data lead the way.
Ready to put your security data to work? Start a conversation with our team here.
