162: The Evolution Of Loss Prevention

The role of the security guard has been seen as a cost for some retailers, restricted to only stores in “high risk” locations to prevent shrink or stock loss. But as we shift to more omnichannel ways of working and data becomes more accessible, there are opportunities to develop the loss prevention team to profit protection and much more. TMAC’s Paul Banks joins to explore the evolution of loss prevention. This episode kicks off a new mini-series – “A Bunch Of Bankses.” Oliver Banks speaks to other insightful people named Banks are sharing ideas around retail and transformation.

Listen to this episode of the Retail Transformation Show to hear:

• How the role of security guards has changed over time.
• Why loss prevention is expanding to contact centres.
• Examples of how speech analytics and data insight can stop loss and other challenges.

 

Introducing Paul Banks

Paul found his calling in retail leadership at one of the major discounters. After more than 15 years covering functions from operations management to analytics and loss prevention. In addition, for 10 years as a volunteer police officer. Paul recently moved to platform as a series his way to a SaaS technology startup, The Modular Analytics Company.

Now, Paul has a keen interest in bringing AI and ML solutions to solve the challenges of businesses. And simultaneously ensure their people can make better decisions, faster.

Connect with Paul Banks on LinkedIn.

Find out more about TMAC (The Modular Analytics Company) at tmac.ai.

And you can email Paul directly on paul.b@tmac.ai.

Additional listening from the Retail Transformation Show

If you enjoyed this episode, then be sure to subscribe to check out other episodes from the “Bunch Of Bankses” series. But also check out these past episodes.

Data was a key theme in the discussion. So listen into episode 124: How To Be A Data Driven Retailer as Oliver Banks explores elements that will be critical to take onboard.

Next, check out episode 161: Forging A Customer Complaints Strategy. Helen Dewdney explores the opportunities with handling and resolving complaints. And you can imagine the opportunities of connecting the data collected in these conversations.

And finally, with many retailers opening checkout free stores, there is another rich source of data. Take a listen to retail analyst Tiffany Lung as she joined in episode 127: Checkout Free, Frictionless Stores.