Technology is evolving at a rate that can be overwhelming. Extraordinary concepts are developed daily, with modern technologies rapidly advancing and trends constantly fluctuating based on the needs of businesses and the demands of consumers.
Every day, there are stories in the media about developments in technology, such as artificial intelligence (AI). Even data analytics, which have been around for a considerably longer amount of time compared to AI, are changing and improving at faster speeds than imaginable a few years ago. Those of us who are less familiar with data analytics may be asking, ‘What really are analytics anyway?’ To be precise, analytics are the systematic computational analyses of data or statistics. Analytics are applied with the aid of specialized systems and software.
Inevitably, concerns arise due to the rapid advances in technology like analytics. How do I measure its accuracy? How do I maintain data privacy? How do I implement new strategies based on data extracted from analytics? Will analytics cut employee headcount? Moreover, as findings emerge through the consolidation and cross-analysis of data, LP professionals will discover both advantages and disadvantages throughout the process.
Loss prevention practitioners also want easy-to-use and accurate tools. LP teams have expectations that their weapons to fight crime will be as straightforward as the other digital devices in their lives. Data analytics should be no exception.
“We can now control bandwidth to where people can pick up their cell phone using a 4G or 5G connection and look at live recorded CCTV systems without a bandwidth issue for their company,” said Keith Aubele, chief security officer at Salient Systems. “Being able to assess the analytics while simultaneously viewing video footage without a bandwidth restriction is phenomenal, and this progress in technology is only going to continue.”
Multi-purpose solutions are in high demand. Integrating analytics to create solutions that accommodate this provides a more efficient experience, and supplies retailers with the functions they need to prevent loss, such as clearer store communication.