Loss prevention and security are closely connected, with anti-theft measures being a common way to reduce lost profits. Internal theft by employees can also be reduced through increased security measures.
Loss prevention and security are often closely connected, as increased protocols and security measures are often used as a form of loss prevention and a way to reduce shrinkage within a company. There are a number of other factors and measures used to reduce lost product gains or losses, including ensuring employee and customer happiness and eliminating opportunities for personal injury in the workplace. Loss prevention and security often go hand in hand, however one of the best ways to reduce a loss of profits or winnings is through theft prevention.
The purpose of loss prevention and security is typically to ensure that a business does not lose money due to theft, whether from employees or external sources. Theft is a major contributor to a company’s lost profits, especially retail businesses that rely heavily on cash inflow for the products offered. When these products are stolen, the company loses money due to the actual loss of the product, but there is also a loss of money due to the fact that someone who would otherwise want to buy that product will not be able to find it in the store. This is why loss prevention and security are often associated and used together in the workplace.
One of the most common ways loss prevention and security can be implemented together is through the use of anti-theft measures. This often involves placing cameras in a store or workplace, visually detecting and physically deterring theft due to the presence of employees, and using physical devices to reduce theft. These devices often include electronic tags placed on or inside products, which must be deactivated before the product leaves a store or an alarm sounds.
Loss prevention and security are also often connected in reducing opportunities and occasions for internal theft by a company’s employees. This is a risk in retail workplaces and non-business environments such as offices where employees can steal supplies, computer hardware and trade secrets. Increased use of security in these workplaces could include background checks on employees to avoid theft risks where possible and monitoring cash handling employees through video camera surveillance. Loss prevention and security are usually two parts of the same department within a company, and general loss prevention funding is often used to provide funds for greater security.
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