Loss prevention and security are closely linked in reducing loss of profit due to theft, whether by employees or outside sources. Anti-theft measures, such as cameras and electronic tags, are commonly used, along with reducing opportunities for internal theft.
Loss prevention and security are often closely connected as augmented security measures and protocols are often used as a form of loss prevention and a way to reduce shrinkage within a business. There are numerous other factors and measures used to reduce lost income or product loss, including ensuring employee and customer happiness and eliminating workplace injury opportunities. Loss prevention and security often go hand-in-hand, however, as one of the best ways to reduce a loss of profit or earnings is through theft prevention.
The goal of loss prevention and security is typically to ensure that a business does not lose money through theft, whether by employees or outside sources. Theft is a major contributor to lost profits for a business, especially for retail companies that rely heavily on cash inflows for the products they offer. 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 might otherwise want to buy that product won’t be able to find it in the store. This is why loss prevention and security are often associated and used together in a workplace.
One of the most common ways that 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 employee presence, and using physical devices to reduce theft. Such devices often include electronic tags placed on or in products, which must be deactivated before the product leaves a store or an alarm sounds.
Loss prevention and security are typically also linked to reducing the opportunities and occasions for internal theft by a company’s employees. This is a risk in both retail workplaces and non-retail environments such as offices, from which employees can steal supplies, computer hardware and trade secrets. Increased use of security in these workplaces can include running background checks on employees to prevent theft risks where possible, and monitoring employees handling money through camera surveillance. Loss prevention and security are often both parts of the same department within a business, and loss prevention funding in general is often used to provide funding for increased security.
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