STRENGTHEN YOUR DEFENSE AGAINST THEFT.
REAL-TIME LOSS PREVENTION
Thanks to 5G’s capacity and flexibility, you can scale theft-monitoring solutions and better protect revenue.
Challenge and opportunity.
The theft of merchandise, equipment, and supplies is a costly problem for businesses across industries. When this happens, construction projects may be stalled, manufacturing production lines halted, or cargo shipments delayed or lost.
Inventory loss is the scourge of retailers large and small. Known as “shrink,” it comes in many forms, including shoplifting, employee theft, and losses from inadequate inventory controls.1 Making matters worse in retail is the rise of organized looting.
OVER $112 BILLION IN LOSSES
OF RETAIL MERCHANDISE IN ONE YEAR2
Big-box stores are fighting back. They’re training employees in how to deter theft, hiring more security personnel, coordinating with law enforcement, and investing in anti-theft tools such as security mirrors. Some stores have begun locking items behind plexiglass, an extreme step that harms the customer experience and increases staffing costs.
Fortunately, technology offers a new line of defense. Computer vision—enabled by fixed cameras, advanced wireless connectivity, and artificial intelligence (AI)—can augment a security team’s ability to monitor a location around the clock. Retailers, for instance, can use these systems to add hundreds of cameras—akin to hundreds of sets of eyes—to improve security awareness, from back rooms to the front checkout.
“Inventory shrink is a challenge for retailers. 5G-enabled computer vision enhances the customer experience while combating losses and improving margins and productivity.”
Roopi Crowley,
Always-on monitoring at scale. Always-on monitoring at scale.
Today’s retailers are embracing the actionable insights of advanced 5G solutions to improve inventory management, productivity, point-of-sale experiences, and even store security.
Business benefits.
A security team can’t possibly monitor every inch of a business, especially in big-box stores that commonly exceed 100,000 square feet in size. With 5G-enabled computer vision, you can monitor activity with hundreds of cameras, while AI provides alerts of any suspicious activity. This new technology can help minimize losses and let you focus on customer service, revenue growth, and other ways of boosting the bottom line.
Protected revenue and margins.
With near-real-time AI alerts, computer vision allows your business to better protect inventory and equipment. And of course, avoiding shrink or loss has a positive impact on margins and profits.
Enhanced security operations.
Computer vision provides always-on visibility as security teams monitor a store, plant, or job site. Video from hundreds of cameras, processed by AI algorithms, lets your team take action promptly.
Improved business continuity.
You can respond more quickly to a single incident and implement longer-term security changes based on observed patterns. Greater vigilance discourages bad actors from targeting your business.
Key technologies.
5G’s high bandwidth and advanced wireless capabilities can support hundreds of cameras, eliminating the need to deploy cable throughout a facility. A private 5G network can be paired with public 5G to provide more comprehensive coverage, both inside and outside a store or other business location.
Cameras.
Strategically located cameras, whether inconspicuously placed or mounted in plain sight, can detect or deter theft.
Edge computing.
Video cameras transmit footage over 5G to an on-premises edge or network edge server for analysis in near-real time.
Artificial intelligence.
AI running in the computing environment provides constant monitoring. It can identify a security risk and send an alert to the manager’s dashboard so they can quickly take action.
Improving loss prevention strategies across industries.
Having the tools and network capabilities to support loss prevention is crucial for businesses with stockpiles of inventory, supplies, or material. The ever-watchful eye of computer vision is proving valuable across industries.
Construction. Construction.
Tools and equipment are frequently stolen in the construction industry. Deterring theft with 5G-connected solutions like computer vision can help minimize costly losses and delays.
Manufacturing. Manufacturing.
Production line theft is a costly issue. With 24x7 monitoring, businesses can significantly improve loss protection compared to relying solely on security personnel.
Healthcare. Healthcare.
Medications getting “diverted” from intended use is a big problem in healthcare. One study found that advanced analytics detected drug diversions 160 days earlier than other measures.
Warehouses, ports, and airports. Warehouses, ports, and airports.
Over $223 million in cargo was stolen in 2022.4 Connected cameras help security constantly track cargo from the moment it arrives until it’s shipped to its next destination.
Understand the impact.
No industry is immune from theft, fraud, or damage. The global market for video analytics is expected to mushroom from $6.35 billion in 2022 to $28.4 billion by 2029, driven in part by a need to prevent losses.5 With 5G-connected cameras providing automated, always-on monitoring, your business can protect not only its physical assets, but also its bottom line.
One big-box retailer has mounted smart cameras, connected by 5G, inside its massive stores. In a research interview with us, a VP with the retailer recounted how their organization implemented this solution. Computer vision allows them to see when someone picks up a high-ticket item and issues an alert if it appears that person is moving toward an exit without paying. That won’t stop all losses, but store managers can at least thwart theft of their priciest merchandise. “The biggest benefit is the analytical reporting that gives us a lot more granular details,” said the VP.
A NATIONAL GROCER HAS DEPLOYED
HIGH RES CAMERAS AND AI AT 1,700 STORES AND COUNTING6
In addition to using them for loss prevention, those detailed analytics provide insights into store activity that businesses can use in other ways. “We can better serve our customers based on their needs and the things they like from our stores,” said the retail executive.
In another example, a VP in healthcare explained how their company uses 5G-enabled computer vision to fight loss and theft of expensive medical devices. If someone unplugs a device or moves it without authorization, an alert goes out.
And an IT director in education said 5G-enabled computer vision has become a differentiator for their organization. Before deploying the new system, the security video was “so grainy you could barely see the person at all.” Now, with high-definition 4K video and 5G’s bandwidth, video analytics can identify anyone who approaches one of its buildings after hours. Floodlights snap on, and security is notified. The system automatically alerts police if an intruder lingers in the area for too long.
“It’s a great solution that’s very easy to deploy,” the IT director said. “It’s been very reliable and cost effective.”
“Comparing 4G to 5G, we see an almost 85% increase in productivity and visibility. Our stores are able to do a lot more with analytical reporting and camera vision with 5G.”
VP in a retail company
Recommended reading.
Frictionless shopping. Frictionless shopping.
How 5G advances the digital retail experience.
More efficient manufacturing. More efficient manufacturing.
More efficient manufacturing.5 ways 5G is optimizing the industry.
Endnotes:
- Jia Wertz, “Shoplifting Has Become A $100 Billion Problem For Retailers,” Forbes, November 20, 2022.
- National Retail Foundation and Loss Prevention Research Council, “2023 Retail Security Survey: The state of national retail security and organized retail crime,” September 2023.
- Protenus Inc., “The State of Drug Diversion in America,” 2022.
- Commercial Carrier Journal Digital, “2022 saw significant uptick in cargo theft activity,” January 13, 2023.
- Fortune Business Insights, “Video Analytics Market Size, Share & COVID-19 Impact Analysis, By Application, By Deployment, By Enterprise Type, By Industry, and Regional Forecast, 2023-2030,” June 2022.
- Lenovo, “Shaping Kroger’s Self-Checkout of Tomorrow with AI and Edge Computing,” September 21, 2022.
