Generative AI is a type of artificial intelligence that can quickly create new content, such as images, videos, text, and music, from existing data. An example of this is generative AI assisting MIT scientists in a DNA sequencing task that typically took days, but reduced the time to minutes.

Luckily, the power of AI isn’t just relegated to university science labs; today, generative AI loss prevention tools are reshaping retail by offering more innovative solutions for loss prevention and fraud detection. By leveraging their rapid data analysis, generative AI loss prevention tools are the ultimate productivity boost for assisting loss prevention professionals by increasing the scope of suspicious pattern recognition and identifying which criminal incidents LP investigators should consider tying to a more significant organized retail crime (ORC) case.

Why choose generative AI for loss prevention?

The retail loss prevention industry is ever-evolving because the criminal landscape is constantly adapting simultaneously. This is why the highly career-committed LP professional is proactive and employs advanced technology when developing innovative solutions.

Embracing generative AI loss prevention tools is the natural progression of the industry, which is constantly charged with doing more with less and delivering results faster.

Generative AI loss prevention tools (such as the new Secure GPT feature from Appriss Retail) make loss prevention analysts and investigators more productive by increasing the speed and depth of their analysis. This allows for an unparalleled ROI by delivering more rigorous cases that impact a retailer’s bottom line faster.

AI systems enhance exception-based reporting (EBR) by enabling natural language searches, making it easier for loss prevention teams to process vast amounts of data and uncover patterns more efficiently. Now, generative AI loss prevention tools take it a step further by not only making the data querying process more intuitive and straightforward, but also by producing narratives on data points that could be used to take down ORC rings by tying seemingly disparate incidents together to identify potential ORC cases.

Given the sprawling nature of ORC rings, generative AI loss prevention tools allow LP investigators to search their entire databases using many different starting points for an investigation. Using a tool enabled with generative AI like Incident + ORC Intelligence from Appriss Retail, an investigator could comb thousands of cases using anything from an existing photo of a potential criminal to a simple description of the alleged perpetrator or their getaway car, license plate, clothing, etc. AI then scours all existing systems, returning recommendations in a matter of minutes. The investigator then has more time to actually investigate instead of hunting, clicking, and praying for more viable organized retail crime data.

Maximizing ROI with generative AI loss prevention tools

According to Fortune Business Insights, retail industry spending on AI is estimated to be $85 billion by 2032. With that increased spending comes a mandate for improved ROI. While some of this spending will, unfortunately, be spent on “AI pretenders,” those retail technology companies that slap AI on their software and offer unimaginative product roadmaps due to boardroom pressure, authentic generative AI loss prevention tools like the Secure GPT and Incident + ORC Intelligence allow LP investigators and analysts to analyze, generate, and close substantive cases faster – keeping ROI the centerpiece of their generative AI investment.

The concept of closing cases quicker isn’t only because of the speed at which generative AI loss prevention tools work; it’s also due to their simplicity. These tools make onboarding new-to-practice loss prevention professionals (or new-to-retail analytics professionals) faster due to the natural language interface that is used to quickly retrieve actionable insights without needing advanced technical skills, empowering them to make data-driven decisions without being data experts.

Additionally, LP teams without the budget for dedicated organized retail crime resources can benefit from Appriss Retail’s Incident + ORC Intelligence feature to help identify patterns that lead to proactive measures, such as identifying specific products or locations being targeted by ORC gangs and implementing protective measures, such as reducing the exposure of vulnerable products; all without increasing the size of their LP team.

Generative AI loss prevention tools speak to the timeless adage of “doing more with less” but without the confines of less return on investment (ROI). A generative AI integration like Secure GPT from Appriss Retail can be turned inward to probe which loss prevention strategies need improvement.

Choosing the right generative AI loss prevention tool for your retail business

Retailers need generative AI loss prevention tools that do more than flag suspicious transactions.

They need the ability to vastly improve the time it takes for loss prevention professionals to analyze data and develop meaningful incident cases, which can lead to a major crackdown on ORC-related crime.

Appriss Retail’s new generative AI features allow retailers to save on two of their most precious commodities: time and revenue. By reducing the barrier to entry for loss prevention analytics, retailers can unleash their brightest investigative minds on the fraud, abuse, and waste hampering their stores without having to send those same loss prevention professionals back to school to learn to code or troubleshoot complex SQL queries.

Loss prevention professionals can turn to the new Secure GPT feature and unleash the power of generative AI to help get a comprehensive look at their entire retail organization to boost bottom-line impact faster. Secure GPT’s generative AI capabilities are tailored specifically to the loss prevention industry and act as a co-pilot for users of the Secure platform by leveraging:

• Natural Language Queries: Allows loss prevention specialists to analyze and search transaction data through conversational, natural language queries, removing the need for technical expertise.
• Streamlines Investigations: Speeds up case work by enabling users to save searches and filter data for more effective investigations.
• Improves Usability: Provides an intuitive conversational interface, enabling real-time query adjustments and optimized search criteria, enhancing engagement and ease of use.
• Democratizes Data Access: Simplifies access to complex retail datasets using a large language model (LLM), empowering frontline associates to make quick, informed decisions.
• Integrated AI-Powered Co-Pilot: Secure GPT acts as a co-pilot for users, enabling dialogue with the platform for more intuitive and efficient data analysis.

Additionally, the new generative AI loss prevention tools baked into the Incident + ORC Intelligence feature unlock the entire Incident platform to empower loss prevention specialists by using generative AI to connect related Organized Retail Crime (ORC) cases. This generative AI integration helps with tasks like:

• Connecting Related ORC Cases: Uses generative AI to link related incidents and characteristics (car, weapon, etc.) of Organized Retail Crime (ORC), providing a comprehensive view of connected fraud activities.
• Empowering Loss Prevention Teams: Enhances the ability of specialists to detect patterns and relationships in ORC cases, improving their investigative efficiency.
• Supporting Large-Scale Investigations: Facilitates better collaboration by providing insights into cross-case connections, enabling a deeper understanding of ORC networks.

Read the announcement detailing more about Appriss Retail’s new generative AI loss prevention tools and how they can improve productivity within your LP organization.