Asset Protection

By: Rhett Asher, Vice President, Asset Protection, Data Security & Crisis Management, Food Marketing Institute

These days, there is a lot of attention and excitement around data—how to use it and how to best protect it. We’re living in a world where we have both an abundance of data that can help us better serve customers and, simultaneously, raises major questions and concerns about protecting this same information. This intersection of data usage and protection was a major theme from the speakers at FMI Connect this year. Here are a few major points to keep in mind:

Social Engineering is Key – It’s no longer a question of if a data-breach will happen, but when it will. According to Theresa Payton, founder and CEO of Fortalice Solutions, two-thirds of all cyber breaches are attributed to human error. Retailers need to integrate a culture of data protection that involves regular training, evaluation and awareness. This training should not be limited to employees and include any third-party vendor relationships.

Technology is Changing the Shopper Experience – Online grocery shopping, smartphones, apps and more are transforming the traditional shopping experience. However, this metamorphosis does not necessarily mean the customer is only making online purchases; the store of the future will combine the best of the online and in-store experiences. What is important for retailers to remember is that convenient and quality customer service will become even more essential.

Data Can Be A Strategic Advantage – Retailers have the ability today to know, inform, influence, enable and reward customers like never before. Still, data without context is worthless. Without quality data analysis, your understanding of customers’ needs could fall short. Abhishek Mehta, Chief Executive and Founder of Tresata recommends to keep in mind the four fundamentals of monetized data: collect, curate, compute and convert.

Focus on the Next Generation— Millennials will reach their late 30's by 2020 and will overtake Baby Boomers in numbers and spending power. Keep an eye out for ways to win over this generation through new technology that allows for a customized shopping experience, rewarding them and catering to their information needs.