New AI tool SecureGPT launched to aid retail loss prevention

A software company has introduced a generative AI tool designed to aid retail loss prevention specialists in processing and analysing extensive transaction data more efficiently.

Appriss Retail, a provider of data and analytics solutions, has launched SecureGPT, an enhancement to its Secure exception-based reporting platform. This tool leverages generative AI technology to improve the efficiency of data analysis and case development for loss prevention specialists.

SecureGPT is designed specifically for the loss prevention sector, acting as a "co-pilot" for users. It allows for natural language queries, thereby removing the necessity for technical skills and enabling users to derive actionable insights from transaction data. Additionally, it enhances efficiency in casework by providing functionalities such as saved searches, data filtering, and automatic SQL query generation.

The tool's conversational interface ensures a user-friendly experience and promotes real-time query adjustments, improving engagement and usability. Vishal Patel, Chief Technology Officer of Appriss Retail, emphasised the tool's potential impact in the retail sector. "As AI-driven tools become indispensable in retail, SecureGPT is poised to transform how teams access and leverage data," he said.

Patel further explained the challenges posed by the growing complexity of retail data. "Retail data continues to grow more complex – with diverse buying, returning, and fulfillment methods across various source systems," he added. He highlighted that SecureGPT simplifies data analysis, enabling quick, informed decisions by frontline associates, which enhances operational efficiency and delivers significant value tailored to the needs of loss prevention teams.

SecureGPT utilises a retail-optimised large language model (LLM) to provide easier access to complex data. This capability is expected to drive greater adoption and deliver measurable returns on investment for customers in the retail security sector. The tool is planned for release as a complimentary update to Appriss Retail's Secure platform in 2025.

The introduction of SecureGPT follows the company's previous generative AI-enabled capability, Incident + ORC Intelligence, which aids in connecting cases of Organised Retail Crime. SecureGPT expands on this by offering a more accessible and rapid data analysis process.

Inventory shrinkage remains a persistent issue for retailers, driven by various factors such as fraudulent consumer behaviour, shoplifting, employee theft, and administrative errors, which collectively account for over AUD $9 billion in losses in the Australian industry alone, according to Reuters.