Shared Databases and the Economics of Loss Prevention
One company's incident is another company's warning. GuestCHEX is built on that simple, powerful idea.
By James Corcoran
Loss prevention is an information problem before it is anything else. A business acting alone learns only from its own losses, and always after the fact. The same business connected to a network of peers can learn from everyone's losses, and sometimes before its own.
That is the economics behind shared databases, and behind GuestCHEX, a set of Theft, Rent, and Guest Chex databases now in development at Toozit. The premise is that loss and damages are a shared cost best reduced with shared data, pooled across companies and available at the moment a decision is made.
Built on ToozitCORE, GuestCHEX is designed to ship as a white-label platform, so operators can run branded loss-prevention services rather than build the infrastructure themselves. It is early, but the direction is clear: turn isolated incidents into shared signal.
See more of the platform family at Toozit and ToozitCORE.
Source: New London Media
More from the newsroom
- From Venue to Storefront: Where ToozitCORE Ecomm Fits
- New London Media: Established 2008, Now Open to the Public
- ToozitCORE Ecomm Will Bring a Full Storefront to the ToozitCORE Family
- GuestCHEX Aims to Turn Shared Data Into Lower Loss for Businesses
- A Venue, Not a Gatekeeper: Rethinking the Firearms Marketplace
- Toozit Announces ToozitCORE Ecomm: a Full, Standalone Ecommerce Platform in Development