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The previous founders of ALTA Europe and IntelliQ have returned to the market with a new venture.
Specialising in the holistic identification of losses, IDM Software will move loss prevention beyond the traditional reduction of staff fraud in the retail sector, it is claimed, with the launch of its new data mining solution โ LossManager.
Stock losses
David Snocken, Commercial Director of IDM Software, says: โAlthough staff fraud is now widely recognised as a concern, our recent work has shown that even greater losses are caused by error and process weakness or abuse; some aspects of which are not always measured as part of stock loss.โ
IDM says its LossManager system allows retailers to analyse data across their entire estate. It easily integrates data from multiple sources (including systems such as EPoS, internal audit, CCTV, EAS, Supply-chain and RFID) in order to empower the loss prevention team and promote collaborative working with other departments to apply their expertise and first-hand business knowledge to quickly pinpoint the most damaging losses.
LossManager provides insight into all the evidence surrounding loss, giving full visibility of all related information such as EPoS transaction data, EAS, supply-chain and linking through to CCTV clips so that a retailer can very quickly get to grips with the bigger picture of internal loss and inefficient operations.
The founders of IDM have spent the last 17 years on operational data mining using โTrain of Thoughtโ and โLink Node Analysisโ techniques. For the last 13 years they have focussed on retail loss prevention and have worked in partnership with some of the leading European retailers in their fight against shrink. The experience that they bring to the industry enables IDM to offer a solution that can help clients at once, it is claimed, as well as deliver on-going returns by monitoring the constantly evolving shrink culture.
Khuram Kirmani, CEO of IDM Software, says: โRetailers have a number of tools available to them to help identify the low hanging fruit of staff fraud, however discussions with a number of leading Loss Prevention professionals revealed their desire for a solution that is much more holistic both in terms of the data sources it integrates and the retail departments that it brings together. We built LossManager in response to this challenge and believe this broader operational loss optimisation will unlock higher, ongoing returnsโ.
Snocken adds: โThe IDM team has been in business together for many years and we are excited about launching the company. Between us, we have unparalleled experience in data analytics and loss prevention and feel we are uniquely positioned to bring to market the next generation of data mining solutions for loss prevention, one that is cost effective for small and large retailers alike.โ
Kirmani adds: โOne of our main strengths is our vision and thought leadership and by working with our clients we are once again moving the game on.โ
