Fashion clothing retailer Monsoon Accessorize, has chosen LossManager, the latest generation of data mining from IDM Software to help improve their loss prevention efficiency and protect their margins from erosion due to internal, external fraud and process abuse.
LossManager allows retailers to analyse data across their entire estate, integrating information from multiple sources and promoting collaborative working with other retail departments to pinpoint losses. When combined with information from internal audit and other systems such as supply chain, CCTV and EAS, retailers can the software firm says get to grips with the bigger picture of internal loss.
Richard Lawrance, Head of Audit and Loss Prevention at Monsoon Accessorize, recognised the need to enhance their current loss prevention strategy by implementing a data mining tool; but one that was simple to use and allowed him and his team to focus on actionable information rather than have to manually sift through exception reports.
Richard said: “We chose IDM Software for two main reasons. Firstly, their unparalleled experience in loss prevention data mining and secondly, LossManager was the first ‘true’ enterprise loss prevention data mining application that we have seen.”
Richard added: “The ability to combine a variety of sources of information into a Loss Prevention dashboard provides us with a valuable holistic view and will certainly aid resource management. Our retail operations team is also enthusiastic about being able to use it for their needs.”
David Snocken, Commercial Director of IDM Software, said: “We are delighted to be working in partnership with Monsoon Accessorize. LossManager’s Train of Thought analysis will be of particular value in this difficult economic climate as it will help Richard and his team keep pace with the changing risks, as an increasing number of people seek to supplement their income.”
Richard added: “I am expecting that we will see a quick RoI on our investment, purely out of the improved efficiency and though we will be targeting the solution initially on the identification of fraud, we will quickly turn our attention to the larger prize of identifying costly process losses”.
LossManager provides the makers add head office investigative analysis, automated alert reporting and store/regional KPI reporting, all with an interface that then lets users take direct and precise action.
About IDM Software
Founded by Khuram Kirmani, David Snocken, Haydar Kirmani and Pragnesh Patel, IDM Software offers loss prevention data mining under the brand name of LossManager. For further information – contact IDM on (020) 3326 9120, [email protected] or visit –
