LossManager helps Jaeger to boost profits

This article is brought to you by Retail Technology Review: LossManager helps Jaeger to boost profits.

A new data-mining tool from IDM Software has helped premium British fashion retailer Jaeger identify major profit potential in just three-months.

By merging EPOS transaction information with other more complex data streams, LossManager has enabled the retailer to gain an in-depth and holistic insight into fraudulent staff activity as well as numerous internal procedural issues, delivering significant savings and boosting the companys bottom line along the way.

LossManager was selected by Jaeger for its ability to merge complex and disparate sets of data, stretching the limits of data mining beyond the traditional realms of possibility. Not only that, its simple, intuitive Train of thought-based approach and flexible access to data meant it was the ideal choice for such a fast-paced retail environment. And it certainly has not disappointed, as Steve Hearn, Head of Safety and Security for Jaeger comments:

LossManager has been up and running for three months now and it has already triggered many interesting and somewhat unexpected lines of enquiry, that certainly would not have been visible before. Not only have we uncovered fraudulent activity, but we have also identified numerous procedural issues that in the current economic climate, make a significant yet wholly unnecessary impact on the bottom line.

The fact that LossManager delivers a holistic, business-wide view of data and process risk as well as obviously fraudulent activity is key for us. The audit team have taken custody of the day-to-day management of data mining and have already driven significant savings and identified huge profit improvement potential well beyond any return on investment (ROI) calculations run at inception.

Khuram Kirmani, CEO of IDM Software added: We have been working very closely with Jaeger to integrate all their required data streams, in order to create a holistic system that allows multiple departments within the company to access any information at any time. So far, we have had great feedback from the business regarding the quality and availability of the data, and we look forward to continuing to work in partnership to help protect their hard earned profit from the effects of the current economic downturn.

Steve Hearn concluded: Although it has taken some time to get the system fully implemented due to the complex nature of Jaegers data streams choosing LossManager has already proven to be an excellent business decision, that will deliver true value for money and an ROI measured in weeks rather than months. With the tool displaying such promise after a relatively short period of time, were really confident about the long-term benefits it will bring to the company.

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.