TK Maxx chooses IDM Software to target internal losses

This article is brought to you by Retail Technology Review: TK Maxx chooses IDM Software to target internal losses.

Leading value clothing and homewares retailer TK Maxx, has chosen LossManager, the latest generation of data mining from IDM Software to help reduce losses caused by internal and external fraud.

LossManager allows retailers to analyse data across their entire estate, integrating information from multiple sources and promoting collaborative working with other retail departments to quickly pinpoint and tackle losses. When combined with information from internal audit and other systems such as close circuit television (CCTV), radio frequency identification (RFID) and electronic article surveillance (EAS), retailers can very quickly get to grips with the bigger picture of internal loss.

TK Maxx has achieved strong business growth in a very difficult retail environment and as a result, the loss prevention team has outgrown the current tools available and they were looking to supplement existing systems to enable them to keep pace with the changes at TK Maxx. Mark Gray, Vice President of Loss Prevention at the company concluded that an extremely powerful, yet simple to use Loss Prevention Data Mining tool was required to help TK Maxx easily identify shop-floor patterns that would indicate loss.

Liz Ferris, Manager of Loss Prevention at TK Maxx said: We chose IDM Software because LossManager matched our requirements exactly; its an easy to use tool that will adapt to the ever-changing demands of our business. IDMs profound expertise in this field meant that they immediately understood our needs and I am confident they will deliver more value to us than simply a piece of technology.

Liz continued: To begin with we will use LossManager to identify embedded fraud and loss committed by employees and in some cases our customers.  We also expect to identify systematic and operational exposures in our stores which we can work to resolve.  Once weve achieved this first step we will look to expand the use of the tool to help with other operational areas of loss.

David Snocken, Commercial Director of IDM Software, added: We are enthusiastic about working in partnership with TK Maxx to help them address internal losses and the ever increasing risk from collusion and organised fraud.

With direct access from the users desktop, LossManager allows an entire retail estate to be monitored from a single location. The solution empowers the loss prevention team to apply their expertise and first-hand knowledge of their business to quickly pinpoint the most damaging losses.

About IDM Software
Founded by Khuram Kirmani, David Snocken, Haydar Kirmani and Pragnesh Patel, IDM Software brings the latest generation of loss prevention data mining solutions to market under the brand name of LossManager.

The team has unparalleled experience in loss prevention data mining.  They have pioneered the use of data mining for loss prevention and invented the technique of Train of Thought analysis.

About TK Maxx
T.K. Maxx, launched in 1994, introduced the off-price concept to the U.K. Today, T.K. Maxx is the only major off-price retailer in Europe. Operating stores in the U.K. and Ireland, T.K. Maxx opened its first stores in Germany in 2007., T. K. Maxx offers great values on brand name and family apparel, womens footwear, lingerie, accessories, and home fashions. T.K. Maxx ended 2007 with 226 stores, which average approximately 31,000 square feet in size and expect to add 10 stores in the U.K. and Ireland, as well as five stores in Germany in 2008. Additionally, in 2008, the Company expects to launch the HomeSense concept in the U.K. with the opening of five stores.