The retailer is using LossManager from IDM Software to analyse data, 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 CCTV, RFID and electronic article surveillance, retailers can very quickly get to grips with the bigger picture of internal loss,” IDM commercial director David Snocken said.
TK Maxx’s 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 the company.
Liz Ferris, manager of loss prevention at TK Maxx said: “We chose IDM Software because LossManager matched our requirements exactly; it’s an easy to use tool that will adapt to the ever-changing demands of our business.
“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 we’ve achieved this first step we will look to expand the use of the tool to help with other operational areas of loss.”
