IntelliQ, the leading provider of comprehensive loss prevention solutions to the retail sector in the UK, has recently assisted Lloydspharmacy reduce loss across its estate of 1500 pharmacies.
Following the roll-out in of IntelliQs RetailKey LP in April 2005, Lloydspharmacy has revealed impressive results to include an ROI within six months and its lowest cash losses for more than three years. In addition, the average percentage of over-the-counter sales increased by 7% in 20 stores where previously this type of theft was invisible.
Phil Payne, National Security Manager for Lloydspharmacy commented: RetailKey LP literally made the invisible, visible. Through implementing this data mining software we have been able to detect instances where transactions that looked like exemplary customer service on CCTV were in fact part of ongoing systematic fraud without being identifiable on the till role.
In some instances this type of loss totalled in the region of 800 per week, equating to more than 40,000 per annum.
RetailKey LP is a new generation of loss prevention solution which, which allows unconstrained analysis across EPoS transactions that retailers generate. As a result, RetailKey LP can keep pace with losses as they move to provide an ongoing RoI.
Lloydspharmacy selected IntelliQ as its data mining partner as establishing reports via its existing means proved time consuming and was incapable of linking till operation activity, unlike RetailKey LP, so systematic fraud remained invisible.
Simon Grant, CEO for IntelliQ, commented: This was a great project! Using the RetailKey LP Lloydspharmacy were able not only to see a threefold increase in prevented losses per investigation, but also to increase the average sales by 7% in 20 of its stores where they identified and successfully investigated invisible shrinkage. I am very happy to have Lloydspharmacy as one of our increasing number of customers that are using RetailKey LP to deliver significant growth to their bottom line.
Lloydspharmacy has employed IntelliQs RetailKey software to successfully identify ineffective processes and establish best practice with regards to loss prevention. The benefits of data mining have resulted in a significant ROI, in this case within six months, together with a reduction in management time identifying fraud.