September 7, 2016 (Atlanta, Georgia) — Oversight Systems, a leading operational expense analysis company, announced today the newest version of Insights On Demand with scalable capability to reduce fraud, waste and abuse. New features include: level 3 data integration from card providers for more detailed transaction analysis, Excessive Daily Meals Insight to find spending that violates per diem policy, and a new out-of-pocket analysis dashboard to assess the risks associated with personal card spend and also highlight potential cost savings through usage of the corporate card.
“Identifying trends in corporate travel and expense transactions through traditional audit processes can limit the critical visibility needed to discover potential fraud and abuse,” said Josh Wagner, VP of Solutions and Client Services. “By implementing feedback from our global client base, everyone benefits and is as smart as they can be when monitoring expense transactions for their organization.”
Insights On Demand is a web-based application that applies sophisticated artificial intelligence based forensic analytics to expense transactions to identify fraud, non-compliant purchases and wasteful spending. Non-compliant spend is communicated through plain-language alerts in an integrated case management system with powerful dashboards that segment user data with ease. By identifying trends and patterns of behavior, Oversight enables organizations to focus on the minority of employees and vendors driving the majority of inappropriate activity.
Insights On Demand new features include:
- Level 3 Data Detail –Increasingly, enterprise T&E purchases are being made via corporate purchase cards leading to new patterns of misuse and possible fraud. Reviewing suspicious transactions requires greater visibility into more than simply the price or location of the transaction. Insights On Demand integrates level 3 data from card providers to quickly find suspicious transactions. Additionally, T&E managers have access to the solution’s extensible library of suspicious keywords in 13 languages for great global visibility and to effectively monitor and track overall spending.
- Excessive Daily Meals Insight – This new insight capability has been requested by current customers trying to get a handle on non-compliant meal transactions. The Excessive Daily Meals Insight provides a full view of cost, location and who took part in the meals to determine if users exceed the per diem threshold. Insights On Demand gathers key indicators and then flags and reports any misuse or key offenders. This new Insight can identify non-compliant employees who purchase more meals in one day that exceed the current policy. Additionally, when aggregating an employee’s meals per day totals, this Insight includes per person shared meal costs that were reported by other employees on the same day, giving added visibility into possible risk of fraud schemes.
- Out-of-Pocket Analysis Dashboard – This new dashboard gives customers a precise view into out-of-pocket purchase trends in their organization and equips them to take action on findings. Enhanced KPI’s focused on the average transaction size, most used expense categories and types of items purchased, help customers gauge the performance of the card program as well as quickly spot risks from excessive use of personal credit cards. The out-of-pocket analytics dashboard determines what adjustments need to be made to increase corporate card usage to improve rebates and reduce out of pocket spending.
Oversight Insights On Demand™ is a web-based software solution that automates spending program compliance by comprehensively analyzing expense report, purchase card and accounts payable transactions to identify fraud, non-compliant purchases and wasteful spending. Through visibility into the interaction between policy and behavior, Oversight offers opportunities for ongoing improvement and helps companies make smarter business decisions, every day.
Oversight makes a difference within the companies it serves, and has the experience to prove it; analyzing over $2 trillion in expenditures annually at Fortune Global 5000 companies and government agencies. Oversight’s solution is strengthened by partnerships with Concur, Oracle, SAP and TSYS. www.oversightsystems.com.
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