Automated Analysis Helps Prevent and Detect Fraud, Misuse and Duplicate Errors
ATLANTA – May 22, 2014 – Oversight Systems, a leading operational analysis software company, announced today the launch of its latest family of Insights. Oversight Insights On Demand for Procure-to-Pay (P2P) is a web-based application focused on automated analysis of corporate payment transactions to prevent and detect fraud, misuse and other improper payments resulting from errors.
Insights On Demand for P2P can be used with current invoicing and payment systems as a preventive measure for fraud and payment recovery and is so easy to deploy, no setup or configuration fees are required to get started. Insights On Demand for P2P uses advanced data analysis to identify fraudulent payments to ghost vendors, mistaken payments for the wrong amounts, payments destined for the wrong vendors, duplicate payments to the same vendor and payments outside of normal spending patterns for particular vendors, purchasers and items.
The Insights for P2P include:
- Duplicate and invalid vendors
- Vendor master risk
- Unusual purchases
- Duplicate and improper payments
Insights On Demand for P2P allows companies to stop improper payments and address master vendor file issues that are at the root of many improper payments.
Oversight is currently offering prospective customers a free trial that includes the analysis and resulting Insights from 90 days of data. This trial allows companies to experience with their own data how Insights On Demand for P2P provides value by identifying improper payments before payments are disbursed so companies can take action to prevent or recover them.
“We are pleased to build on our success and extend our popular family of Insights On Demand to offer a new family of Insights specifically designed for procure-to-pay and shared services organizations,” said Oversight CEO, Patrick Taylor. “The P2P family of Insights provides exceptional value and cost savings to our clients.”
After nine years in continuous transaction monitoring as a software provider, Oversight revamped its service offering by launching its Insights On Demand product line. The on-demand approach has been popular; by applying sophisticated predictive analytics, combined with transaction analysis, Insights On Demand offers users relevant insights based on their business objectives and tailors the insights to their policies and business requirements. Insights On Demand introduces innovative learning capabilities that minimize the false positives that plague most analysis solutions and allows users to continuously adapt insights to company policies and purchasing realities.
Insights On Demand expertly analyzes data and delivers actionable insights to users at their desired frequency: monthly, daily or quarterly. Companies pay based on the number of insights they require, along with the frequency of analysis and the volume of payment transactions analyzed. The insights are delivered via easy-to-understand dashboards and a behavior-focused case management system called “The Workbench” that details the riskiest transactions, suppliers and items so users can make decisions and take action to address them. Additionally, Insights On Demand automatically tracks and logs the actions for each finding, including input from emails related to reviews, investigations and corrective activities, making the process effective and efficient for operational and compliance use.
Insights On Demand for P2P is available now on OversightSystems.com. Companies can discover how they work by applying for a free trial on the Oversight Systems website. Additional Insights On Demand currently available from Oversight include Travel & Expense and Purchase Card analysis solutions.
About Oversight Systems
Oversight’s mission is to transform financial data analysis into operational results, better business decisions and increased cost savings. Business users have questions they know to ask of their data every day and they know what to do with the answers. Through its Insights On Demand cloud-based analysis solutions, Oversight provides easy to use, customer-proven best practice analytics to derive business impacting answers from financial and operational data. Oversight’s solutions reduce the need for hard-to-find data scientists and expensive analysis. A Concur, SAP and Oracle partner, Oversight customers include a range of Global 5000 companies and government agencies and its software is used to monitor nearly $2 trillion in business transactions every year. Visit www.OversightSystems.com for more information.