On 21st May 2014, leading operational analysis software company – Oversight Systems – announced 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 in order to prevent and detect fraud, misuse as well as other improper payments resulting from errors.
- Insights On Demand for P2P can be utilized with current invoicing and payment systems as a preventive measure for fraud and payment recovery.
- It is easy to deploy, no setup or configuration fees are required to get started.
- Insights On Demand for P2P utilizes advanced data analysis to identify fraudulent payments to ghost vendors, mistaken payments for the wrong amounts and payments destined for the wrong vendors.
- It also identifies duplicate payments to the same vendor as well as 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 enables companies to stop improper payments and address master vendor file issues that are at the root of many improper payments.
“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,” stated Patrick Taylor, CEO of Oversight, in a press release. “The P2P family of Insights provide exceptional value and cost savings to our clients,” he added.
- Oversight says that it has revamped its service offering after nine years in continuous transaction monitoring as a software provider by launching its Insights On Demand product line.
- Insights On Demand expertly analyzes data and delivers actionable insights to users at their desired frequency: monthly, daily and 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”.
- This 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.