We loved seeing this Information Week Article by Lisa Morgan on the “8 Reasons to Consider Insights-As-A-Service.” While some of the reasons given aren’t directly applicable to what Oversight Insights On Demand™ provides for its T&E and P-Card customers, we can help you “think outside the box” (Reason #7!) when it comes to auditing an organization’s operational expenses.
The #8 Reason in the article – Purchasing “Insights” instead of tools, is particularly appropriate to what we do provide for our clients, and the biggest reason why everyone needs to purchase “Insight driven” technology for all aspects of the organization. Many “out of the box” software “tools” exist; ones that simply audit your expenses or aggregate the entire traveler spending data for you to go through, but there are few that can apply sophisticated analytics to go deeper than just spitting out data. The beauty of our software is the fact that we don’t just give you the facts, we tell you what they mean.
“Marketers and business leaders who want to improve the success of their products and campaigns often study a subset of the population and then apply that knowledge to a broad audience.” Morgan writes of many Insights-as-a-Service products. While you can certainly use the Insights our software gives you to make sweeping changes in your organization’s travel policy and spending habits, we don’t analyze just a portion of the data or deliver Insights by random sample audits. With our product, you can comprehensively analyze all card transactions, meaning that if you want to make a change, you can do it with real, authenticated data.
Using parameters our clients set within their own system, Insights On Demand “scores” each card transaction as either high or low risk for fraud and potential T&E spending policy violations. These “exceptions” to policy are then displayed in our case management portal, The Workbench, for Oversight users to sift through. By highlighting the exceptions, our users are able to quickly identify patterns: such as employees who are repeat offenders and may need to be followed up with, or if the food per diem in a certain city is too low.
If an acceptable transaction was placed on the company’s behalf, you can dismiss the item and our software learns not to highlight it again for that employee or for that MCC code. The more you use Oversight Insights On Demand™ the smarter it gets. You can’t say that about a simple “tool.” With all of the Insights you can glean from using a new generation of tech tools, there’s no reason to not leverage “Insights-as-a-Service” in your own business.