Patent Number 8,170,902 demonstrates the company’s innovation and thought leadership in Continuous Analysis of financial transactions
ATLANTA – June 5, 2012 – Oversight Systems, the leader in Continuous Analysis (CA) solutions that turn financial transactions into actionable insights, announced today that it has been granted Patent Number 8,170,902 by the United States Patent Office. This patent, part of the company’s expanding portfolio, covers methods and systems for compliance case management.
The company’s patented technology enables interactive investigation and resolution of detailed cases relating to operational inefficiency, and potential fraud discovered automatically by Oversight’s Continuous Analysis platform. These actionable insights allow managers and executives to correct inappropriate or improper transactions and improve essential business processes.
This patent reflects Oversight’s ongoing commitment to deliver advanced predictive analysis without requiring managers or executives to become analytics experts. Oversight’s customers use these solutions to receive unique, detailed, plain-language insights from the Oversight engine, as well as one-click access to all supporting information used to identify anomalous transactions and business risks.
“For all the power of Big Data and business intelligence, most people aren’t data scientists or professional analysts and don't have the time or expertise to use these tools for everyday decisions,” says Patrick Taylor, CEO of Oversight Systems. “That’s why we developed the technology recognized by this patent. It provides the insights that drive better decisions. Our technology makes that possible in a simple, straightforward way.”
The innovations covered by the patent provide enhanced user interface tools that simplify and accelerate users’ ability to understand the complex data and evidence-based conclusions being presented. This technology intelligently prioritizes the potential business impact of Oversight’s analytical findings, as well as qualifying the evidence supporting those conclusions. An investigatory log details exactly how the system reached its conclusions.
The system determines its results and supporting evidence by applying packaged analytics modules that address specific business needs, such as Assured Best Price, Sales Price Erosion or Corruption and National Security Risk. Data comes indirectly from source transactions, and the analytics focus on patterns of changes, data spread across multiple systems and missing relationships between documents and activities.
About Oversight Systems
Oversight Systems is a Continuous Analysis (CA) platform for Big Data that generates actionable insight and competitive advantage without requiring that managers become analytics experts. Our packaged business analytics convert active data such as financial transactions into plain-language alerts that show what happened, why – and what to do about it. Oversight is an SAP Endorsed Business Solution and HANA co-innovation partner. Major global corporations and government agencies rely on Oversight solutions to drive smarter, faster decisions across the organization that contribute directly to the bottom line. Founded in 2003, Oversight Systems is privately held and headquartered in Atlanta, GA.
