Gain Control Over and Visibility into Purchase Card Programs with Ability to Quickly Identify Inappropriate Use, Improve Policies, Prevent Fraud and Save Money
ATLANTA – November 12, 2013 – Oversight Systems, a leading business data analysis software company, today announced a revolutionary new way to track, monitor and improve employee spending with the release of Purchase Card (P-Card) Insights on Demand. This latest set of easy to use, high value, web-based analysis applications, is secure and completely accessible online. Customers simply choose which Insights they would like to receive and upload the relevant data. Insights On Demand automatically analyzes the p-card data and returns results for customers to review, make decisions and take actions.
Designed to prevent fraud, improve policies and save money, Purchase Card Insights on Demand expertly analyzes purchase card (p-card) transactions to:
- quickly gain visibility into the program’s existing metrics
- pinpoint and reveal unexpected results and potential patterns of fraud or misuse
- provide recommended actions to remedy the findings, improve company policies and prevent future fraud and misuse; and
- maximize savings and rebates and lower p-card administration costs.
Oversight Systems’ benchmark data reveals that companies using its analysis technology typically save approximately 3-5% in purchase card expenses, significantly impacting the bottom line.
“Manually analyzing samples of purchase card activity, a common practice today, simply doesn’t provide the big picture to stop fraud and misuse in its tracks,” said Patrick Taylor, CEO of Oversight Systems. “What’s needed is an automated way to monitor and understand the underlying behavioral patterns of the employees using p-cards, and the visibility to take action. By tailoring our expert data analytics specifically for p-card programs, we are thrilled to provide an easy and cost effective way for companies to monitor all activity across all of their p-cards, easily detect errors such as p-card transactions that also result in invoices and patterns of suspicious use or fraud, alert corporate spending managers to the findings and dramatically improve policies.”
Insights on Demand are cloud-based applications, making them totally accessible from the web, extremely cost effective and flexible. Customers can choose the insights and frequency of analysis that works best for their company and pay based on the number of transactions they need analyzed.
Purchase Card Insights On Demand is available now on www.OversightSystems.com. Companies can discover how they work by applying for a free trial on the Oversight Systems web site. Qualified free trial participants automatically receive a complementary assessment report highlighting the analysis of their companies’ corporate spending activity.
Additional Insights on Demand currently available from Oversight include Travel & Expense, and Procure to Pay 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.