Recently the Wall Street Journal published an article on how modern companies are using analytics to better assess risk and combat fraud. Although the article features advice driven more toward insurance and financial sectors, the article really hits on what we’re trying to accomplish at Oversight.
It’s hard to visualize how our software fits into the overall compliance and analytics picture without taking a test drive (which you can do, here, for free!) and seeing it for yourself, but our software not only finds potential instances of fraud and abuse, it aggregates these instances into a visually compelling dashboard which allows users to better see the patterns hidden in their spending program data.
Why is a “visually pretty” analytics dashboard important to anti-fraud efforts? Well, for a variety of reasons. Science confirms that visual representations of data:
- Transmit messages faster
- Improve comprehension
- And motivates users into action
Having vivid dashboards and reports that segment data allows the companies that leverage our T&E, P-Card and FCPA insights to both detect instances of fraud and be more strategic with the information and patterns they see. Our software allows travel managers to be more strategic with their anti-fraud efforts in two key ways:
1) They’re able to see the “bad actors” and use visual proof to confront them about suspect activity.
2) They’re able to shape policy if there’s a repeated instance of policy abuse. (Like travelers consistently booking with a non-compliant airline because it is always cheaper, etc.)
Yes, making it easier to find those instances of policy abuse is important, but you’re really only getting your money’s worth with analytics if you’re leveraging the “insights” you see to shape the program itself. Beautiful, visual dashboards (like the ones that come with Oversight Insights On Demand™) are a great way to do all of the above while tackling your company’s strategic spending program goals this year.