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Development
Innovative Development
Unlock deeper insights into your procurement process, revealing opportunities for optimization and risk mitigation that transcend mere transactions.
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Our
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AI & ML IN Action
Optimize Procurement Efficiency
Streamline your procurement cycle with smart, data-driven decisions that boost efficiency, reduce costs, and enhance supplier relationships.
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Fraud Free
Future of Fraud -Free Procurement
Step into a new era of procurement where advanced analytics and predictive monitoring pave the way for a secure, transparent, and fraud-free operation.
iProcess:
Our iRM team has revolutionized the procurement process by addressing the challenges of internal fraud and inefficiency that plague organizations. By harnessing the power of data extraction scripts tailored for leading ERPs like SAP and Oracle, we've streamlined the extraction of comprehensive procurement data. Our approach utilizes machine learning to analyze the median processing time across procurement stages, such as the transition from purchase requisition to purchase order, especially focusing on specific item categories. This analysis, grounded in the principles of the Gaussian distribution, enables us to identify high-risk transactions swiftly and with precision. Our solution empowers business users with detailed, actionable insights, enabling them to uncover and investigate potentially fraudulent activities efficiently, thereby safeguarding organizational resources.
Key Features:
✔ Rapid Transaction Detection: Specialized algorithms that specifically target and flag transactions completing at speeds significantly faster than the established norms. This feature is designed to spotlight those procurements that bypass typical due diligence processes, signalling potential risks or inefficiencies.
✔Anomaly Identification Using Statistical Analysis: Utilizes statistical methods, particularly focusing on median processing times and standard deviation within the Gaussian distribution, to distinguish between regular and anomalous transaction speeds. This precision helps in identifying outliers that could indicate fraudulent activity or process shortcuts. Integrates sophisticated machine learning algorithms to identify and highlight key features indicative of potential anomalies in procurement processes.
✔ Customizable Threshold Setting: Offers the ability to set and adjust thresholds for what constitutes an unusually quick transaction based on historical data and industry standards. This flexibility ensures that the system remains adaptive to the organization's changing dynamics and procurement practices.
✔ Comprehensive Risk Scoring: Each flagged transaction is assigned a risk score based on how significantly it deviates from the median processing time. This scoring system helps prioritize investigations and focus on the most potentially egregious instances of procurement shortcuts or fraud.
✔ Intuitive Drill-Down Reporting: Provides actionable insights through user-friendly, intuitive drill-down reporting, enabling business users to easily interpret and act on complex data.
✔Integrated Reporting and Visualization Tool: Provides intuitive reporting and data visualization tools that allow users to easily understand which transactions have been flagged as unusually quick, delve into the specifics of each case, and track patterns over time. This feature is crucial for audit trails, ongoing monitoring, and improving procurement processes.
Key Benefit:
✔ Enhanced Fraud Detection: By pinpointing transactions that significantly deviate from established norms, the solution provides an early warning system for potential fraud and collusion, enabling proactive measures to mitigate risks and prevent financial losses.
✔Improved Process Efficiency: Identifying unusually quick transactions not only flags potential risks but also highlights areas where the procurement process may be optimized without compromising on due diligence. This leads to more efficient operations and can help in capturing early payment discounts and improving supplier relationships.
✔ Data-Driven Decision Making: With actionable insights derived from machine learning and statistical analysis, organizations can make informed decisions to streamline procurement processes. This empowers leaders to base their strategies on solid data, enhancing transparency and accountability across departments.
✔ Increased Compliance and Control: The solution strengthens compliance with internal controls and external regulations by ensuring that all transactions undergo the appropriate levels of scrutiny. This is particularly crucial in highly regulated industries or sectors where procurement integrity is under close watch.
Asked Questions
Q. What is the primary objective of the iRM team's approach to revolutionizing procurement?
The primary objective of the iRM team's approach is to address and mitigate internal fraud and inefficiency within organizations. By using data extraction scripts for ERPs like SAP and Oracle and applying machine learning for analyzing procurement data, the team aims to identify high-risk transactions and provide actionable insights for uncovering and investigating potential fraud, thereby protecting organizational resources.
Q. In what way does the solution support data-driven decision-making in procurement?
The solution supports data-driven decision-making by providing insights derived from machine learning and statistical analysis of procurement data. This empowers organizational leaders to make informed decisions based on solid data, enhancing transparency and accountability across departments. It allows for the optimization of procurement processes and strategies based on analytical evidence rather than intuition or assumption.
Q. How does the Rapid Transaction Detection feature contribute to procurement process improvement?
The Rapid Transaction Detection feature employs specialized algorithms to flag transactions that are completed significantly faster than established norms. This helps in highlighting procurements that may have bypassed typical due diligence processes, signalling potential risks or inefficiencies. It serves as an early detection system to identify and address procurements that might compromise the process's integrity or efficiency.
Q. How does the integrated reporting and visualization tool enhance the procurement process?
The tool simplifies procurement by enabling easy analysis of flagged transactions, helping users to quickly grasp each case's specifics and track ongoing patterns. Essential for maintaining audit records and regular oversight, it significantly aids in refining procurement strategies, ensuring transparent and well-informed decisions.
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