Fraud is far more pervasive than we think it is. 2014 ACFE Fraud Survey estimates the worldwide spend leakages due to frauds to staggering $3.7 Trillion. Procurement happens to be one of the major impacted areas due to frauds along with Banking, Payroll and Government. Proactive approach to fraud detection can go a long way in identifying and plugging the gaps in your business process.
Taking into account the high volume of transactions and ever changing patterns of fraud, application of Analytics is imperative to effectively control this menace. Analytics routines, run regularly, can effectively help you monitor and take effective steps for fraud prevention.
BWT’s NLP based Fraud Analyzer can help you identify the high risk areas vulnerable to frauds in your procurement function. It has exhaustive built in rules/checks to detect fraudulent patterns which can be easily customized based on your requirements. The usage is extremely easy with various templates which also ensure faster implementation.
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