After a very hectic six months of work, we are pleased to release ProcAssure - Advanced Analytics for Detecting Procurement Irregularities. We believe ProcAssure will save organisations significant cost when they need to review their procurement supply chain for issues such as error, waste and fraud.
So why did we create ProcAssure?
Firstly, we have been working with customers around the globe who have suffered issues in their procurement supply chain, so we have seen the problem first hand. Secondly, the options for organisations currently are "high-end" fraud solutions or engaging professional services organisations (typically your auditors) to see if they can find something.
Given the high rate of issues around the globe, we felt there must be a better way. So we created ProcAssure with the following fundamentals:
It must be easy to use and implement - most organisations do not have large teams - or any teams - of fraud experts at their disposal
It must be comprehensive - there are lots of known patterns of fraud, waste and error. So as a minimum we need to cover these out of the box, so our customers can check and protect against these immediately
It must be flexible - we know every organisation is different and has unique risks, so we need to be able to protect against these and build our library of protection to help all our customers
It must work anywhere - many organisations run on the cloud, and so does ProcAssure, but we also know some organistiosn cannot let their data leave their data centre, so we provide flexibility to run our our cloud, your cloud or any cloud
I'm really proud of what the team has achieved in a relatively short period of time, we also have an extensive roadmap or enhancement we are are working on to make ProcAssure better, including adapters to all major ERP systems, new patterns of fraud, new areas of risk such as expenses and accounting fraud and a greater use of automation and advanced analytics/AI.
If you would like to find out more, please contact us and we will get you what you need.