More Advanced than Recovery Audits
With this cutting-edge solution, you’ll be able to prevent duplicate payments where a recovery audit cannot.
More Advanced than Recovery Audits
A standard audit service may not do everything you’d like it to. That’s where DataShark A/P comes in. It can allow you to perform a far more comprehensive analysis than you’d be able to with standard audit software
Early Payment Recovery
You won’t have to wait forever to recover payments. In fact, you’ll be able to do so long before they go out the door.
Identification of payment errors including duplicate payments, payments to wrong vendors, overpayments, etc.
Detailed vendor master file reports that aid you in cleaning and maintaining the vendor master file.
Extensive accounts payable analysis to identify breakdown in business process, operational inefficiencies, and risk.
Fraud detection reports to uncover fraudulent vendors and questionable transactions.
No additional hardware or software required as it’s hosted on our dedicated, secure servers and includes updates.
Daily, weekly, monthly, quarterly, or annual updates based on your unique needs.
Shouldn't my ERP system catch these duplicates?
Your ERP system will typically have a hard stop built in, but it only works if both transactions are exactly the same, everything has to match for the system to recognize it as a duplicated entry, and in some cases it allows a user to override that stop to enter the transaction. DataShark’s AI goes above and beyond that by flagging errors occurring from data entry errors, duplicated or multiple related vendors, wrong vendor payments, different currencies, transposed dates or invoice numbers, appended invoice numbers, and many, many more error types.
We already have an internal process for catching duplicates, why would I need DataShark ?
Most companies use some type of process to catch duplicate payments, whether by importing transactions in excel and applying some filters to try and weed out the duplicates, or by using other tools where they create their own queries and algorithms to flag these transactions. The problem is that these only get to a fraction of your overpayment errors due to the limited algorithms being applied to the data set, this also creates a lot of “false positive” transactions being flagged. DataShark’s 500+ algorithms identifies a lot more potential errors while minimizing the majority of the false positive duplicates, usually achieving over 50% true duplicate identification.
Will this work with my ERP system(s)?
DataShark will work with any ERP system, from the mainstream ones to homegrown applications.
What data is needed?
Data elements needed for the analysis are your Invoice, Payment, Vendor, and GL Data
How do you obtain data, and how do I know it will be secure?
- To make things easy, we work directly with your IT team to acquire 2-3 years of your historic data using pre-written extract scripts tailored specifically for your ERP system.
- Data extraction takes approximately 3-4 hours per ERP system which is then sent in ASCII format via a SFTP process. Each clients data is then stored on its personal, dedicated server, which we own and maintain.
- Technology Insight is ISO 27001 certified, so you can rest easy knowing that your data is safe and secure during the whole process, and beyond.
How is data analyzed in DataShark A/P?
- Data provided is reviewed, validated, and analyzed in DataShark using Artificial Intelligence and human oversight by experienced members of our staff. The process typically takes 4-6 weeks, start to finish, from the date data was provided to Technology Insight.
- Our unique process of invoice profiling, tolerances, fuzzy matching, and human review provides a quality solution. Then with our experienced knowledge of business processes, we leverage the above items as our toolkit to build algorithms to capture various business process breakdowns.
- We use over 500 algorithms which took us 20+ years of analyzing trillions of dollars of spend to fine-tune. Though we keep our algorithms confidential, we understand the request for a client to understand them at a high level, the main fields our algorithms use are:
DataShark A/P Benefits
- Capture duplicate payments in situations where your ERP system will not
- Uses AI to apply over 500 Algorithms to your data
- Over 50% duplicate to false positive rate – minimize time spent reviewing data
- Assign a root cause to each issue encountered to document problem areas
- Highly configurable to ensure it works with your environment
- Vendor Master File cleanup tools aid in cleaning & maintaining VMF’s
- Fraud detection reports identify fraudulent vendors and questionable transactions
- 200+ Operational reports identify breakdowns in business process, inefficiencies & risk
- Secure web-based solution, your data is secured on their own dedicated servers
- User friendly interface, with minimal training required to use
- No hardware or software installs required, updates are provided automatically
- DataShark A/P can be used independently or in conjunction with Recovery Audit Services
- Cost effective solution, tailored to your organizations needs, with no long-term contracts
How quickly will I get my ROI?
The short answer – less than a year.
Most of our clients prevent enough errors each year to justify paying for DataShark’s subscription cost many times over.