SafeRock Reduces Fraud and Waste

Situation

A vendor fund management department wanted to eliminate errors, duplicate entries, waste, and potential fraud. Management also wanted to identify emerging partners that over-performed their targets, in order to develop them as Key Strategic Partners.

 

Approach

We created a unified system for 3 years of live transactions, representing 85,000+ items and vendor financial commitments for $300+ million. Our system identified anomalies as soon as data was received for 12,000 items daily, and separately grouped outlier values into items for a) supervised correction and approval, b) discarding, and c) additional research.

 

Results

• Our system successfully detected and sorted anomalies and outliers. This increased staff productivity, eliminated duplicate record keeping, and reduced staff burden.

• Increased annual vendor fund capture by 12% and staff time savings valued at $2.4 million.