With each step your business takes forward, you work with more and more data. Whether you have an in-house auditing team to test and analyze your financial data controls or outsource the work, you’ll eventually reach a time when you must analyze bigger and more complex data sets more frequently. At that point, the complexity of data analysis increases, and preemptive versus reactionary capabilities become paramount.
The rise of anomaly detection addresses these issues and presents a solution: It enables businesses to classify and detect anomalies in their data sets faster.
Use cases of anomaly detection in various industries
Generally, anomaly detection is used to identify risks, odd transactions, rare opportunities, and network breaches. It plays a significant role in flagging banking, financial services, and insurance abnormalities by detecting suspicious transactions, phishing attacks, and potential fraud activities.
Within the retail industry, anomaly detection processes data and identifies unusual activities such as leakage, theft, and credit card misuse. In manufacturing, it locates underperforming tools and machines that require attention. IT and telecom industries leverage anomaly detection to protect their users and businesses from threats.
Furthermore, anomaly detection systems are used in many defense and government divisions to efficiently process vast amounts of data and find excessive spending, unusual spending or budgeting, fake audits, and more. Healthcare management teams also use it to improve the quality of their services and avoid additional expenditures.
As a tool proven to be successful no matter the industry, it might be time to consider adopting anomaly detection into your organization as well.
How anomaly detection can help your business
1. It optimizes your company’s expenses.
Businesses strive to run lean, invest in critical areas, and optimize teams/processes, all spending in departments such as HR, marketing, software, utilities, and countless others. Anomaly detection can help you identify and cut out processes that cost too much, making your business more sustainable and cost-effective. This especially applies to any departments or campaigns that spend higher than necessary.
Anomaly detection enables you to use data and find many other excellent ways to cut costs, optimize your company’s budget, and drive a high ROI.
2. It saves time and assets.
When your business tries to find insights by processing all the data manually, you must allocate ample time and resources. However, anomaly detection can easily use AI functions to automate, test, analyze, and optimize data.
AI-powered anomaly detection uncovers unusual activities in your business. It helps inform data-driven decisions without wasting resources.
Introducing MindBridge: A game-changing solution in the world of data processing
MindBridge is a cutting-edge solution that helps accounting and finance professionals analyze financial and operational data. We offer artificial intelligence-based advanced analytics to identify potential areas of risk in high volumes across the ERP (enterprise resource planning system) and operational data sets.
With MindBridge, your company can:
- Analyze hundreds of millions of transactions and convert lucrative data into actionable insights.
- Identify risks with a comprehensive risk assessment by comparing given data against an ensemble of up to 32 control points simultaneously. The use of Ensemble AI brings together multiple tests, statistical models, and machine learning algorithms, allowing for more comprehensive results without running repeated lengthy checks manually.
- View data in detailed dashboards and reports easily. MindBridge delivers the expertise of data scientists and advanced AI at the fingertips of financial professionals, bringing a natural understanding of key areas of risk within the business and reducing time spent on manual testing.
- Act on unusual transactional activity, explore data trends, and study risks.
- Gain a deeper understanding of clients’ financials and add value by asking relevant questions specific to areas of risk surfaced through MindBridge.
- Onboard and reach their goals by getting maximum value out of MindBridge.
- Provide the CFO and board members with a comprehensive understanding of the current areas of risk in the company’s financial position and steps to mitigate the concerns.
MindBridge has multiple unique functions to help financial professionals discover risks and anomalies. The application follows an extraordinary approach of utilizing audit and finance knowledge, data science, and AI ingenuity. As a result, professionals are given preemptive versus reactionary capabilities and can achieve higher accuracy while receiving faster insights and making informed decisions.
The bottom line
You don’t need to allocate enormous resources, time, or energy when you utilize anomaly detection to support your business’ data growth. Anomaly detection helps businesses from various industries transform data-driven insights to achieve faster results by automatically processing large amounts of data.