Leading next-generation data anomaly and risk detection for financial data.Read more in the Press Release published here.
While it’s true that there’s nothing more constant than change, in today’s financial markets, this piece of wisdom could not be more accurate. With the growing volumes of data, increasing complexities of multinationals, and the ongoing march towards transparency and assurance, the task of an Auditor or a CFO is a staggering one. Standards, regulations, and best practices are racing to meet the obligations of this new world. However, this challenge also represents incredible opportunities for emerging technologies and companies able to bring innovative solutions to market. Advancements in cloud computing, machine learning, and sheer processing power now offer a compelling and much-needed solution for organizations looking to understand large volumes of critical business and financial data more efficiently and effectively.
Nevertheless, technology alone won’t solve all the challenges. Emerging solutions must be designed with a degree of flexibility not typically found in traditional enterprise data analytics products. The need for flexibility comes from the requirement to handle disparate sets of financial data, error-prone data, data stitched together from multiple sources, or exported as a human-readable report. Beyond the complexities in data, even the processing and analytics fall victim to the unique and individual approaches used by the practitioners in each organization. Further, technical solutions are only as valuable as they are intuitive.
The focus to bring together a powerful and flexible solution with an easy-to-understand user interface is paramount for technology providers.
A central theme in the development of the MindBridge artificial intelligence (AI) platform is user configuration. The ability of the business professional to configure the product to suit and work efficiently is a crucial development mainstay. This approach is purposely designed into the development process through an agile-based collaboration with user experience teams, subject matter experts, and of course, our customers. Product concepts such as Libraries are used to package and manage analysis details such as financial ratios, custom data queries, and risk profiles. After creation, a Library can be reused by non-technical users for similar analysis types. An intelligent organization of similar components makes tailoring the user experience to suit a firm’s audit procedures quick and efficient.
Ultimately the excitement for MindBridge is to continue to lead with an innovative AI-based cloud solution while delivering a user experience that delights our customers and provides powerful financial insights. MindBridge is leading the shift with next-generation data anomaly and risk detection for financial data. In addition, we are proud to release our latest capabilities focusing on transparency, speed, and scale, designed to help organizations, including audit and assurance firms, and business finance departments, stay ahead of known and unknown risks. We are introducing new risk tests (control point algorithms), prior period comparisons, reporting features, and the ability to scan larger transactional data sets to name just a few of our current release additions. Learn more about our latest release of MindBridge and how your teams can use AI to gain better visibility, reduce errors, and easily support financial judgment.
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