MindBridge’s evolutionary approach to data analytics
At the 2023 MindBridge Edge conference, our CTO, Robin Grosset, and VP of AI and Product, Rachel Kirkham, unveiled MindBridge’s evolution in data analytics and future roadmap. You can view a full replay of the session here.
For those unfamiliar, MindBridge specializes in using AI and machine learning to analyze financial data across your entire business. Our goal is simple: provide actionable data that can revolutionize decision-making processes in businesses. We aim to do this by incrementally deploying the most advanced, yet acceptable capabilities in our analytics software.
Meeting customer needs through personalization and flexibility
Our focus has always been on meeting the unique needs of each customer, recognizing that no single solution fits all scenarios. That’s why we’ve developed a customizable platform designed to adapt to various data challenges and outlier detection methods.
This adaptability is showcased by our platform’s integration into diverse industries like healthcare and insurance, where we tackle complex issues such as fraud detection and compliance. Within these sectors, we leverage ensemble techniques that employ multiple algorithms, amplifying the platform’s predictive capabilities.
The birth and impact of ‘Flex’ in MindBridge’s platform
One of the most exciting recent developments at MindBridge is the introduction of “Flex.” Flex was designed to provide a more flexible approach to data analytics. It serves as an interface that allows MindBridge to cater to different analysis types and deliver rapid value to our clients.
One of the significant revelations was that users don’t necessarily have to start with analyzing the general ledger, which was initially considered the go-to analysis point. They can begin their analysis journey wherever they find most relevant, be it risk and anomaly detection for various ledger-based datasets such as general ledger, vendor payment, vendor invoice, revenue, payroll, and charge card risk analytics.
Flex is part of a long-term vision and strategy to extend this flexibility to multiple segments of the business, ultimately creating a connected view of finance. But that’s just scratching the surface.
Unlocking the future of audits and analytics with MindBridge
At MindBridge, we’re elevating analytics from basic number-crunching to a comprehensive risk assessment tool. By identifying new control points and innovating in areas like vendor analytics, we target emerging risks tailored to your organization’s needs.
In addition to historical analysis, we’re designing process risk analytics to tackle the complexity of financial processes that often span multiple systems. This dual focus aims to provide businesses with a holistic view of their financial landscape
What’s ahead?
Looking ahead, MindBridge is focused on several pivotal enhancements to drive value and customization for our clients. We’re introducing configurable rule-based control points, accelerating the product’s scalability to handle even more observations, and developing an ‘Analysis Designer’ for bespoke risk identification.
These advancements not only aim to deliver results tailored to unique business needs but also to expedite the time-to-value, making our platform even more agile and efficient.
MindBridge’s game-changing approach
As we build upon our existing innovations, MindBridge is on the cusp of unveiling a new era in financial risk management. Picture a ‘financial risk cockpit,’ your command center for navigating the intricate vectors and flows of your financial landscape.
Driven by unsupervised machine learning algorithms, this isn’t a distant dream but an emerging reality designed to unearth patterns and anomalies without the need for pre-defined rules. Our unique, bottom-up approach ensures a comprehensive, unbiased analysis, promising unparalleled value by leaving no stone unturned.
The future is here, and you can be a part of it
As we embark on an unprecedented year for MindBridge, our mission remains: crafting a more transparent, efficient, and interconnected financial landscape that not only meets but transcends stakeholder expectations.
From identifying intricate financial risks to revolutionizing traditional audit workflows, we’re pushing the envelope in ways that matter most to you. Keep your eyes peeled for upcoming announcements as we continue to redefine what’s possible in financial analytics. To view a complete replay of the Edge session, click the link below.
