FISCAL Technologies Introduces New Shared Service Centre
FISCAL upgrades its AI-powered spend protection offering for shared services, providing complete oversight of payables risk across all business units and protecting 100% of supplier spend
FISCAL Technologies, the Procure-to-Pay risk management solution provider, has today announced the launch of its upgraded Shared Service Centre offering, which saves millions of pounds through proactively preventing payment errors.
The enhanced offering to FISCAL’s NXG Forensics solution – a cloud-based Procure-to-Pay (P2P) assurance solution – reduces complexity, cuts supplier overpayment by 99% and achieves 100% visibility of governance and payables risk. It therefore enables customers to comply with finance best practices all while identifying risks and streamlining user workflow in any multiple business unit structure.
Through FISCAL’s new offering, Shared Service Centre operators, organisations with multiple business units, and local authorities and NHS Trusts that provide AP services to neighbours will benefit from greater protection from P2P risks. The solution, which FISCAL has designed with the specific needs of shared service centres in mind, applies FISCAL’s unrivalled experience in the market to deliver true data segmentation, segregation of duties, enhanced reporting and simplicity for users whilst deploying advanced forensic analysis combined with Artificial Intelligence for protection against anomalies that result in overpayments.
Ray Welsh, Head of Product Marketing at FISCAL Technologies said “Operating a shared service is incredibly complex; it requires insights and reports to be created, viewed and shared with each business unit individually, while Shared Service Centre management require performance metrics across all business units. This type of complexity therefore requires forensic analysis to be conducted within each business unit, while reports simplify that complexity by providing combined and comparisons views across all business units.”
When detecting P2P exceptions, if a solution does not analyse each unit separately, it is forced to work with the average pattern of transactions across all business units. This is ineffective for detection, as each unit has a unique ‘normal’ pattern in its data. FISCAL’s approach analysis every and each business unit or ledger. This produces fewer false-positive identifications and a shorter list of high-risk transactions to resolve, and importantly identifies anomalies across business units, or ledgers.
FISCAL’s NXG Forensics offering delivers transparency and accountability into AP performance and sources misplaced cash, which, given the current situation is more important than ever. Users have the ability to save money and operate more effectively through the identification of a range of risks.
One of FISCAL’s customers that has been using the solution said: “Prior to adopting FISCAL’s new shared service centre solution, when detecting AP exceptions, we were not able to check each of our units separately. Instead, we were forced to analyse all business units together. This produced more false-positive identifications and a longer list of high-risk transactions to review each morning. NXG Forensics holds and forensically analyses AP transaction details in our business unit structure and restricts user access to specified units. This provides the necessary segregation of data and gives our users only the access required – complying with finance best practises.”
With over 16 years of experience and dozens of shared service centre users, FISCAL’s solution has been designed for multi-unit forensic analysis with shared services – whether the customers are internal or external. FISCAL supports multi-unit reporting and cross-unit checking and reporting to enhance customers’ protection.
Welsh concluded: “The current climate has meant organisations must take necessary action in order to protect and retain their cash. Our new solution helps all shared service models achieve this, giving their finance leaders insights to make the right decisions.”
About FISCAL Technologies
FISCAL Technologies (www.fiscaltec.com) is a world leading provider of forensic solutions and services that empower purchase-to-pay teams across the globe to protect organisational spend.
Incorporating unique technology to reduce risk in the supply chain, FISCAL Technologies’ award‑winning, cloud-based risk management platform is used on a continuous, preventative basis to protect supplier spend, defend against fraud, increase profitability and drive process improvement.
Since 2003, FISCAL has safeguarded hundreds of millions of transactions and is now relied on by leading private and public sector organisations.