How to plug leakages in your Procure to Pay - Part 2

In my last blog, I spoke about the magnitude of damage P2P fraud can cause to the organization and the need to address the problem with a different mindset with a more data driven approach. As is conceivable, some of these could be due to human errors and others with an intent to deceive. While traditional approaches help in uncovering some gaps, they suffer from some inherent shortcomings as discussed in one of our earlier posts . Some of these shortcomings are high false positives, inability to uncover newer anomalies and recognize patterns in large datasets, not learning from feedback. We have seen significant upside potential through use of data analytics and machine learning in fraud detection.