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Anomaly Detection

Close Your Books in Record Time

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Peace of Mind FP&A

Prophix's Anomaly Detection quickly analyzes your general and sub ledger data to highlight actionable insights. It re-invents financial risk analysis by leveraging Machine Learning to automatically detect and surface unusual transactions, and then intuitively organizes them by risk rating to expedite investigation and resolution.

With the power of AI, you get unprecedented speed and accuracy only a machine can deliver! Anomaly Detection provides deep insight and comprehensive analysis that takes your close process to the next level.

Armed with a solid understanding of the inherent risk within your data and an integrated workflow to assign risky transactions to people for review, you will be able to spend more time developing insights and making recommendations to senior management.

Prophix will have you exploring and acting on the results of your data in mere moments.

*Prophix's Anomaly Detection, powered by MindBridge, redefines time windows for close, internal audits, account reconciliations, consolidations and other financial processes by making it more thorough, accurate and less risky than ever before.

When AI analysis is applied, it is up to 10-30 times more likely to identify errors in data than rules-based systems.*

Advanced Analytics

State-of-the-art algorithms combine artificial intelligence, statistical methods, industry best practices and business rules to deliver extensive journal entry testing. Get broad transaction support across your general ledger, accounts payable- and accounts receivable subledgers. Expedite the insights you need to make data-driven decisions and find what anomalies may be lurking in your data with Anomaly Detection from Prophix.

Massive Time Savings

No more time-consuming spot-checks. Anomaly Detection consumes, processes and assesses 100% of your transactions at lightning speed making it incredibly fast at identifying anomalies in your data to help expedite your financial processes.

Greater Accuracy and Confidence

As your business grows so does the number of transactions you book, and with it the chance of human error. Identify risk, eliminate human mistakes, erroneous bookings and unusual transactions. Rest assured, Anomaly Detection provides a complete and accurate analysis in real-time to restore confidence in your data.

Reduce Financial Risk

One of the more complex aspects of book closure is risk assurance. Build the assurance with Prophix that the financial figures are correct, are free from errors, and any suspect activities. Prophix Anomaly Detection reviews 100% of your data and reports on all the risky transactions while at the same time taking hours/days out of a financial close.

With an unparalleled view into your data, easy-to-read dashboards, and analysis organized by risk rating, quickly discover questionable transactions that would have gone unnoticed before

Additional Resources

Prophix-brochure-anomaly-detection
Brochure: Anomaly Detection
prophix-article-artificial-intelligence-and-machine-learning
Article: Artificial Intelligence & Machine Learning
prophix-whitepaper-how-the-office-of-finance-will-leverage-artificial-intelligence
Whitepaper: How The Office Of Finance Will Leverage Artificial Intelligence

FAQs

What types of transactions does Anomaly Detection analyze?
How does it analyze transactions so fast?
What financial processes will this help with?

See Prophix’s Anomaly Detection in Action

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