Sisense helps Profectus unlock deeper insights through data to plug financial leakage in a post-pandemic economy.
Profectus has leveraged global data analytics and business intelligence platform, Sisense, to ensure absolute transactional accuracy and better safeguard businesses across Australia from transactional errors that lead to significant financial waste.
Given the economic impact of COVID-19, Australian businesses need to identify and plug financial leakage quickly. Profectus discovered that on average, between 3.5-4 transactions per 10,000 financial transactions contain an error. This can add up to millions of lost dollars each year. With Australian businesses suffering on average around a 20 per cent loss in recent months, Profectus saw an even more acute need to identify unnecessary financial waste and enable proactive spend management through better use of transactional data.
As an international technology and services company dealing in rebate and deal management, contract compliance and recovery audits, Profectus turned to leading data analytics platform, Sisense, to better analyse the terabytes of data it crunches every month. This enables Profectus to identify and rectify costly errors faster – to keep more Australian and New Zealand businesses in operation at a time when lost revenue could be even more catastrophic.
Profectus’ Chief Technology Officer, Mark Webster, says many of its clients still use excel spreadsheets to record data, leading to significant human error in what can amount to billions of lines of data. “To be able to get all the information you need to understand where your biggest issues are, quickly, is vital so businesses can focus management attention where it really needs to be,” Mark says. “Following COVID-19, some operations will simply not be able to return to normal, so any gain in data efficiency will only improve future operations,” he adds. “Given the economic impacts that we’re all suffering, businesses need to understand any financial leakage they have, identify it quickly and get on top of it straight away to minimise risk and protect revenue.”
Profectus reviews hundreds of thousands of invoices and agreements on behalf of its customers. It recognised it needed to be able to do this faster, while boosting the productivity, efficiency, and accuracy of processing these vast volumes of data at scale. “We wanted to have algorithms, ‘visualisation stations’, that actually tease out the differences in the data in a much more automated way, so that we’re not just throwing more and more human capital at it, but actually leveraging smarter technology,” Mark says.
Profectus says Sisense offers a single source of truth with its AI-powered BI solution, effectively providing the ‘holy grail’ solution for businesses. “As an example, we ran a representative data set we had through a competing solution, but we killed the process at 20 minutes because that was already unacceptable both from a customer experience and cost perspective,” Mark says. “With Sisense, we ran the same data set, and it processed the query within 20 seconds! That was our aha moment. ”
Regional Vice President of APAC for Sisense, Eyal Mekler, commented that in times of recession, it’s critical for data-smart organisations across Australia to drive better efficiencies and minimise waste. “Profectus is a great example of how an organisation that is purpose-built to support other businesses streamline their spending and leverage data more efficiently, which is really helping businesses in the current situation,” he says. “Sisense is excited to play a role in helping Profectus along that journey, to help unlock the value of data at a deeper level and drive actionable insights at scale.”
Scott Castle, VP & GM of Sisense for Cloud Data Teams, said having the right approach to data analytics can make or break businesses during times of recession, and beyond. “In smart, forward-thinking businesses, Data is the catalyst which achieves cost efficiencies and streamline workflows – and more importantly, allows them to delve deeper into customer behaviours to unlock new insights, and to drive innovation. There is no limit to the transformative impact of data when it is leveraged well.”
Sisense offers the only independent analytics platform for builders to simplify complex data and build and embed analytic apps that deliver insights to everyone inside and outside their organizations. Sisense lets builders collaborate on a single platform, delivered in a hybrid, cloud-native environment with the industry’s lowest cost of ownership, to create true democratization of data and analytics. More than 2,000 customers worldwide, including large enterprises, Fortune 500 companies, smaller startups, and nonprofits rely on Sisense. Industry leaders like GeriMedica, Tinder, Philips, Nasdaq, and the Salvation Army utilize Sisense to turn complex data into insights with the speed, power, and flexibility needed to gain a competitive advantage. Learn more at www.sisense.com.