There is a lot of financial waste which occurs due to the errors in the transaction across the world. As a solution to this the International Technology and Services company Profectus has leveraged the global data analysis and business intelligence platform.
Australia is a country that faces a huge amount of financial leakage. As the long lockdown days for COVID- 19 has closed all the enterprises and business firms, they are facing several problems of recession and unavailability of money. So this financial leakage has to get identified and solved quickly. Profectus gives us a report of an average between 3.5-4 transactions per ten thousand financial transactions which contain an error. This will gradually result in huge financial leakage.
Around 20% of the business is on loss during the lockdown months. Unnecessary financial waste can be reduced by enabling proactive spend management through better use of transactional data.
Profectus turned to lead data analysis platform, Sisense to better analyse terabytes of data in crunches every month. This helps them to identify the financial wastage & transaction error in a faster way and would help to keep more Australia and New Zealand businesses in operation at a time when lost revenue would be more catastrophic.
Many of their clients still use excel spreadsheet to record data and this increase the error. As everything is locked down, the only way to improve future operations is data efficiency. Profectus reviews a large number of agreements and invoices on behalf of its customer.
Sisense offers a single source of truth with the Artificial Intelligence-powered BI solution, effectively providing the “holy grail” solution for business.
Regional Vice President of APAC for sisense Eyal Mekler supports them, as it is important to minimize waste across Australia during the recession. There is no limit to the transformative impact of data when it is leveraged well. Profectus is an example of how an organization should support other businesses streamline and leverage data more efficiently