Automating processes to reduce manual errors, streamlining workflow, and utilizing analytics to identify real-time errors are all shaping the procure-to-pay process, thereby reducing fraud. However, these steps are beneficial towards identifying fraud, fraud prevention requires a more wholistic approach that builds ethical anti-corrupt and anti-fraud culture.
Moving from Detection to Prevention
To gain a competitive edge in the market, organizations must build scalable predictive systems that detect fraud in real-time, strengthen supplier relations, and make operations systems resilient.
Steps to modernize your organization
Invest in data infrastructure: Ensure your HR, procurement, and finance systems generate clean, structured, transparent, and accessible data.
Partner with analytics experts: External providers such as konaAI can accelerate the development and deployment of fraud detection models by integrating multiple data sources (eg: ERP, procurement logs, and supplier data) to provide a more wholistic fraud detection framework.
Conduct ongoing training: Equip your teams with knowledge on industry compliance standards and methods to interpret analytics insights so they may take proactive measures in maintaining the organization’s ethos.
Build adaptive controls: Benefit from AI and Data Analytics to refine thresholds, rules, and policies based on analysis of historical data and evolving fraud tactics.
Talk to a konaAI Expert and Build a Smart Fraud Defense System!
