£500k Missing Revenues Uncovered in 3 Weeks

A UK company is using Experian Pandora to find and correct processing issues related to its accounts receivable and aims to recover about £500K of missing revenues.

When internal auditors found a £500K hole in the company accounts, they turned to Experian Pandora.

“During a recent project to consolidate data into one of our financial systems the data architect we worked with talked about data as the ‘smoking gun ‘ for problems with business processes. On that project we saw that Experian Pandora was able to discover relationships in the data, so we wondered if it might be of use to us for finding the holes in our process,” explained one of the financial controllers.

Using Experian Pandora’s unique cross-system relationship discovery to analyse and compare all five systems simultaneously, the finance team were able to find ‘orphaned’ transactions; those which had only got part of the way through the various processes, but not quite made it to the end. Further profiling of the offending records allowed the team to identify what was unusual about them and decide on corrective actions. The data highlighted a variety of failures in multiple places including programming errors, misunderstandings in the process, and breakdown of manual activities.

“There are many issues, and the corrective actions are often manual, however the amounts of money involved easily justify this extra work. Based on analysis of the issues we found, the IT team have improved the way that the systems communicate. Our systems evolve and processes change, so new issues will probably appear, but it’s our intention to use Experian Pandora to independently monitor and report on bottlenecks in the future. If there is any more gun-smoke, we’ll see it!”

Experian Pandora data management software enables organisations to understand, transform and manage the quality of their data more easily and quickly than any other product or manual approach.