In today’s fast-paced business world, financial data is the lifeblood of any organization. Accurate and reliable financial information is essential for making informed decisions, identifying trends, and managing risks. However, financial data is often complex and prone to errors or anomalies. Manual identification of these anomalies can be time-consuming, error-prone, and costly.
This is where AI-powered anomaly detection comes into play. By leveraging the power of AI, businesses can automate the process of identifying and resolving anomalies in their financial data, saving time and resources.
What is AI-powered Anomaly Detection?
AI-powered anomaly detection is a process of using artificial intelligence (AI) to identify patterns or deviations in financial data that stand out from the norm. An example of a financial deviation could be expenses that stand out from their usual cost.
How does Acumatica’s AI-powered Anomaly Detection work?
Acumatica’s Anomaly Detection keeps your data within the Acumatica system, so it isn’t exposed to the public cloud. This ensures security/privacy for your data and optimizes processing time.
The Anomaly Detection system uses Acumatica’s AI engine and Azure AI for internal and external services. It offers configuration, where the user can set the value for analysis, timeline, group by and frequency settings. This can be configured for any Generic Inquiries (GI) across Acumatica starting from 2024 R2 and higher versions with limited availability of GI’s.
What are the benefits of using AI-powered Anomaly Detection?
There are many benefits to using AI-powered anomaly detection, including:
Improved accuracy: Identify anomalies with greater accuracy than humans, reducing the risk of errors.
Increased efficiency: Automate the process of anomaly detection, saving your employees’ time and resources.
Proactive risk management: Identify potential risks before they become a problem, allowing businesses to take action to mitigate them.
Improved decision-making: AI-powered systems can provide businesses with more accurate and timely financial data, which can help them make better informed decisions.
Acumatica Cloud ERP – Anomaly Detection in Financial Data
Anomaly Detection in 2024 R2
Acumatica AI Examples
Identify Sales Order with higher/smaller margins
Purchase Order cost analysis
Vendor Price Analysis Using Bills
3-Way PO Match (PO/PR/Bills)
Project Scheduling for Shop floor
Any Financial anomalies and more
Conclusion
AI-powered anomaly detection is a powerful tool that can help businesses improve their financial management and mitigate errors. By automating the process of identifying and resolving anomalies, AI-powered systems can save time and improve decision-making.
If you’re interested in learning more about AI-powered anomaly detection, and want to explore how AI can boost your productivity please reach out Acumatica experts by contacting us.
