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Enhancing operations of purchase card programs
Advanced data analytics & continuous monitoring
In this age of increasing austerity, Federal Chief Financial Officers (CFOs) and their respective agencies are being confronted with increased regulatory requirements for improving the management of purchase cards; specifically, to maintain standardized and consistent monitoring of transactions to detect instances of potential misuse, fraud, and abuse. As management responsibilities increase and resources remain limited, it is increasingly important for CFOs to manage programs with efficient purchase card operations, establish effective oversight, and make sure agency funds are used for their intended purpose.
What is Advanced Data Analytics?
What if it were possible for Federal CFOs to enhance the quality and efficiency of purchase card operations, while also adhering to relevant laws, regulations, policies, and procedures?
Advanced data analytics can help improve decision making, reduce risk exposure, and help discover valuable operational insights that could otherwise remain undiscovered within raw and unconnected data. Furthermore, data analytics can help increase oversight and monitoring and reporting capabilities that can help inform policy, procedure and/or government updates to improve internal controls.
This infographic describes a data analysis and continuous monitoring method that can help CFOs increase efficiencies and oversight of their purchase card program in tight budgetary times.