How Business Process Automation Can Help You Identify Anomalies That Might Be Hurting Your Company
Automating your business processes makes it easy to collect large quantities of accurate data. This data can help you create more accurate budgets, identify spending trends, simplify audits, and much more.
Another perk to collecting all this data is that you can use it to detect anomalies. An anomaly in the data can point to something that has gone wrong, giving you a chance to identify and correct the problem.
Ways That Anomalies Signal Trouble
An anomaly in your data indicates something out of the ordinary pattern. It might be a large difference or just a small blip, but there’s a chance it could signal something serious. For example:
- An extra high water bill might indicate a water leak.
- Poor gas mileage could indicate an automotive issue such as a bad clutch or low compression in an engine.
- An increased number of invoices too close to the approval threshold might be a sign of fraud.
How To Collect Anomaly Data
The more data your business collects, the better you’ll be able to detect anomalies. When you know what the normal patterns are in your business, you’ll be able to recognize anything that’s out of the ordinary and might indicate a problem.
Business processing software is a huge help with this. As the software works, it stores all the data related to your business processes in a digital format. With good processing software, this data is easy to access and use. You’ll be able to manually check on any data that you have questions about. It also lets you set up automatic anomaly detection.
Detecting Anomalies Automatically
Collecting accurate data gives you the information you need to identify anomalies. However, data doesn’t detect anomalies on its own. You need a system that not only collects data but which also alerts you of any anomalies that show up in the data.
When you set up software like what we offer here at NextProcess, you get to customize it to fit your company’s needs. This includes setting tolerances for what is and is not considered an anomaly. The system is programmed to alert you to any outliers in the data or suspicious activity, such as invoices too close to the approval threshold or a monthly bill that’s abnormally high.
Want to learn more about how NextProcess can help your company collect and use data more effectively? Contact us today. We’ll be happy to answer all your questions and schedule a free demonstration of our software.