NuAgeBI: Furnishing New Age Business Intelligence Tools
Rohit Kumar, CEOMany companies use traditional methods of risk discovery in the financial transactions that get consolidated and reported as Balance Sheet and Income Statement. But finding one or two risky and unusual transaction out of the millions of transaction is like finding needle in the haystack, notes Kumar. NuAgeBI has built a robust, multi-tenant business intelligence platform that can remove complexity of extracting information from disparate sources, identify a few high risk transaction, provide ability to drill down into data and offer actionable insight. This platform is both cloud-based and on-premise with pay-as-you-go model that is quick to deploy, easy to use and affordable. “Our Predictive Analytics solution is the only solution available as self-service and software-as-a-service,” explains Kumar. “It works for any standard ERP system, including SAP.” NuAgeBI is also expanding their ERP support footprint by continuing to add ERP systems that can seamlessly integrate with their offerings.
NuAgeBI’s clients were also spending excessive amount on a quarterly basis just for preparing and reconciling accounting data.
The benefits of Audit Data Standards, introduced by AICPA, led to the development of Audit Data Standard Tool. “We have built a tool that can be used by client’s IT department to convert ERP financial data into Audit Data Standards format, prior to sending the data to their external auditors,” expounds Kumar. This tool helps their client in early detection of quality issues and is available both on cloud and on premise. Additionally, using Visual Analytics Tool, business users have the ability to monitor different financial KPIs without having to worry about data mapping or data quality. When a multi-national technology company needed the ability to assess their financial statement risks on an ongoing basis, NuAgeBI implemented their proprietary solution that had the combination of Predictive Analytics, Visual Analytics and rule-based anomaly detection. “Business Users were able to identify unusual financial transactions that highlighted lack of proper control, historical trend of such transactions and details without involving IT, and other high risk transactions that indicated revenue recognition issues,” exclaims Kumar.
Enabling business users to focus on fact based decision making, NuAgeBI’s next big leap is to bring public domain data and correlate them with internal and financial reporting, and offer it as a service. Currently, public domain data, extracted from social media and likes, is used for CRM related services and solutions. “Our roadmap includes bringing the unstructured public data, correlating it with the reporting, and offer that as a service to our business users so that they can proceed according to knowledge gained from experiences of end-user,” explicates Kumar. “We are redefining how companies can look into their transactional data for reporting risks, without implementing large technology and supporting processes.”
Our Predictive Analytics solution is the ONLY solution available as self-service and software-as-a-service
Enabling business users to focus on fact based decision making, NuAgeBI’s next big leap is to bring public domain data and correlate them with internal and financial reporting, and offer it as a service. Currently, public domain data, extracted from social media and likes, is used for CRM related services and solutions. “Our roadmap includes bringing the unstructured public data, correlating it with the reporting, and offer that as a service to our business users so that they can proceed according to knowledge gained from experiences of end-user,” explicates Kumar. “We are redefining how companies can look into their transactional data for reporting risks, without implementing large technology and supporting processes.”
Company
NuAgeBI
Headquarters
Hayward, CA
Management
Rohit Kumar, CEO
Description
Provides technology enabled data analytic capabilities to clients without requiring the need to acquire additional technology and
supporting services.
