Financial Reporting Risk Analytics : NuAgeBI

Founded by former PwC colleagues in 2013, NuAgeBI identified problems with the traditional approach towards risk discovery in financial transactions and built an intelligent solution that uses predictive analysis and identifies not only known but also unknown risks, irrespective of the transaction amount.

Concerned about financial reporting risk in your transactional data? Then look no further than NuAgeBI which can leveragepredictive analytics solution to identify high risk transactions and give you quick insights into data without requiring you to spend countless hours preparing and reconciling the data. In addition, NuAgeBI provides pre-configured visual analytical tool, that has the ability to create individual/personal scenarios and review the results without the involvement of IT staff which is extremely powerful especially in a fast growing Business Requirement.

Positioned in the GRC (Governance, Risk and Compliance) space, NuAgeBI provides cloud based financial reporting risk analytics solutions for business, namely Controller, CFO and Internal Auditor By identifying high risk financial transaction that can adversely impact their financial statement reporting, the company’s BI solutions helps in better management of enterprise risks.

With end to end solutions, the California based startup enables business users to get the right information at the right time without getting tied up with large IT cost and implementation.

Concern for Data Security

Having identified that the biggest challenge is around concern for data security, the company deals with financial data of clients with utmost diligence and expertise and provides for the following solutions:

a) Predictive Analytics Solution It helps business users in identifying high risk transaction and is the ONLY solution available as self-service and software-as-a- service.It works for any standard ERP system.
b) Visual Analytics Tool – NuAgeBI provides pre-configured visual analytics tool that uses clients’ data as input. A business user can use it to monitor different financial KPIs and the visual analytics dashboard provides an easy insight into areas of operational inefficiency as well as financial risk
c) Audit Data Standards Tool – It can be used by client’s IT to convert ERP financial data into Audit Data Standards format, prior to sending the data to their external auditors. It helps the client in early detection of quality issues and is available both on cloud and on premise.

“We leverage AWS (Amazon Web Services) and SAP Hana cloud platform for delivering analytics solution. SAP has been on forefront by introducing in- memory database (Hana). One of the common concerns of CIOs has been duplication of data in transaction database and data warehouse. It takes inordinate amount of effort to build a data warehouse where data quality is always suspected. By bringing in-memory database that can support both transaction and analytics, SAP Hana has substantially reduced the time to build analytics.
Both applications (transaction and analytics) refer to same data stored in-memory which greatly improves the quality of reporting data”, adds the Founder Rohit Kumar.

Focusing on the future ahead
“NuAgeBI’s cloud based platform provides a quick insight into transactional data without spending countless hours preparing and reconciling the data. We leveraged their platform for evaluating KPIs and transactional risks in financial data. I liked the ease of use in their tool, transparency in data transformation, analytics dashboard and ability to build new use cases without involving IT”, says, Jay Swaminathan, Senior Director, SOA Projects Inc. The first company to offer GRC solution as both SaaS and Self Service, NuAgeBI is independent of ERP systems and offers solutions as Self Service, while other GRC technology vendors are focused on offering their pricey solution/tool as SaaS.

With solutions that are meant for Business (Controller, Internal Auditor and CFO), targeting small to mid-size companies in Technology, Manufacturing, Consulting and Services sector, NuAgeBI’s clientele includes NetApp, SoA Projects and Imergy Power, to name a few.

“Our current focus is to improve our analytics solution and make it available across cloud ERP (e.g., NetSuite) vendors.In future we plan to leverage publicly available unstructured data (e.g., Glassdoor, social media, yahoo finance) to create a comprehensive risk profile of company and correlation with their financial statement level risks”, adds Rohit.

Knowing the Key Executive

Rohit Kumar- President and Founder

A MBA with extensive global experience, Rohit has over 23 years of wide range experience which includes 14 years with Big 4 in various leading roles and responsibilities. The senior IT executive is a thought leader, strategist, speaker, and consultant with diversified experience, who has played a key role in developing common data model for financial data which was accepted as Audit Data Standards by AICPA. The visionary is responsible for building various analytics platform for operational and compliance purposes, both on premise and cloud.