The Silicon Review
“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.”– Bill Gates
Founded in 2013, NuAgeBI is a startup company providing technology powered data analytics capabilities to clients without requiring the need to acquire additional technology and supporting services. It allows business users to gain valuable insights into data without requiring them to become analytics experts. Their innovative platform not only generates transactional “rule-based analytics” but also provides an on-demand data analytics dashboard which can identify broader patterns and trends of risk i.e. “what-if analytics”.
Headquartered in Santa Clara, California NuAgeBI’s innovative platform brings the benefits of fact-based decision making to a much broader audience by providing enterprise-class analysis and reporting that is quick to deploy, easy to use, and affordable. Leveraging Cloud-based technologies, they have built a sturdy, multi-tenant business intelligence platform that can remove complexity of extracting information from disparate sources, provide ability to drill down into data and offer actionable insight on a pay as you go model.
The company brought laurels to its cap being one of the 100 most promising oracle solution providers in 2014 by CIO Review Magazine and highlights the company as one of the top 100 SAP Solution providers in 2015.
The company offers exclusivity and design exclusive solution to help clients solve problems and answer critical questions using advanced analytics rather than relying solely on traditional reporting. By implementing forward looking practices, clients are able to make decisions based on current facts rather than past figures. NuAgeBI’s strong focus is on providing value to its customers is based on 3 value drivers such as Cost, Risk, Value Enablement.
NuAgeBI’ has developed a predictive analytics solution that can scan large amounts of transactions, independent of their source ERP system. Transactions are flagged in the context of historical patterns and known fraud schemes. Its solution is also based on machine learning that takes feedback from users and adaptively improves the accuracy of predictions. Identifying financial statement level risks in transactional data using predictive analytics on an ongoing basis in a cost-effective manner. An early detection of risks will minimize the impact of fraud. It will also enable business users in quickly closing the books on a quarterly basis.
NuAgeBI’S Unique Product Portfolio
NuAgeBI Predictive Analytics Solution has at its core, an anomaly detection algorithm which has the following characteristics:
Predictive Analytics Solution
Audit Data Standards Tool
The clients themselves can act as in-house auditing firm with the introduction of Audit Data Standards primarily proposed by AICPA; the clients can reconcile financial/ accounting data instead of paying hefty cost to other auditing firm.
NuAgeBI has developed tools that can easily help their clients in preparing accounting data in Audit Data Standards Format.
Visual Analytics Tool
This tool helps in keeping the track record of the company’s health and performance, NuAge pre-configures the tool with the client’s data eliminating the burden for clients to understand the complex ERP data model. Its automated solution can parse millions of financial transactions, cleanse and standardize master data. The tool provides business dashboard that you can use to drill-down, drill across or build a new use case, all without involving IT.
Offering Varied Business Services
General Ledger Analytics
GLA is developed to provide advanced predictive analytics solution which can review company’s historical data and flag risky transactions. This automated solution reviews general ledger data and look for various fraud patterns, unusual account combination and outlier transaction which the process is primarily based on Predictive Analytics and Customized Visual Analytics.
T&E and P-card Analytics
The analytical algorithm developed for this tool identifies the unusual trend, outlier and exception. It highlights the transactions, expense categories and users (past transactions) as high risk. The clients are provided analytic dashboard with highlighted trend and exceptions. As a business user, the clients can dig into the data to gain insight about potential risky transactions and users.
Data Quality Assessment
This tool helps in identifying data quality issues by maintaining vendor and material master data.
Knowing the Key Executive
Rohit Kumar, President and Founder- A Senior IT executive with MBA and extensive global experience, Rohit carries over 25 years of wide range experience which includes 14 years with Big 4 in various leading roles and responsibilities. All ‘n’ all he is visionary IT thought leader, strategist, speaker, and consultant with diversified experience.
“I like NuAgeBI Financial Statement risk diagnostic tool and feel it can provide an additional layer of review to prevent/ detect financial statement errors. I am sure Controllers would love to have such a tool.”
-Saurabh Sinha, Director (Finance and Accounting), InvenSense Inc.
Clientele & Strategic Partners
The company deals with different sectors ranging with mid to large size companies. The company targets internal auditors and controllers; they have Fortune 500 companies as their customers. Their clientele also include some of the upcoming startup companies like DNAnexus
NuAgeBI is in a formal alliance with leading technology assisting companies forming strategic partnership to furnish best in class analytical solutions and gaining mutual benefits in a parallel way, the company is in strategic partnership with SAP.HANA, MAPR TECHNOLOGIES, TRILLIUM SOFWARE, TABLEAU SOFTWARE and AMAZON WEB SERVICES