Challenge
Manual analysis is time-consuming, labor-intensive, error-prone, and costly. It also hinders responsiveness by leaving card program managers with no tools to alert them as policy violations and potential maverick spending occur. As card programs grow, it becomes increasingly difficult to review all transactions, identify non-compliance, and mitigate financial loss.
Solution
Complete and immediate detection of policy violations and suspicious corporate card use. Continual analysis of all transactions with consistency and precision to complement and strengthen existing manual audits.
Through a web-based, self-service model, CardLogic makes it easy to select and modify a custom package of loss control rules. CardLogic consistently and continually applies these rules across all transactions and card users. Program managers can prioritize the alerts they receive based upon pre-defined risk levels. Cardholders and program managers are able to receive instant notification of possible policy noncompliance.
Results
CardLogic unlocks the opportunity to expedite card program adoption and raise spending allowances. By automating and eliminating many error-prone audit and analysis procedures, program audit costs decrease while consistency and timeliness increase. CardLogic delivers these benefits through persistent analysis of all card use.
CardLogic equips card programs with agility, whether for purchasing, travel, or fleet charges. Fortune 100 bank issuers have found CardLogic to be uniquely comprehensive and cost-effective compared to alternative solutions on the market, including those offered by the card associations. CardLogic is association-agnostic and supports dual-issuer environments.For card program managers, 24/7 loss control encompassing all transactions and users. For bank issuers, increased customer confidence, retention, and card program growth.
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Automation Supports P-Card Program Growth
As organizations consider and pursue Purchasing Card (P-Card) program growth, one potential obstacle is having too many manual processes. The challenge becomes even greater when expanding a program and adding transaction volume. More transactions may ultimately require more people and time (i.e., cost) to perform more reviews and analysis of the expanding data. Manual processes such as auditing 100% of the P-Card transactions and reviewing reports reduce P-Card process savings.
To boost savings and efficiencies, it is recommended that organizations automate routine tasks, focusing on the ones that consume too much time and/or increase risk if left as manual processes. When it comes to the auditing function, automation can increase productivity, strengthen program controls (due to decreased reliance on human efforts), enhance visibility into organizational spend and reduce operational costs.
What should an organization do if it is interested in increased automation? The National Association of Purchasing Card Professionals (NAPCP), with contributions from Agent Logic, has identified:
- Guidelines for evaluating your organization’s readiness to consider an automated auditing solution
- Some options and features within the realm of automated auditing functionality
- an approach for determining the potential return on the investment (ROI) of an automated solution
Corporate Card Market Survey
During a recent demonstration of CardLogic™ to Fortune 500 companies, Agent Logic asked for participants to answer a few questions concerning their corporate card programs. The survey received an outstanding response rate of 30%. Respondents included Director- and VP-level leaders in procurement, strategic sourcing, P-Card, and internal audit.
