Controls management software: eliminate maverick buying with Datricks

Maverick buying occurs when purchases are made outside established procurement protocols, bypassing vendor selection, price comparisons, negotiations, and contract agreements – and is a key reason why controls management software is so important. This non-compliance introduces significant financial exposures, including human errors, fraud, and policy violations. 

For example, an employee may order office supplies from a vendor that offers a personal discount but lacks a company contract. While this may seem harmless, such transactions can lead to uncontrolled spending, inflated costs, and compliance violations, among other dangerous exposures.

Finance teams often struggle to track maverick buying due to fragmented financial data across departments. Without a structured approach, businesses risk financial loss, procurement inefficiencies, and potential legal repercussions. This is where controls management software becomes essential.

The role of controls management software in preventing maverick buying

Implementing robust controls management software is essential to detect and prevent maverick buying. Such software provides finance leaders with tools to monitor procurement activities, ensuring adherence to established processes and identifying deviations in real-time. 

Unlike manual audits, which rely on limited data samples, automated solutions like Datricks are able to analyze 100% of financial transactions, offering comprehensive visibility into spending behaviors.

For instance, a large retail company using controls management software discovered that a significant portion of its IT hardware purchases were made through unauthorized vendors, bypassing volume-based discounts. By implementing automated alerts and real-time tracking, the company recovered substantial cost savings and enforced supplier agreements.

Datricks’ Financial Integrity platform: a comprehensive controls management solution

Datricks offers a Financial Integrity Platform designed to eliminate financial exposures associated with maverick buying. This solution streamlines procurement controls by integrating advanced automation and analytics. The platform comprises:

Autonomous process discovery

One of the major challenges in achieving Financial Integrity is the lack of visibility into how transactions flow within an organization. Autonomous Process Discovery addresses this by automatically analyzing financial processes, mapping workflows, and identifying potential weaknesses without requiring manual input. This ensures that finance teams understand procurement patterns and pinpoint areas vulnerable to maverick buying.

Integrity exposure detection

Identifying financial anomalies is crucial for preventing maverick buying. Integrity Exposure Detection leverages AI and machine learning to analyze financial transactions in real time, identifying non-compliance, unauthorized purchases, and duplicate payments. This proactive approach prevents financial losses before they escalate.

Integrity intelligence

Beyond detection, finance leaders need a centralized view of their state of Financial Integrity across their organization. Integrity Intelligence provides a control tower that consolidates financial insights, offering clear visibility into procurement trends, policy adherence, and exposure risks. With customizable dashboards and automated reporting, finance teams can make informed decisions to strengthen internal controls.

Benefits of integrating Datricks’ controls management software

By integrating Datricks’ controls management software, organizations can achieve several key advantages:

Enhance trust

Ensuring financial transparency builds confidence among stakeholders, investors, and regulatory bodies. With Datricks, finance teams can review 100% of financial data, identifying anomalies and ensuring compliance with procurement policies.

Recover lost funds

Maverick buying often results in duplicate payments, overpayments, or unauthorized spending. By automating financial analysis, Datricks helps organizations recover lost funds and prevent future occurrences. 

Optimize auditor efficiency

Traditional auditing processes are time-consuming and not guaranteed to focus on the right areas. Datricks’ automated controls allow auditors to focus on high-risk transactions, improving accuracy and efficiency. Instead of sifting through massive amounts of financial records manually, auditors receive prioritized insights into potential compliance breaches, streamlining investigations and reporting.

Key features supporting effective controls management

Datricks’ platform offers robust features that strengthen procurement controls and prevent maverick buying. These include:

Compliance tracking

With maverick buying, people knowingly or unknowingly bypass protocols. For example, employees may override required process approvals or requirements just to get their jobs done faster. According to a study by the Ponemon Institute, business disruption related to being out of compliance costs firms nearly 3X as much as being in compliance. Datricks helps organizations keep constant track of any compliance issues. 

Anomaly detection

Maverick buying often goes unnoticed due to fragmented data across various financial systems. Datricks’ anomaly detection feature consolidates and analyzes data from different sources, identifying unusual transactions that may indicate non-compliance or fraud. 

Quick implementation

Unlike traditional financial control solutions that require months of setup and external consultants, Datricks deploys seamlessly and shows results within just seven days. The effortless integration process ensures organizations can start detecting financial exposures immediately without disrupting existing workflows.

Stop maverick buying with controls management software

Maverick buying is a significant challenge for finance teams, leading to financial losses, compliance issues, inefficiencies, and increased exposures. 

Advanced controls management software, like Datricks, empowers organizations with real-time visibility, automated anomaly detection, and streamlined compliance tracking.

With Datricks in their corner, finance teams can eliminate financial exposures, enforce procurement discipline, and drive operational excellence, leading to ongoing Financial Integrity.