Spend management firm Oversight Systems is rolling out a new module designed to analyze spend on fleet cards.
The company said in an announcement on Thursday (Sept. 19) that its Fleet module is now available to users of its artificial intelligence (AI) analytics platform that automates fleet card transaction analysis. Oversight's technology targets fraud mitigation and fleet card misuse, it noted, and adds to an existing offering of card-based spend analytics that includes T&E cards and purchasing cards.
"Fleet card programs can be multimillion-dollar exposure points for organizations with large mobile workforces," said Oversight Systems CEO Terrence McCrossan in a statement. "Our new Fleet solution detects one-off misuse as well as suspicious spend patterns that often go undetected by in-house audit processes.
"With Oversight, organizations now have a complete picture of all employee card spend, including the ability to audit, analyze, manage and act on findings with greater accuracy and with significantly less effort than ever before," he added.
Oversight added that the addition of fleet cards to its corporate card spend analysis offerings is a direct response to customer requests as well as Oversight's own research, which revealed 60 percent of finance professionals say they struggle to identify wasteful or off-policy spend on card programs. Forty percent said they are challenged to forecast employee spend on cards, including fleet cards.
Incorporating fleet cards with spend analysis broadens businesses' visibility into overall spend habits and trends, which are displayed through dashboards and visualized analysis.
"Our data shows that 90 percent of high-risk organizations can pinpoint the employees that represent the highest risk and develop both pre- and post-intervention plans that prevent monetary loss and reputational damage," said McCrossan.
Last year, commercial payments company WEX introduced its own fleet spend analytics solution, ClearView Snap, that similarly connects fleet managers to visualized dashboards and reports of fleet spend.