A new software product from finance AI analytics company AppZen promises to be “a first of its kind” tool that can provide financial insights “previously unavailable” to finance teams. Called Mastermind Analytics, if it can do what AppZen says it can, it looks to be the tool of bookkeepers’ dreams.
The goal of Mastermind Analytics is to not only allow finance teams to get on-demand analysis of company finances, but also to provide benchmarks against other companies that AppZen CEO Anant Kale said will show organizations both where they’re leading their peers, and where they’re lagging.
In order to provide thorough financial results, which AppZen calls “360-degree,” Mastermind Analytics audits travel documents, expenses, accounts payable paperwork, and other sources to provide feedback in real time. Kale said that Mastermind is also able to analyze unstructured data as well.
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“Finance teams will now have access to previously unavailable out-of-policy spend information that enables immediate visibility into patterns and activity that could indicate, and prevent, more complex risks of fraud and waste,” Kale said.
As for comparing a company’s finance to other organizations, Kale said that Mastermind Analytics pulls “billions of data points from close to 2,000 customers.” The comparison itself will benchmark companies against one another in areas like spending, risk, and operational performance.
Mastermind Analytics was also created with finance teams in mind, AppZen said, which means it doesn’t require any additional integrations with the AppZen platform, nor does it need developers with analytics skills to extract results from. Mastermind, Kale said, is designed to be low code, giving finance professionals access to data that would have previously been out of reach, and present the data in an easily digestible fashion that allows for rapid decision making.
It may sound as if Mastermind Analytics is a purely prescriptive product, but Kale said that’s not the case. Rather, Mastermind presents data to show where organizations are in comparison to the competition, freeing them up to do the work of deciding what course to chart on their own.
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Using the analogy of prescriptive analytics being like a doctor telling you what course of treatment is best to treat an illness, Mastermind Analytics is less like a medical professional giving you a prescription, and more akin to a set of diagnostic tests: What it gives back is a whole bunch of health information, easily drawn from the body of an organization. The finance team are the ones who act as the doctors, making prescriptions based on the data Mastermind presents that should ideally create a healthier, happier, and more profitable company.
Mastermind Analytics is available now for AppZen AI Finance Platform. It’s not a standalone product, so if you’re interested in the feedback it can provide to your company you’ll need to consider signing on to AppZen’s ecosystem.