Reduce rogue spend with Spend Anomaly Monitoring

Overseeing spending across a large organization can be time-consuming and burdensome, particularly when dealing with large number of buyers and transactions. That’s why HAQM Business has launched Spend Anomaly Monitoring, a new spend tracking tool exclusive to Business Prime Enterprise members that sifts through an account’s transactions and evaluates spending patterns to alert administrators of unusual purchases on their account. 

How does Spend Anomaly Monitoring work?

Spend Anomaly Monitoring analyzes your organization’s purchasing and detects any irregular spend, based on industry standards and your organization’s purchasing patterns. These anomalies are populated within a dashboard that administrators can review and then confirm if they are in fact irregular, or if they are normal within the course of business. This dashboard updates daily, so administrators will see purchases that have been flagged within the previous 24 hours. As administrators mark purchases as “Unusual” or “Normal”, Spend Anomaly Monitoring becomes more acclimated with your organization’s patterns and this feedback helps to improve the future accuracy of the tool. 

What does Spend Anomaly Monitoring consider “unusual spending”?

This tool evaluates spending through 4 main categories, including:

• Unusual category purchases: Unusual category purchases are flagged when items are purchased from categories that your organization rarely buys from based on purchase history, or would be considered atypical for your industry. The system also considers your business profile to exclude commonly purchased categories specific to your industry.
• Split purchases: Split purchase detection looks at multiple purchases made by the same user to the same address within 48 hours that exceed your organization’s existing spending thresholds.
• Abnormal Repurchases: Repurchase detection shows repurchases that are outside of regular purchasing patterns and it considers consumables versus non-consumables. Normal repurchases, like office supplies, are excluded from this list.
• Excessive Daily Spend: Identifies when a buyer's daily purchasing activity significantly exceeds their typical spending patterns based on their historical purchase behavior. It helps to detect unusual spikes in the buyer's purchasing that may require review.

How do I use Spend Anomaly Monitoring?

You must be a Business Prime Enterprise member to access this tool. Speak with our sales team to learn more and sign up.

Review your dashboard and click on individual anomalies to see additional details and why the system considers that order or set of orders as irregular spending. You can view additional details, including the buyer, order numbers, purchase date and time, and order amount.

Once you review these orders you can either mark the purchase as “Normal” or “Unusual” and add in comments to help other administrators understand your decision-making process. Administrators can then use this information to contact buyers around non-compliant purchasing or adjust account controls like spend limits and buying policies to avoid future rogue spend. 

How do I get started?

Spend Anomaly Monitoring is automatically available to Business Prime Enterprise customers through the HAQM Business Analytics Insights dashboard. Simply log in to your HAQM Business account, navigate to Business Analytics, and click on Spend Anomaly under the Insights tab.