Oversight Systems Joins Leading Tech Companies to Demonstrate How the DATA Act Combined with the Right Technology Would Enhance Fraud Detection, Government Management and Transparency
ATLANTA, May 15, 2013 /PRNewswire-USNewswire/ -- Oversight Systems will demonstrate its operational analysis software platform which helps businesses and government agencies evolve from exploring big data to quickly generating and delivering operational insights for greater business success, at the DATA (Digital Accountability and Transparency Act) Demonstration Day Hosted by the House Committee on Oversight and Government Reform on May 16, 2013 in Washington D.C.
This marks the second annual DATA Demonstration Day, designed to provide Members of Congress, Congressional staff and the public an opportunity to learn how data technologies could help the U.S. federal government cut waste, streamline reporting processes, and improve public accountability if federal spending data were fully standardized and published, as would be required by the proposed DATA Act. The DATA Act, originally introduced in 2011, is expected to be re-introduced in both houses of Congress.
Across industry and government, Oversight analyzes over $1.75 trillion of transactions to deliver insights that recover revenue and deliver stronger compliance for customers worldwide. The Defense Finance and Accounting Service (DFAS), the U.S. Navy, the U.S. Department of Education and the U.S. Bureau of the Census all rely on Oversight's platform to prevent over $2 billion in annual improper payments and ensure the accurate reconciliation of expenditures.
"We are looking forward to participating in DATA Demonstration Day and sharing with attendees how Oversight's data analysis software solutions help government agencies uncover waste and fraud and improve accountability in the most problematic areas of federal improper payments," said Christopher Rossie, executive vice president of corporate development and public sector for Oversight Systems. "The greatest challenge to monitoring government data today revolves around access to high quality data, in a format that can drive action. Our platform, combined with consistent data formats mandated by the DATA Act, would make even greater strides toward fraud, waste and misuse detection and transparency."
"This event is a great opportunity to bring attention to the need for data reform in federal spending by having key players in the tech industry come to Capitol Hill and present live demonstrations of products that will save taxpayers' money, eliminate wasteful processes and deliver accountability once the DATA Act is passed, signed and enforced," said Hudson Hollister, executive director of the Data Transparency Coalition. "Oversight Systems, with direct experience in helping government agencies acquire, analyze and act on data, knows that the primary barriers to data-driven oversight are in data access and aggregation - and can demonstrate how the data standards imposed by the DATA Act would remove those barriers."
About the Oversight Systems
An innovative data analysis software company, Oversight Systems acts as a virtual data analyst, transforming big data into targeted, actionable insights for enterprises and government agencies. The Oversight Operational Analysis Platform acquires data from multiple sources, including ERP systems and external and unstructured data, and precisely applies predictive analytics and transaction monitoring via evidential reasoning analysis to deliver insights and drive action at the front lines for better decisions. Based on its platform, Oversight provides operational analysis point solutions designed to target specific areas of risk and opportunity, including corruption, fraud, payment/billing errors, customer retention and revenue management. Oversight's platform is newly available for consultants and other third parties to develop and deploy their own expertise. An SAP and Oracle partner, Oversight customers include leading Fortune Global 500 companies and government agencies. Visit www.OversightSystems.com for more information or the Oversight Blog.
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