FOR IMMEDIATE RELEASE
Oversight Systems’ Continuous Transaction Monitoring:
An SAP-Endorsed Business Solution
Oversight Systems’ CTM Identifies Fraud, Reduces Costs and Improves Margins
ATLANTA – February 2, 2011 – Oversight Systems today announced that its Continuous Transaction Monitoring (CTM) software is now an SAP-endorsed business solution. Solutions endorsed by SAP AG (NYSE: SAP) are complementary to SAP® software offerings, are developed in accordance with SAP development guidelines, and provide additional choices and flexibility for businesses running SAP applications.
The CTM solution from Oversight automatically inspects 100 percent of financial transactions and streamlines the identification and resolution of specific policy violations and operational improvement opportunities. Oversight CTM monitors and identifies potential fraud, finds anomalies and errors in business processes, and improves margin and reduces costs.
"SAP customers can achieve a higher return on their investments by leveraging Oversight’s superior CTM analytics when used with SAP solutions,” said Patrick Taylor, CEO, Oversight Systems. "Continuous transaction monitoring quickly delivers measurable, hard dollar returns. SAP’s endorsement of Oversight’s CTM solution, along with the implementation of Oversight solutions by leading Global 1000 and U.S. Government agencies, affirms continuous transaction monitoring as an established best practice.”
Oversight Systems’ CTM is an essential tool for leading enterprises to monitor core processes such as procure-to-pay, order-to-cash, human resources and general ledger. The Oversight solution is also used by finance, accounting, sales operations, business operations, internal audit and controls groups to identify and improve price and margin opportunities as well as cost savings in large spend categories.
Customers such as W.W. Grainger, Inc., and Celanese are currently benefiting from implementing Oversight CTM together with SAP solutions. "We implemented the CTM software from Oversight Systems to provide visibility and cost reductions into the high-cost area of freight payables,” said Donna Wegner, chief audit executive at Celanese. "The software has been so effective that we are sponsoring a global roll-out of Oversight’s CTM across all major transaction processes within our operations.”
As part of the agreement between Oversight and SAP, both companies will share technology and product roadmaps. "Oversight’s CTM complements the SAP family of business analytics and will provide our customers new operational benefits that impact revenue, expenses, margin and residual risk,” said Sanjay Poonen, president, Global Solutions and Go-to-Market. "The SAP ecosystem is critical to our success, and driving co-innovation with partners like Oversight Systems is what enables SAP to deliver a breadth of business intelligence that is unprecedented in the industry.”
About Oversight Systems
Oversight Systems identifies fraud, misuse and errors in business transactions and master data files for some of the world’s largest companies and institutions. Its Continuous Transaction Monitoring software is capable of processing and comparing data across multiple, often disparate systems. Oversight harnesses powerful analytics that excel at finding problems and offers an investigator’s workbench for fixing problems. This process drives users to efficiently correct exceptions and provides management with actionable information for continuous financial and operational improvement.
# # #
Oversight Systems and the Oversight Systems logo are trademarks of Oversight Systems, Inc. SAP and all SAP logos are trademarks or registered trademarks of SAP AG in Germany and in several other countries. All other product and service names mentioned herein are the trademarks of their respective owners.
For more information, please contact:
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate,” "believe,” "estimate,” "expect,” "forecast,” "intend,” "may,” "plan,” "project,” "predict,” "should” and "will” and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.