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Predictive Analytics Helps State Governments Solve Revenue Problems

TauntingFraudsterIs some taunting fraudster running off with your organization’s money? You don’t have to put up with it. Just ask the State of South Carolina., a website which covers state and local government issues, reported some impressive results after a South Carolina county began using predictive modeling to target fraud.

The Greenville County assessor’s office recently began leveraging public records and advanced linking technologies to detect erroneous and potentially fraudulent filings in its legal residence programs. As a result, the county has discovered nearly $3 million in new revenue–and has already collected more than $1 million.

Lexis Nexus identified applications in Greenville County’s legal residence exemption program were potentially erroneous, using big data analysis to find questionable filings.

Whether it’s a state government or a private company, there is no organization that is not prone to instances of costly fraud. However, fraudulent transactions often share certain characteristics. Data analytics can use these characteristics to pinpoint problems, giving you the power to put a stop to them.

This all means that your organization, like South Carolina’s Greenville County, could use the data that you have already been storing to help you stop up the places that are bleeding money in your business.

It all starts with a good predictive analysis technique. Training can make all the difference. Take the time to visit The Modeling Agency’s free webinar to find out how data analysis can help your business. Then follow up with one of TMA’s training courses. How much money will you put back into your pocket?

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