Compliance and recovery solutions provider Profectus Group claimed it has unlocked faster insights and analysis leveraging Snowflake’s data platform.
Profectus says a query that could take up to a week now takes minutes up to 50 times faster.
By automating the process of cross-referencing complex contracts against customer data sets, Profectus helps customers identify payment irregularities or errors, and claim back underpayments or overcharges.
The company began using Snowflake’s AI Data Cloud in 2019 and found that it could run queries of its own data faster than before.
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“Our analysts now get their results faster, which means we can identify errors and recover funds quicker for clients. Profectus Group’s own data estimates that one in every five supplier contracts has transactional errors occurring during the course of day-to-day trade. In FY23, the company identified more than $72 million in missed income across its Australian and New Zealand client base,” claims Profectus chief information officer Abhinov Gulati.
More recently, the company placed its bet on Snowflake, shifting all client data required for operational and audit purposes into the data clout.
Profectus streamlined its data governance and speed up all queries of its data, achieved failover between cloud environments, and used and developed cloud-native applications.
It is also now trialing Streamlit—a framework built to simplify and accelerate the creation of data applications within Snowflake—to develop applications for its internal teams, while also testing some of the readily-available applications already available via Snowflake’s platform.
“Choosing Snowflake enabled us to create a data foundation that can allow us to undertake any analytics work now and in the future, including potentially exploring AI solutions in the future,” says Gulati.
“Streamlit helped us create an interactive dashboard which allows analysts to retrieve email data validation reports and easily confirm whether data is complete and of high quality.”
“Profectus relies on vast streams of disparate data to understand the pain points of their customers, and the faster it can query it the better,” says Snowflake regional vice president ANZ Theo Hourmouzis.
“What they’ve been able to do since adopting Snowflake is not only speed up their already-superb service delivery to clients, but they’ve solidified their data strategy and pushed themselves to the forefront of innovation.”