Behavioral Data Analysis is changing the VAT business world on a wide scale. Leading businesses use this data as a catalyst to decisions they make – from brand strategy to marketing campaigns. They use it to tailor customer experiences, which consumers have now come to expect. Behavioral data analysis can also improve VAT fraud detection, which improves compliance scores, bringing ideal VAT returns.
What is Behavioral Data?
First, what is behavioral data? Behavioral data is information data generated in response to a customer’s interactions with a business through their websites, mobile apps, call centers or help desks, and automated marketing systems. Data collected includes page views, email sign-ups, and other important user actions. Behavioral data analysis is a recent advancement in business analytics that provides insights into human behavior.
How is Behavioral Data Analysis used in the VAT World
Behavioral data analysis is most often used in consumer applications, such as for marketing and sales purposes, or healthcare applications, such as for predictions about patient deterioration. However, it is now increasingly being applied to the VAT domain, by strengthening fraud detection, which improves compliance and increased VAT returns.
Fraud detection: By creating algorithms for the detection and prevention of anomalies in financial processes and user behavior, expert data scientists have reduced the chances of VAT fraud. They do this by designing algorithms that trigger alerts, for example for a suspicious employee’s T&E transactions. Some algorithms are created to identify patterns in invoice data, which might indicate VAT fraud.
Compliance: Governmental regulations in the VAT business world change frequently. This creates a need for AI tools to be updated often to ensure all financial data is within compliance. Over time, using behavioral data, algorithms can be trained to update rules based on new regulations. These new rules are able to identify invoices that are not in compliance, for example, those with incomplete information.
VAT Refunds: Algorithms of specially-designed machines give a real-time analysis of behavioral trends and data anomalies. This information allows business enterprises to more accurately calculate and meet VAT refund recovery goals with more accuracy and increased VAT refund amounts.
Why use VATBox for behavioral data analysis?
VATBox is the most recognized leader in the foreign VAT recovery domain. They have invested massive resources and done extensive research on tax and data integrity. In addition, Dr. Yury Gubman, a renowned data science expert, recently joined VATBox’s leadership team in pursuit of continued technological growth and focus on AI-driven analysis.
With VATBox’s blended human and automated approach to information processing, our multi-scale features and AI strength enable enterprises to come closer than ever to predictive expense optimization, strengthen financial compliance, and build a stronger bottom line.
VATBox is an innovative technology company, enterprise-wide, cloud-based VAT recovery solution that has successfully streamlined the global VAT recovery process. Sophisticated AI and computer vision tools provide VATBox customers with 360-degree VAT visibility insights, optimal VAT returns with an unprecedented 99.8% on average VAT recovery. Deep learning algorithms help companies achieve the highest levels of compliance – 99% on average – and easily detect incidents of fraud within its T&E expenditures.
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