revX Analytics enables agencies to make more-informed decisions to enhance revenue management, improve tax compliance, identify fraud, and optimize resources.
Pembroke, MA, June 28 – Revenue Solutions, Inc. (RSI), a leading provider of advanced SaaS solutions for government revenue management and control, is revolutionizing tax compliance through its cutting-edge AI technology. By leveraging the power of analytics and machine learning, RSI’s flagship product, revX, empowers governments to streamline workflows, make data-driven decisions with unprecedented efficiency, and enhance revenue management.
The core principle embedded in revX Analytics is the goal of making data-driven decisions. By offering an extensive range of business rules and functions, RSI enables governments to optimize resources, saving time and money. revX Analytics automates decisions where possible, while also identifying instances where staff input and involvement is crucial. Key areas of focus for revX Analytics to support government decision-making include: Discovery, Compliance, Fraud Detection, Collections Prioritization and Optimization, and Audit Selection.
Compliance and Fraud Detection – revX Analytics modernizes fraud detection by implementing machine learning methods and model predictions. The solution effectively scores risk and applies rules and conditions to identify potentially fraudulent activity during returns processing. Returns flagged as suspicious are subject to expert review before issuing refunds. This efficient approach helps reduce the workload of refund reviews, improves fraud identification accuracy, and ensures a higher level of scrutiny for fraudulent claims. By leveraging AI technology, governments can significantly enhance their compliance review processes and identity verification protocols, resulting in a more secure and efficient revenue management system.
In a real-life scenario, a large State Department of Labor (DOL) benefited from RSI’s analytics. Prior to RSI, the DOL identified fraud through manual processes, which became increasingly challenging due to the surge in claims during the pandemic. With the onset of the crisis, the volume of incoming claims skyrocketed from around 3,000 per week to approximately 90,000 per week, putting significant strain on the department’s resources. At the same time, cases of potentially fraudulent identity increased from about 9 per week to a staggering 4,500 per week. Manual case investigation was no longer feasible for the department’s staff, who had to handle a 50,000% increase in workload.
With RSI as their trusted analytics partner, the DOL and RSI developed a phased approach to address the overwhelming increase in claims volume. Through automation, data aggregation, and advanced analytics, RSI enabled the DOL to process and identify fraudulent claims more efficiently improving fraud identification accuracy from 50% to nearly 92%. This prevented over 130,000 imposter claims and saved billions of dollars, while ensuring valid claims were promptly processed and staff had more time to investigate problematic cases.
Collections – With its advanced collections prioritization feature, revX Analytics assists governments in optimizing their delinquent account collections. By analyzing data from various sources, such as previous payment history, account aging, and risk scoring algorithms, the platform enables governments to identify and prioritize accounts that require immediate attention. This intelligent system ensures that collection efforts are focused on high-risk accounts, maximizing the chances of successful recovery while minimizing the resources spent on low-priority cases. With revX Analytics, governments can streamline their collections process, increase efficiency, and recover outstanding revenue more effectively.
Audit – Empowering governments with comprehensive discovery and audit selection capabilities, revX Analytics leverages sophisticated risk-score algorithms and advanced tools. This includes the use of AI/ML to ask questions of your data in natural language in order to quickly discover and select audit candidates. revX Analytics offers an extensive audit framework that enables governments to identify cases of low risk, medium risk, and high risk with precision. By analyzing a wide range of data points, including historical patterns, anomalies, and compliance indicators, revX Analytics provides optimal courses of action for audit selection. The intuitive drag-and-drop reporting framework simplifies the process, facilitating a seamless user experience and expediting audit results. Governments can leverage the power of AI to enhance their audit processes, ensure compliance, and uncover potential revenue leakages more efficiently.
RSI’s commitment to innovation is exemplified through its powerful analytics tools and capabilities. revX’s AI-powered technology is revolutionizing fraud detection, optimizing workflows, and enabling data-driven decisions. The revX Platform empowers governments to effectively identify the level of risk and supply optimal courses of action, ensuring informed and strategic decision-making. As a result, governments can enhance revenue management, ensure compliance, and unlock new levels of efficiency and effectiveness.
About Revenue Solutions
Founded in 1996, Revenue Solutions, Inc.™ is the trusted, collaborative partner leading governments to innovation with the only cloud-native packaged software solution, revX™. Offered as Software as a Service (SaaS), revX™ is the preferred platform for government revenue processing. We empower public agencies and offices with solutions that improve citizen services, increase operational efficiency, collect additional revenue, and maximize compliance. For over 25 years, RSI™ has delivered transformative technology solutions across hundreds of client projects throughout the United States and Canada.