Mining Your Own Business ~ Product Review: WizRule from Wizsoft, Inc.
For this edition of Technology Review, Bob Denker, President of Denker Consulting reviews a rule based tool from WizSoft called WizRule. -- Neal Fishman.
MINING YOUR OWN BUSINESS
Product Review: WizRule from Wizsoft, Inc.
By Bob Denker, CIA, CFE, CISA
WizRule is a PC data-auditing tool based on data mining technology. WizRule performs complex analysis of your data, revealing inconsistencies,
errors and cases that require further investigation. WizRule reveals all the if-then rules, mathematical formula rules, and spelling irregularities. The software reads the database once and then automatically separates cases deviating from the rules into data entry errors and suspicious errors. WizRule calculates the degree of deviation from the norm for each field in each record in the database with respect to the discovered rules.
WizRule can be used in Auditing, fraud detection, data scrubbing and due diligence reviews. The ideal scenario is to use WizRule after running your data through Auditing analysis software such as ACL or IDEA. These programs are usually used in a structured fashion. That is, the auditor has devised a testing plan to apply against the data, such as stratification, classification, testing for duplicates, etc. However, the auditor may miss relationships that exist within the data because they do not appear to be meaningful or logical. An example that comes to mind is an audit of a dental claims system where Wizrule uncovered anomalies within the zip code field. WizRule revealed that the exceptions to the rule were that patients lived nearby the dentistís office. The rule was that patientís lived far away from the dentist. Further investigation revealed that the dentist was using a phony mailing address, so that he could avail himself of a higher rate schedule based upon the location of the dental providerís address.
A demo version of WizRule can be downloaded from WizSoft's website: www.wizsoft.com. Originally released in 1994, the current version of WizRule is Version 3.3. Version 4.0 is expected this summer.
The learning curve to get WizRule up and running is very small. Any user with familiarity with Microsoft Access or Microsoft Excel should have little trouble mastering this product. The opportunity for immediate payback is there because WizRule is relatively inexpensive. The cost per license is only $1,395. The yearly maintenance fee, which includes updates and technical support is only $279.
If the user is not sufficiently familiar with the data, WizRule can generate an almost limitless set of rules that can mask important findings.
In addition to telephone support, WizSoft, Inc. has an Internet site that is devoted to the exchange of ideas and FAQs. Wizsoft also holds quarterly user group meetings. Training classes conducted by Wizsoft are also available.
A user's guide for both the installation and operation of WizRule is included with the software.
WizSoft, Inc. develops, licenses and supports software products based on mathematical algorithms for the business sector, including data mining tools, accounting and inventory management, operations research, computational linguistics, and biometrics. WizSoft, Inc. is a wholly owned subsidiary of WizSoft, Ltd., which is headquarted in Tel-Aviv, Israel.
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You can visit WizSoft's website at www.wizsoft.com
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