Most enterprises that don’t use artificial intelligence only audit up to 10% of their spending, while companies that do use AI are able to audit virtually all their invoices, contracts and expenses, according to a new report from AppZen. The tech firm says that AI is able to flag 8.7% of expenses as high risk, usually because of unauthorized expenses, errors in keyed-in amounts, and duplicate spend. AppZen chief executive Anant Kale said: “Manually reviewing and auditing vendor invoices and employee expense reports is a time-consuming and error-prone endeavour…AI can improve the audit processes by auditing 100% of spend in real time and before payment to uncover expense misuse, double-check invoices, find regulatory violations, discover fraud and duplicate, double payments, and most importantly, audit before you pay.”
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November 26, 2019
March 24, 2020