A study reports that companies using artificial intelligence (AI) audit virtually all their spending and find high-risk expenses and errors on invoices that are often missed with manual processes. The report also found that companies not using AI audit only 10% or less of their spending.
AppZen, a provider of AI technology for auditing company spending and travel expense reports, found in their study that AI is able to find high-risk expenses due to things like unauthorized expenses, errors in data entry and over-the-limit spending; and it can flag invoices as high risk when a price is too high, a discount wasn’t taken or the terms don’t match the contract.
Some of the “creative” expenses AppZen has seen employees submit for reimbursement are quite entertaining. Enjoy an interesting read.