How Automation Drives Enterprise Expense Management

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How Automation Drives Enterprise Expense Management

CFO Tech Outlook | Friday, October 16, 2020

Enterprises are increasingly turning towards technologies such as AI and automation to excel in expense management

FREMONT, CA: The finance industry is increasingly moving towards technology. The world has just risen from the global crisis in almost all the respect, be it business, economy, finance, food, and even livelihood. This crucial situation, which has been brought about by the outbreak of the novel COVID virus, is causing the enterprises from all the domains to rethink money management and make it better and smarter. The finance teams from most of the forward-looking enterprises are today looking to incorporate the efficacy of automation and artificial intelligence (AI). With high tech strategies, companies can carry out the process of expense management in a more dynamic and proactive manner.

Top 10 Business Expense Management Solutions Companies - 2019The technology of AI has been proving to the world its capability in forecasting threats, assessing fraudulent money activities, detecting money laundering, and also tackling and closing the malicious outlets, which can increase the overall expense of the company. In order to realize all these potentialities of AI, engineers and tech experts in the realm of finance are continuously integrating the existing enterprise expense management systems with the features of AI and automation as well. Expense theft has been among the most significantly occurring challenges that are to be faced by the finance teams.

The legacy finance management protocols are mostly manual, and they could, in turn, result in a chaotic money and bill processing environment. When employees submit expenses and their records manually, the scope for errors and fraud would be wide. In addition to this, identifying suspicious activities that would result in huge expense losses for the firms would also be challenging. This is where the power of automation serves as the right setting to pronounce accuracy, ease, and intelligence. Automation can detect duplicate entries and eliminate redundant payments and carry out invoice processing without the need for the intervention of the human workforce.

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