Redefining Expense Management Using Artificial Intelligence
Leveraging the power of natural language processing and machine learning is the trend in automating the expense reporting process. The concept is to create expense reports by understanding employee spending based on synchronized calendars, itineraries, and credit card transactions.
Artificial intelligence works by flagging suspicious spend so that employers are not required to sort through a series of audits. And the power of analyzing receipts, travel bookings, transactions, and other documents makes it an effective method to figure out who, where, and why of every expense.
Artificial intelligence takes 80% of the pain out of expense reporting and most of the legwork can be automated. Not everything can be automatically done without human involvement, which is where natural language processing picks every nuance such as booking, rental, lunch, and so on that you define. Also, AI makes it easy to ensure compliance, and abide by the company’s policy, IRS rules, and a list of regulations that maintain the integrity of each expense report.
As artificial intelligence is likely to spread across the industry, it will take the place of humans in many instances. Algorithms can prompt the user whenever input is required. However, the more the system learns, the fewer the prompts are. Eventually, the most notorious and time-consuming task of submitting travel expense reports is done automatically. Computer intelligence may take the system to a fully automated stage wherein human intervention is not always required to monitor, change, and oversee the work as per the demands and requirements.
The time for self-driving software has arrived. The proliferation of AI will soon reach every business area wherein you can automate all the processes intellectually and work smarter.
