The Revolutionary Advancement in Financial Technology Simplifies Your Daily Tasks
In the realm of modern expense management, Marne Martin, CEO of Emburse, and her innovative team have revolutionized the landscape with their sophisticated travel and expense (T&E) solutions. Traditionally, expense software has been geared towards preventing overspending, enforcing compliance, and storing necessary data for regulatory, accounting, and tax reasons. However, many conventionally designed systems can turn daily tasks into a daunting challenge for employees and finance departments alike.
Painful reimbursement processes, laborious manual data entry, and conflicting interfaces tend to breed frustration, ultimately affecting employee satisfaction and proper usage of company funds. To address these issues, expense management providers must rethink their tech strategies, focusing on leveraging existing tools instead of inventing flashy features.
The Power of Optical Character Recognition (OCR)
Emburse
OCR, a technology that's been around for decades, has the potential to alleviate employees' biggest pain points, such as manual data entry. By harnessing OCR's capabilities, users can now simply snap a photo of their receipt, and expense tools automatically transcribe and fill in relevant financial, policy, and user details to the report.
Hyperautomation: Embrace the Future of Expense Management
Automation isn't exactly a novel concept, but utilize it effectively, and expense management can enter a whole new era of ease and efficiency. Hyperautomation combines AI, machine learning, business process automation, and robotic process automation to execute routine tasks without human intervention. Hyperautomation-powered expense platforms could seamlessly automate financial processes using travel and expense data, leading to a completely touchless and painless expense report management process.
Chatbots: Smarter, Faster Employee Communication
contribute to fraud. If you’ve ever procrastinated your expense reports and found yourself knee-deep in bureaucracy, confusing interfaces, manual data entry and misplaced receipts, you know frustrating systems don’t breed goodwill and correct usage.
One major annoyance employees have with expense reports is the back-and-forth follow-up emails that occur. Implementing conversational AI can drastically improve this situation by proactively requesting missing details or answering employees' questions about reimbursement status or policy concerns. This brings ease to the employee and relief to the finance department, as basic outbound and inbound queries are handled automatically.
Innovative tools like conversational AI have already significantly impacted customer support and can similarly transform enterprise finance, bridging the gap between people and technology.
hyperautomation, the strategy of combining AI, machine learning (ML), business process automation (BPA) and robotic process automation (RPA) to execute routine tasks such as invoice processing without human intervention. Expense systems that automatically extract data from invoices, match them to purchase orders and spot discrepancies allow companies to take advantage of hyperautomation.
Predictive AI: Preventing Policy Violations before They Happen
Predictive AI is another valuable tool that can benefit expense management by identifying patterns and forecasting events. By proactively flagging potential expense policy violations before submission, predictive AI models can suggest corrections, ensuring employees are less likely to be caught off guard by unforeseen issues.
effectively conversational AI can handle customer service inquiries. Is the employee asking why an expense request was denied so different from the retail customer reporting issues with an order? Using conversational AI in customer service isn’t groundbreaking, but applying it thoughtfully in enterprise finance just might be.
Technological Integration: Make Smart Choices
Although new technology had the potential to significantly streamline expense management, providers must be cautious not to succumb to the temptation of constant feature creation. Instead, technology adoption should follow user needs, with a clear focus on improving efficiency and user experience.
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Providers should establish AI and automation governance policies to minimize data privacy risks, mitigate bias in AI models, and remain compliant with regulations. By doing so, expense software can be designed for seamless integration with ERPs, banks, and card providers, ultimately resulting in low-cost solutions that maintain high performance.
Embrace Change, Embrace Efficiency
The goal should be to make expense reporting effortless, and as an industry, we've come a long way from the earliest expense management platforms. With data and artificial intelligence at our fingertips, we now have the means to achieve a truly frictionless expense reporting experience, making it easier than ever before to adhere to regulatory, financial, and accounting requirements.
Marne Martin and her team at Emburse have integrated a preloadresourcesendpoint into their platform to improve efficiency, allowing data to be preloaded and processed faster. Martin, the CEO, also emphasizes the importance of using existing technologies like OCR in their solutions to enhance the user experience. During a chatbot implementation, the team noticed a significant decrease in follow-up emails regarding expense reports and reimbursement status, demonstrating the tool's effectiveness in handling routine queries.
