DATABASICS does the heavy lifting involved in what was once a manual process. Today’s expense technology uses artificial intelligence (AI) to read and collect data. The result is predictions that reduce the strain on travelers and employees.
If, for example, a traveler typically files expenses from a particular vendor, the system learns the vendor type and automatically inputs that information when it recognizes the same vendor next time. This might seem inconsequential, but it reduces the amount of time that travelers spend on their expense reports. AI combined with the data from receipts read via OCR (optical character recognition) reduces the traveler’s workload.
AI becomes particularly useful when it comes to auditing. The automated system can recognize patterns and detect variation from those patterns. This tech can also detect anomalies like expenses submitted at unusual hours or on unusual days. If a traveler usually submits during business hours but has recently submitted at 3 a.m., that can be flagged for review.
The goal is to let the system do as much work as possible to gather and analyze data. Then human approvers, managers, or auditors can spend their time on the flagged entries.
This means that humans are still very much needed, but they can spend their time and energy on fewer valuable tasks rather than more busy-work tasks.
Putting time and expense together makes our customers more efficient and more productive
Using AI in expense reporting takes the load off of employees at all levels. DATABASICS CTO Marcel Syriani foresees a future in which expense reports can almost do themselves.
In an increasingly insecure world, DATABASICS brings together AI-driven technology with the latest in security protocols to safely manage data. AI is not only helpful in reducing workload, but also in analyzing unusual activity that may show a security concern. The system employs GPS data to recognize where and how employees typically log in. If there is a deviation, the system can alert managers of suspicious activity.
These might seem like minutiae, but getting these details right is what counts in the long run. Utilizing the latest tools is part of what makes the DATABASICS offering stand out from the pack. Innovation is a necessity in today’s crowded marketplace. Its agility allows DATABASICS to innovate faster to lead the marketplace in what’s next.
According to Syriani, DATABASICS is already the leader in travel expense because it also provides a complementary timesheet solution to balance its expense solution. “Putting time and expense together makes our customers more efficient and more productive,” says Syriani. Combining time and expense can also serve as a motivational tool for getting employees to complete their administrative work on time. “With time and expense together, you can install a policy that says that reimbursements won’t go out unless timesheets have been submitted,” says Syriani. “That’s one way to get everyone motivated to get their work done.” With both time and expense data combined, the potential for fraud detection is even higher. “Imagine if you could detect fraud because your employees filed expenses against a particular project, but logged no time on that project,” remarks Syriani. “That’s the potential of time and expense combined.”