Trending right now in the world of travel and expense management is the ability to leverage the
capabilities of artificial intelligence & natural language processing. Expense reports are created by fully
comprehending employee’s spend through transactional data and itineraries.
The introduction of artificial intelligence in the world of expense reporting leads to the banishment of paper receipts. This hereby leads to an automated process of recognizing suspicious spend. This trumps having employers sift through hoards of receipts.
About 80% of the effort that goes into expense reporting is taken care of by Artificial Intelligence.
The parts that cannot avoid human involvement are taken care of through natural language processing. This includes accommodation, eating out, bookings etc. Artificial intelligence also makes it possible to assure compliance, sticking to company policies regulations and following rules that hold up the integral accuracy of every expense report.
Future of Travel & Expense Management
As artificial intelligence takes over travel and expense management in businesses, it will replicate
human methodology in various situations. Whenever there is a requirement for input, algorithms come to the rescue by prompting the user. Ultimately, even the most consuming task that involves the submission of travel expense reports will end up being automated. There is a possibility of artificial intelligence transporting the system to such an advanced stage that human intervention is not required at all. Be it monitoring, overseeing, or changing work depending on requirements.
This is the era of self-driving software. The explosion of artificial intelligence will in the near future be a
part of every business arena, automating each process intellectually.
The transformational intensity with the incorporation of artificial intelligence is irreplaceable. It
eradicates the necessity for human reasoning or manual work. In the world of travel expense
management, the impact is monumental. AI is completely altering the role of travel managers. Company
booking tools are better equipped leveraging previous travels to produce search suggestions.
Smartphone apps allow employees to take pictures of their receipts thereby automatically categorizing them into an expense report that is ready for submission. Manually this process could sometimes take weeks, also keeping in mind the possibility of human error. Through AI, this process can be completed even before the traveler returns to the destination.
Travel and Expense managers are constantly spending valuable time trying to locate compliance issues. It is nearly impossible to manually review each and every transaction. Only about 25% is actually gone through to pinpoint fraud, waste, and misuse. With the application of Artificial intelligence, this can be done to a point of perfection as the technology systematically combs through every transactional detail. This leaves no room for human error.
Intelligent receipt tracking, automated expense reports, quick reimbursements and real-time visibility to
expenditure is the future of travel and expense management.