AppZen enhances AI finance platform
AppZen has released its enhanced AppZen Platform, using artificial intelligence to automate audits and other financial processes.
With the AppZen Platform, users can automatically compare vendor invoices with shipping documents such as bills of lading to compare the shipper, consignee, carrier, load number and quantities to make sure the invoice is accurate. The software can also be used to read credit card statements to identify expensed items and confirm they fit in with company policy. The AI technology can also extract data from contract documents and compare it with financial statements.
“We’re auditing not just expense reports but also the invoices submitted by suppliers,” said AppZen CEO Anant Kale (pictured). “We can also now audit supplier invoices that come through a portal or email. AppZen is able to read that electronic invoice and the line items, catch duplicate billing by vendors, and turn around and send it to accounts payable.”
In a recent report, “Bots, algorithms, and the future of the finance function,” McKinsey & Company found that approximately "a third of the opportunity in finance can be captured using basic task-automation technologies such as RPA,” and that, “capturing the remainder of the opportunity requires advanced cognitive-automation technologies, like machine-learning algorithms and natural-language tools.” The consulting firm also found that current technologies can automate 42 percent of finance activities.
The AppZen Platform helps finance teams increase this percentage by automating more complex manual processes.