The role of artificial intelligence (AI) and machine learning (ML) in the organisation has expanded significantly, with the changes taking place in the corporate travel and expense space being particularly notable.
AI is all about making computers think more like we do, and ML is a subset of AI which uses algorithms that ‘teach’ systems to process impossibly huge amounts of data.
Through this, ML-powered systems can streamline increasingly complex manual travel and expense processes to save corporates time and resources.
One of those key areas is AI’s ability to automate expense report creation.
ML solutions can be set up to generate automated reports based on various employee expense categories — and make quick work standardising and digitising receipts that aren’t using typical formats, currencies, or abbreviations.
Likewise, ML software is incredibly efficient at detecting and preventing fraud, as well as ensuring compliance with company policies.
By codifying best practices based on internal compliance rules and industry standards, ML solutions learn from transactions and streamline the approval of expenses that are in line with company policy — flagging only those that appear to clash.
