- September 18, 2024
Revolutionising spend management: How AI-driven automation is redefining expense control for CFOs
In today’s business world, CFOs must embrace AI-driven automation for effective expense management, enhancing compliance and operational efficiency.
In today’s business landscape, managing expenses has become an intricate part of maintaining financial health. CFOs are now recognising that traditional, manual expense processes are not just cumbersome, but they also leave room for costly mistakes and non-compliance issues. Ruchika Kohli, Presales Senior Specialist from SAP Concur India, during a presentation, vividly illustrated these challenges and how AI-driven automation transformed the way finance leaders approached spend management. The insights she shared underscored the urgent need for companies to embrace new technologies to streamline processes, reduce errors, and provide real-time visibility into expenditures.
The expense management problem is more common than you think
“Every time I speak to prospects, the reaction I get is: ‘That’s me. That’s exactly what I deal with every day,’” Ruchika stated. The problem of managing travel and expense reports resonates deeply with CFOs and finance teams alike. Traditional processes are fraught with inefficiencies, from manually checking receipts to identifying non-compliant expenses. For many, the issue isn’t travelling itself; it’s the laborious process of submitting the expenses afterward. As Ruchika pointed out, “Travel is not my pain area. Submitting the expense report is.”
This fundamental issue is something that SAP Concur is addressing head-on with its automation solutions. By harnessing AI, SAP Concur takes the burden off employees and finance teams, automating much of the expense management process, reducing human error, and increasing efficiency.
Transforming expense reports
SAP Concur’s use of AI, which has been in place since 2013, allows businesses to automate a range of tasks that were once manual. Take, for example, the process of submitting receipts. As Ruchika explained, whether a hard copy or digital, SAP Concur’s system scans the receipt, extracts key information, and even cross-references it with past submissions to avoid duplicates. This saves valuable time and effort, ensuring that the expense report, quite literally, writes itself.
Such advanced capabilities are more than a convenience—they are a necessity in today’s fast-paced business environment, where every second spent on manual processes is time taken away from more strategic tasks.
Reducing non-compliance and hidden costs
One of the biggest challenges for CFOs is controlling non-compliant expenses. As Ruchika noted, finance leaders don’t want to be left footing the bill for personal expenses mistakenly—or intentionally—added to business claims. With SAP Concur, the system flags any items that fall outside of policy, such as alcohol or spa services, helping businesses maintain compliance and control spending. “We offer real-time analytics on travel and expenses, allowing CFOs to take action before reimbursements are made,” Ruchika said.
Bringing efficiency to vendor payments through invoice automation
In addition to travel and expense management, SAP Concur’s AI-driven platform also streamlines the invoice process. Vendors can send invoices through a variety of channels—email, Dropbox, or even WhatsApp—and SAP Concur automatically scans and captures the necessary data. By removing the need for manual data entry, this solution reduces the workload for accounts payable teams and speeds up the invoice approval process.
Notably, SAP Concur’s system also integrates seamlessly with existing ERPs, offering flexibility for businesses at various stages of their digital transformation journey. The result? Fewer errors, faster payments, and increased efficiency.
A partner in strategic decision-making
Beyond day-to-day operational benefits, SAP Concur solutions provide CFOs with invaluable insights into company spending. By generating over 100 standard reports, SAP Concur offers real-time visibility into where money is being spent, helping CFOs identify areas for cost-saving opportunities. Whether it’s optimising travel policies or renegotiating contracts with partners like Uber and Ola, SAP Concur equips finance leaders with the data they need to make informed, strategic decisions.
The future of spend management: AI at the helm
As Ruchika succinctly put it, “AI is the new buzzword, but we’ve been doing this since 2013.” As companies continue to explore the potential of AI, it’s clear that platforms like SAP Concur are leading the charge, turning complex processes into seamless, automated workflows. For CFOs looking to reduce operational costs and increase compliance, embracing AI-driven spend management tools is no longer optional—it’s essential.
As businesses look ahead to 2025, spend management will remain a critical focus for CFOs. SAP Concur solutions not only offer immediate improvements but also pave the way for long-term financial health, providing the tools needed to navigate an increasingly complex business environment.