AppZen delivers the world’s leading AI platform for modern finance teams. Starting with business spend, we automate manual process, uncover problems, and optimize decision making for enterprises around the globe, including one-fourth of the Fortune 500. Our platform combines patented deep learning, computer vision, and semantic analysis with intelligence from thousands of online data sources to understand financial transactions in business context and make decisions before those transactions happen. AppZen is a must have for CFOs and their teams to reduce spend, comply with policy, and streamline process.
Since we released our platform in 2016, over 1,000 enterprises have standardized on AppZen, including three of the top ten banks, four of the top ten media companies, three of the top ten pharmaceutical manufacturers, two of the top five aerospace companies, and five of the top ten software providers.
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For enterprises, expense reporting is a significant time sink. Nearly 43 percent of businesses manually check each expense to ensure it aligns with corporate policies. It’s not just lost, late, and erroneous receipts as companies report fraud costs estimated at $2.8 billion per year.
The current status quo is expense report auditors sample 2 to 3 percent of reports submitted. The idea for AppZen is to surface information that’ll lead to “proactive” and “impactful” conversations with repeat offenders and to flag under-the-radar expenses, like spa treatments and gentleman’s clubs, that might otherwise slip through the cracks. Their artificial intelligence platform emulates human intelligence and reasoning, but does so at a scale far more productive and effective than a large team of auditors.