The COVID-19 pandemic has brought about significant changes in employee spend and expense behavior. As workers transitioned from the office to working from home, uncertainty about what was an allowable expense led to accidental policy violations for many companies. In fact, we see in data from SAP Concur solutions that the proportion of expenses categorized as “other” increased by 58% from 2019 to 2020. The pandemic has undoubtedly heightened the business need around enhanced audit capability.
SAP has a rich history of developing technologies that address the needs of the biggest companies in the world, all the way down to very small businesses. Verify, a new SAP Concur offering, discovers potential spend issues for customers of all sizes. Planned to launch in the third quarter of 2021, Verify can evaluate 100% of a company’s expense reports and identify anomalies, allowing company auditors to focus only on potential problems, increase efficiency, and take steps to correct out-of-policy behaviors.
Verify is based on analysis of more than US$1 trillion in spend and tens of millions of expenses and receipts in SAP Concur solutions. This service, a native-user experience, is embedded within the Concur Expense solution that auditors already use to streamline and simplify the expense management process. Verify uses artificial intelligence and machine learning from SAP to tap decades of expense data and experience tracking and to identify hard-to-detect spend issues and anomalies.
The travel-and-expense machine learning components used for Verify have been pressure tested, running in parallel with our Intelligent Audit service for more than a year. As a result, customers can hit the ground running with already fine-tuned models.
Having a quick and clear view into your company’s financial position has never been more important. Verify offers users a pathway to enhanced visibility by leveraging a large proprietary SAP Concur data set and advanced artificial intelligence to streamline the review of expenses. Intelligent expense auditing tools like Verify have massive potential to provide customers a way to modernize their expense management processes.
Kevin Permenter, Research Manager, IDC