Finance, Procurement, and line of business can control and optimize T&E spend with peace of mind, flexibility, minus the risk of fraud and abuse
Suplari, the first AI-powered enterprise financial insights system, today launched a new set of Insights Applications to help finance, procurement and line of business to manage and optimize their Travel & Expenses (T&E) programs. Companies can now monitor T&E spend, reduce costs and improve employee compliance.
Insights to automatically detect excessive expenses, non-compliance, fraud
Insights Applications play a core and differentiating role in the Suplari system. These Insights are always-on, AI-powered applications automatically monitoring enterprise data, and proactively detecting opportunities to optimize spend, risk and compliance – across all suppliers, categories, business units, spend amounts and optimization tactics. Suplari already has Insights packs for purchasing process compliance, spend and contract renewal management, as well as a program to develop Custom Insights, specific to each business.
The new Insights Applications in the T&E Insights Pack are programmed to detect situations of excessive or suspect expenses, non-compliance to preferred suppliers, out of policy purchases, rogue employees, and other scenarios. The system also gives the ability to connect T&E data with other data sets like accounts payable, contracts and even bookings data from the travel agencies.
Letting the business move with agility and flexibility, with responsible oversight of costs and compliance
Companies have large amounts of spend dollars flowing through Travel & Expenses (T&E). Left unchecked, T&E programs can invite managerial concerns, and even actual cases of fraud or non-compliance. Some companies even rationalize “the leakage amount is not worth the effort to track it,” given their manual, labor-intensive, spreadsheet bound methods. Suplari solves that, using the power of AI algorithms and making it effortlessly viable to track and alert T&E issues. Suplari runs Insights Applications to persistently monitor spend data and proactively detect possible savings, risks and non-compliant activity outside company policies and parameters.
“Managing T&E programs come in different shades, with every company having their own process, oversight, and level of trust in employees,” said Brian White, Chief Product Officer and Co-founder of Suplari. “We are helping organizations build a culture of trust and professionalism around consuming a company’s resources. We’ve built the new T&E Insight Applications so that spot checking expense reports becomes a thing of the past. Suplari T&E Insight Applications identify issues and point approving managers and stakeholders to unusual activity so the company can easily identify fraud and abuse and reduce T&E over spending.”
“We’ve expanded our use of Suplari, adding the new T&E Insights Applications. Travel is an important category to monitor on an ongoing basis.” – Joe Patchett, Director of Global Procurement at GIA.
These are some of Insights Applications in the T&E Insights Pack. Their algorithms help detect:
- Airline demand aggregation, revealing opportunities to select and/or enforce preferred suppliers
- Suspicious mileage expenses and per diem meals violations
- Excessive hotel expenses and airline tickets charges, highlighting high or out-of-policy prices
- Ground transportation excessive rides and weekend riders
- High-cost rides with limos, taxis and rideshare
“We implement these T&E Insights, configuring each one to the customer’s policies, parameters and thresholds,” completed Brian White. “We are also working with customers to create Custom Insights Applications. For example, one customer needed better visibility and monitoring of their Uber for Business spend. We’ve built Custom Insights to help them detect out-of-policy rides, distances, tips, travel times – all to help them reduce costs and enforce ground transportation policies.”
A number of other customers have found opportunities to reduce T&E costs. One prominent example includes a customer which used the Insights Applications to monitor and redefine policies for ground transportation, leading to savings of approximately $300,000 on $1.98 million in annual spend.
Travel ranked as the most scrutinized spend category in times of economic need
The new Insights Applications to optimize T&E come in good time. In our recent study “Plans & Tactics to Recession-Proof the Enterprise”, procurement & finance professionals ranked Travel as the spend category getting most scrutinized to find quick savings, especially in times of an eventual economic downturn.
The new Insights Applications in the T&E Insights Packs is now available for purchase. To learn more, see a demo and request a complimentary consultation, visit https://www.suplari.com/solution/travel-and-expense-insights/
Suplari provides an AI-powered Enterprise Insights System, indispensable to finance and procurement. The system makes financial sense of enterprise spend, supplier and contracts data, so they gain control and optimize margins, cost, risk and ROI. CFOs, COOs, CPOs and business leaders alike rely on Suplari to gain better spend visibility and operational agility in order to optimize costs, assure compliance and reduce both risk and fraud. People using Suplari are delighted with their modern and fluid user experience, advanced analytics, and AI-assisted insights algorithms to track budgets, consolidate vendors, aggregate demand, negotiate contracts and manage supplier performance. Customers from large Fortune 500 to mid-size enterprises have worked with our dedicated success team to get up and running quickly – from connecting their fragmented data to capturing cost savings. With Suplari, category managers, buyers, auditors, controllers, financial analysts and anyone with budget responsibility become catalysts of value creation in the spend-accountable enterprise. Learn more about Suplari at www.suplari.com.