SUNNYVALE, Calif., Aug. 30, 2016 /PRNewswire/ -- AppZen, the first artificial intelligence (AI) solution for back office automation, today announced the integration of its expense report audit tool, which uses AI to automate expense report auditing, with Concur®, the leading provider of spend management solutions and services. Now available in the Concur App Center, AppZen provides Concur clients access to the platform solution without any IT integration.
AppZen's AI technology automatically reads each line item on every receipt, and, in real-time, cross-checks the information against thousands of external and social sources to determine the accuracy of expenses. The automated tool lowers expense processing costs up to 80 percent and identifies up to 10 times more financial risks.
"At AppZen, we're about saving enterprises time and money by automating back office functions with Artificial Intelligence," said Anant Kale, CEO of AppZen. "With this integration, Concur users can download the app and start using the tool immediately. With no IT integration required, clients can quickly start reducing expense processing costs and capturing significantly more fraud, allowing them to spend more time and resources on growing the business."
AppZen, which announced that it closed a $2.9 million seed round in late June and graduated from 500 Startups in the Spring of 2015, also seamlessly integrates with other expense reporting tools, and has amassed a number of prominent enterprise clients, including Hitachi, SunRun and Cantor Fitzgerald.
AppZen is now available in the Concur App Center. Offering apps with streamlined integration with Concur Travel, Expense and Invoice products, the Concur App Center delivers innovative functionality in key categories such as finance, regulatory compliance, enterprise identity, traveler productivity, travel management, and much more. For information, visit the Concur App Center.
AppZen, which is based in Sunnyvale, Calif., is the first artificial intelligence (AI) solution for back office automation. The company, which graduated from 500 Startups and raised $2.9M in funding, including from Resolute Ventures, Bloomberg Beta, Silicon Valley Bank, MasterCard and FundersClub, uses patent-pending Natural Language Processing machine learning algorithms to analyze data and automate back office functions. AppZen's enterprise level automated expense reporting and auditing product reviews expense report data, cross-checks it with external sources and social media in real-time, and detects compliance issues and fraud – a half trillion dollar issue in the U.S. The company works with a number of enterprises, including Hitachi, SunRun and Cantor Fitzgerald, and has partnered with technology companies, including Oracle and Concur. For more information about AppZen, visit www.appzen.com.
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