SAP Concur debuts Verify, a new intelligent expense auditing tool
SAP Concur on Wednesday announced a new intelligent expense auditing tool called Verify that automatically checks expense reports for various issues and anomalies based on employer spend policies.
Verify applies a library of AI and ML detection scenarios to identify potential spend issues, relying on data analysis from tens of millions of expenses and receipts within the SAP Concur platform. Verify is embedded within the Concur Expense software and offered as an add-on, the company said.
"Verify uses SAP artificial intelligence and machine learning to tap decades of expense data and experience tracking and identifying hard-to-detect spend issues and anomalies," the company said in a press release. "SAP Concur travel and expense machine learning models used to power Verify have been pressure tested, running in parallel with our Intelligent Audit product for over a year. As a result, customers can hit the ground running with already fine-tuned models."
Concur's expense platform is designed to document the travel and expense ecosystem of customers, suppliers, and developers via cloud technology, which can be tailored depending on the scale of a corporation. SAP bought Concur back in 2014 as part of a major portfolio expansion and has since managed to scale the platform to a wider customer base.
Last year, Concur became part of SAP's Intelligent Spend group alongside SAP Ariba and Fieldglass as part of SAP's efforts to unify product strategy and improve integration scenarios across its product portfolio.