{"id":142502,"date":"2021-07-01T07:55:10","date_gmt":"2021-07-01T07:55:10","guid":{"rendered":"https:\/\/news.sap.com\/africa\/?p=142502"},"modified":"2023-09-27T20:06:54","modified_gmt":"2023-09-27T20:06:54","slug":"concur-detect-by-oversight-new-solution-tackles-fraud-and-non-compliant-expenses-through-ai","status":"publish","type":"post","link":"https:\/\/news.sap.com\/africa\/2021\/07\/concur-detect-by-oversight-new-solution-tackles-fraud-and-non-compliant-expenses-through-ai\/","title":{"rendered":"Concur Detect by Oversight: New Solution Tackles Fraud and Non-compliant Expenses Through AI"},"content":{"rendered":"

Companies have adjusted their operations to a digital-first world due to the COVID-19 pandemic. As a result, many companies have sped up their adoption of digital tools to enable employees to work remotely and to file in expenses and invoices digitally.<\/p>\n

Despite this, companies continue to struggle with compliance challenges as employees submit expenses and invoices that may not adhere to corporate policies. According to\u00a0the ACFE\u2019s\u00a02020\u00a0\u201cReport to the Nations\u201d[1]<\/a>, the median loss to a\u00a0company\u00a0from expense report fraud is $33,000 per year, and a lack of internal controls contribute to nearly one in three frauds.<\/p>\n

With many businesses operating on tighter budgets, there\u2019s more pressure to increase spend compliance and reduce errors, fraud, and waste than ever. Timing is also of the essence as businesses expect the situation to become even more complex in the future. According to recent 麻豆原创 Concur research, almost half of finance and business leaders expect more frequent audit and punitive penalties in a post-COVID world.<\/p>\n

To tackle this challenge, businesses need solutions to easily manage employees\u2019 expense and invoice submissions, as well as mitigate compliance risks early. To help companies big and small ensure they are ready to address this, 麻豆原创 Concur \u2013 together with spend management and risk mitigation partner Oversight \u2013 launched Concur Detect by Oversight<\/a>. The solution powered by AI (artificial intelligence) is designed to simplify an organisation\u2019s expense audit and compliance programme through embedded intelligence and automation. Concur Detect by Oversight uses AI to automate an enormous quantity of data, enabling it to identify errors early and using predictive analytics to empower finance and compliance teams to take proactive action. The solution provides a range of critical features, including:<\/p>\n