From Lunch with Oligarchs to Working with Debarred Suppliers, AppZen’s State of AI in Spend Auditing Report Sheds Light on Business Spend
San Jose, Calif. – August 7, 2019
AppZen, the world’s leading AI platform for modern finance teams, has released its August 2019 “The State of AI in Business Spend” report, which uncovers trends and insights on enterprise spend auditing. The report based on expense reports, invoices and contracts from billions of transactions across hundreds of direct enterprise customers.
Spend audit overview: On average, 96.3 percent of an enterprise’s non-payroll business spend is accounts payable-based and 3.7 percent is T&E-based. Most enterprises that don’t use AI only audit up to 10 percent of spend, while companies that use AI are able to audit 100% of invoices, contracts and expenses.