AppZen, an AI solution for modern finance teams, has released its new AppZen Platform, allowing companies to automate complex financial and compliance processes built on a variety of systems that have historically been manual because they require deep domain knowledge and human decision making.
“Financial controls and compliance processes rely on transaction controls, manual oversight, and analytics. They are very inadequate and do not meet all the needs of every company, in every industry. What is an important compliance rule for a healthcare company is different for an entertainment company,” said Anant Kale, CEO of AppZen. “The AppZen platform for finance allows companies to pull levers and adjust policies and rules that are unique to their industry and business. Once the levers are adjusted, the platform automates the enforcement so highly-skilled workers can focus attention on strategic work.”
In a report titled, “Bots, algorithms, and the future of the finance function,” McKinsey & Company states that, “about a third of the opportunity in finance can be captured using basic task-automation technologies such as RPA,” and that, “capturing the remainder of the opportunity requires advanced cognitive-automation technologies, like machine-learning algorithms and natural-language tools”.
The consulting firm also found that current technologies can automate 42 percent of finance activities. The AppZen Platform helps finance teams streamlines even more manual work by automating rules and policies that used to require finance domain knowledge, human review, and understanding of financial transactions and scanned documents and images. AppZen customers can also leverage the AppZen platform to tailor their AppZen Expense and AP Audit implementations to accommodate their unique business processes.
“I’m applying AI and the AppZen Platform to my compliance, audit, accounts payable, and expense departments, because like most organizations, we have finite resources in governing and controlling an enormous and ever growing amount of transactions,” said Peter Sperger, Chief Corporate Compliance, Internal Audit, and Information Security Officer at OPKO Health, Inc. “AppZen looks at every transaction and allows my team to focus more on risk prevention and root cause analysis/course correction.”
AppZen delivers the leading AI-driven platform for modern finance teams. The AppZen Platform is built on 7 years of learning from thousands of online sources, thousands of customers and billions of financial documents and transactions like invoices, contracts, expense and accounting data. Starting with business spend, we automate manual process, uncover problems and optimize decision making at scale for finance organizations around the globe, including one-third of the Fortune 500. The AppZen Platform combines patented computer vision, semantic analysis, and deep learning to understand financial transactions in business context and make decisions before those transactions happen. It is a must-have for CFOs and their teams to reduce spend, comply with policy and regulations, and streamline process.
Over 1,650 enterprises have standardized on AppZen, including four of the top five banks, four of the top ten media companies, four of the top ten pharmaceutical manufacturers, two of the top five aerospace companies, and six of the top ten software providers. Visit www.appzen.com or @AppZen.
Plaschke. F, Seth. I, and Whiteman, R. (2018). Bots, algorithms, and the future of the finance function