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SAP Concur is adding a new auditing capability to Concur Expense that checks all expense reports for potential issues and irregularities. Dubbed Verify, the tool uses artificial intelligence models based on more than $1 trillion in historical spending data within Concur s platform, along with machine learning, to automatically flag anomalies for review by human auditors, according to the company.
Verify will roll out in the third quarter of 2021 as an add-on service to Concur Expense, the company said.
The Covid-19-fuelled rise of policies permitting work from home a trend that won t necessarily abate with the pandemic, according to some observers has led to significant changes in employee spending and expense patterns, Concur noted. That shift has given rise to uncertainty about corporate expense rules Concur data show that the proportion of expenses categorised as other increased by 58 per cent from 2019 to 2020 and inadvertent policy violations, the c
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Open booking, where employees can book outside the company’s official travel program, had been steadily growing.
Part of the momentum is still down to more sophisticated technology, so direct bookings can be captured, with the likes of TripLink, part of travel and expense platform SAP Concur, and Traxo, playing a part.
However, the pandemic may be starting to impact this as Covid-19 cases still spiral in some destinations. Now, SAP Concur is exerting more control, by adding new compliance features to TripLink, which it said can help travel managers steer employees in the right direction when booking.
ATLANTA (BUSINESS WIRE) Jan 25, 2021
, the global leader in spend management and risk mitigation technology, today announced the expansion of its relationship with SAP® Concur®, the world’s leading brand for integrated travel, expense, and invoice management. Oversight joins the SAP Concur partner program as a solution extension partner with the launch of Concur® Detect by Oversight. This new SAP Concur offering leverages Oversight’s audit solutions for travel and expense and purchase card programs to help organizations manage and optimize spend.
Oversight’s AI-powered technology simplifies expense auditing with advanced automation and intelligence that quickly identifies fraud, errors, and wasteful spend to achieve better financial and compliance outcomes. Concur Detect by Oversight provides comprehensive, continuous transaction monitoring and analysis, both pre- and post-payment. The solution mitigates immediate risks, such as spend at inappropriate venues, and identifi
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President Joe Biden is set to sign an executive order on Monday imposing tougher restrictions on government procurement practices in an effort to increase purchases of American products, according to the Wall Street Journal.
The move is one step toward fulfilling the Buy American campaign to focus on strengthening domestic manufacturing. The policies include tightening government procurement rules to accomplish three goals: making it more difficult for federal agencies to purchase imported products, revising the definition of American-made products and raising local-content rules.
The executive order includes provisions to give small and mid-size businesses better access to information to bid for government contracts, the article said. One of Biden’s senior officials said a goal of the Buy American policy is to strengthen the US supply chain after the Covid-19 disruption revealed weaknesses in the system.