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Introducing Simple, Intelligent Travel & Expense Mobile App
Organizations having large workforce have their employees and processing teams spending a significant amount of time and effort in claiming travel reimbursements for their business and other admissible expenses. The employee generally uploads the details of travel expenses into MS Excel sheets near the end of the month, in the process actual details like distance travelled, number of customers visited, conversion of prospect, etc. Generally following are the issues are faced in travel and expense:
Employees spend considerable amount of time in planning, claiming and following-up on the expenses they incur
It is very difficult for management to track the employee whereabouts
It is difficult for managers to ensure their teams are doing the right thing at right place at right time
Claim processing team is mostly loaded with volumes of claims to be screened and end up either taking too much time or resources
It is not feasible to determine the official distance travelled and employees end up either claiming higher or lower
Management is spending too much time to meet compliance and controls than to focus on core business needs
Quay Intech has revolutionized the process with an AI engine taking on the task of intelligent verification and processing of expense receipts including accessing productivity and meaningful analytics/information.
The Planning details are received by the system from employee, using which expense report is generated, while AI engine is looking for any exceptions. Planning details include Beat Plan, Business Trips, and Official Travel. Employee validates the report post which the AI engine, once again looks for any deviations such as – duplicate claims, policy exceptions, geofencing exceptions, overstated expenses, personal expenses or fictitious claims. In addition to looking at each individual claim in question, machine learning algorithms recognize patterns in data looking at – historical claims and customer visits, trends of expenses for employees in similar roles, etc. to flag off suspicious claims. Other elements of the user profile, such as notice period, percentage of round value expenses, nature of claims, role, etc. are also used as inputs to the AI model.
Supervisor intervention is sought only for a small set of flagged expenses – and these explanations are also incorporated into the AI engine to further refine the expense pattern for the given user. In situations where the comments given by employees to justify the claims are insufficient, supervisor inputs are sought and claims processed or rejected.
The obvious benefit is around increased process velocity with cycle time for claim processing reducing from 7 days to 24 hours as a result of removing redundant checks. The solution helps organizations manage and reduce costs in employee time as well as improve user experience through reduction in user clicks. In addition, management gets direct insight into sales visits vs sales that have happened. Through geofencing the route for the employee could be suggested and tracked, minimizing any fraudulent claim.
Coupled with Travel assistance BOT and RPA our app provides a formidable edge over the existing technologies available in the market.
If you’re still figuring out how to organize your travel and expenses requirements, then connect with us now - firstname.lastname@example.org