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February - 2017 - issue > CEO Insights

Artificial Intelligence: The Answer to More Effective Business Compliance

Anant Kale, CEO, AppZen
Wednesday, February 8, 2017
Anant Kale, CEO, AppZen
Headquartered in California, AppZen patented AI technology combines computer vision, deep learning, and NLP to understand the full context of expenses, and cross-checks them in real-time against thousands of external and social sources to determine if they are legitimate and accurate.

For many industries, falling in with established rules and regulations is an ongoing and frequently painful process, especially when it involves jumping through bureaucratic hoops that are both outdated and slow-to-change. Meanwhile, the need to maintain cost-effective internal compliance in everything - from procurement procedures to employee expense policies - without bogging down productivity presents its own set of challenges.

While the demand to meet new or existing regulations within an organization isn't likely to change, the methods for accomplishing this task are doing just that. Technology in general, and artificial intelligence (AI) in particular, are providing solutions designed to help the compliance function take a more active role in business. And automating procedures like those found in many back-office processes, can both reduce operational risk and boost profitability, as overhead decreases and efficiency improves.

Exploiting the Compliance Potential of AI

From a technology point of view, automated ERP systems provide an effective way for companies to streamline the delivery of information to key decision makers. This is a great start, since faster and better informed decisions lie at the heart of compliance, but on its own it's not enough. Decision makers will always be busy, and despite better data delivery systems, the time needed to review and research the enormous volumes of information changing hands simply isn't there. More often than not, requests for approval get glossed over and audits are performed randomly, if at all.


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