Your team is well on its way to having a best-in-class source-to-pay process. You have invested in Coupa’s BSM Platform and are streamlining your procurement, accounts payable, and expense management to gain visibility and efficiencies across your spend operations. Standardizing on Coupa is a great step toward optimizing process, but even world-class finance teams struggle with three challenges: spend leakage, non-compliance, and inefficient process. Using AI to audit all spend prior to payment is just the thing to bulletproof your Coupa S2P system.
Even the most buttoned-up accounts payable teams experience spend leakage, non-compliance, and process inefficiencies. Spend leakage can include errors, waste, and fraud in invoices such as duplicate payments, manual entry errors, wasteful expenses, fraudulent invoices or suppliers, inflated or incorrect pricing, and missing discounts. Organizations struggle with compliance when it comes to corporate policy, negotiated contracts such as discounts and payment terms, and regulations like anti-bribery and corruption and healthcare spend transparency. Reviewing all spend often comes at the expense of an efficient process, so enterprises trade-off being thorough in their reviews with making timely supplier payments and employee reimbursements.
oupa’s platform and applications automate finance teams’ sourcing, purchasing, invoice processing, and expenses. The solution is considered a best-in-class way to manage expenses, payables, reporting, and benchmarking. With AppZen as a critical audit layer, you can be sure to get the most out of your Coupa investment.
The AppZen Platform provides AI-powered auditing across Coupa and your other spend systems. We use AI to review 100 percent of your spend transactions in Coupa – as well as across other spend automation systems such as legacy ERP that handle a portion of your payables, contract repositories or CMS applications, and expense management solutions. We audit each transaction across dozens of risk areas and surface fat-finger entry errors, duplicate payments within Coupa or across Coupa and other systems (including expense management, such as SAP Concur), mis-classified spend, inflated charges, incorrect prices, missed discounts, and regulatory violations.
AppZen integrates with the Coupa BSM Platform via the Coupa API. We ingest accounts payable details such as supplier master data, purchase order information, and contract details and images. We extract and understand dates, amounts, applicable discounts, and other key terms from the contract images. When a supplier invoice arrives in Coupa, we pull the invoice data from the structured fields, as well as the unstructured document image of invoice, and place a hold on the invoice in Coupa. We extract and understand information from the image such as the invoice number, line and total amounts, payment terms, and line-level spend classifications. Then we perform a comprehensive, AI-powered audit on the transaction to find duplicates, pricing errors, inflated charges, supplier fraud, mis-applied discounts, mis-classified spend, incorrect payment terms, and regulatory violations such as indicators of bribery or spend with a healthcare provider. We assess risk based on the presence of any of those issues and provide a score to Coupa so the system can automatically approve some or all of the low-risk transactions and route high-risk ones to a reviewer.
Identify duplicates in Coupa, irrespective of invoice number, including line-level duplicates, multiple invoices adding up to a duplicate, and cross-system duplicates (with another S2P or expense management system).
Gain insight into competitive prices from online marketplaces to make sure you’re getting the best deal from your suppliers.
Find invoice anomalies in Coupa that can signal errors, waste, or fraud in your spend.
Verify invoice prices and discounts against your contracts to make sure you get the deal you negotiated.
Validate invoice payment terms and other key terms with those in your contracts.
Flag contracts with or invoice-based payments to foreign officials, politically-exposed persons, and healthcare providers.
Be alerted to expired contracts and notified of expiring or auto-renewing ones while there’s still time to negotiate or identify alternative suppliers.
Skip the rubber stamp and save managers’ time by automating low-risk invoices for immediate payment in Coupa.
Provide risk details and evidence so reviewers can make accurate, consistent approval decisions.
Review or audit all payables before you pay. Because AI auditing is automated and happens in real-time, you can review 100 percent of invoices prior to payment, and still pay all of your suppliers on time.
Extract and understand key information like dates, amounts, and spend categories from unstructured documents such as contracts and invoices. These data points can serve as powerful clues in identifying errors such as misapplied discounts and incorrect pricing.
Enrich transaction information with intelligence from business systems and external sources. AI gives you the visibility you need to find issues like regulatory violations or fraudulent suppliers that you wouldn’t detect otherwise.
Use AI to assess risk consistently. Refine the way you evaluate risk based on new data and user feedback over time. This gives you the confidence you’re reviewing transactions accurately and consistently in Coupa.
Automate workflows, remove extraneous steps, and arm reviewers with the information they need to make smart decisions. Streamlining your review process lets you review all spend in real-time, at scale.
Learn why AI is a must for modern finance teams in our special edition e-book.
With AppZen, OPKO Health can review hundreds of thousands of transactions, giving them a level of visibility and risk management that they’ve never had before.
The aircraft maker’s Americas unit is digitizing the approval of expense reports and payment of invoices.
Calculate your ROI on auditing 100 percent of expenses and invoices, prior to payment, with artificial intelligence.See how you save