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AppZen: Vendor Introduction — Strengths/Weaknesses, Company SWOT, Competitors, Selection Checklist [PRO]

The term “audit” usually implies a reactive activity. When something goes wrong, a business conducts an audit to find out what happened, then corrects its procedures to prevent the error from recurring. This approach is, of course, not ideal. Rather than spend time and energy retroactively correcting a problem, taking a proactive, preventative approach to auditing would be more efficient as this would allow businesses to stamp out potential risks before they became problems.

The idea that a business should proactively address risks may seem obvious, but for many accounts payable organizations this is easier said than done. The major barrier to doing so is one of prioritization. A Fortune 500 enterprise may process billions of transactions a year, many of which represent normal, expected spending. But a handful should raise flags — for potential instances of overpayment, duplicate payment or even fraud. The challenge of proactive auditing is not one of developing a proper mindset but of determining how best to find the needle in the expense and invoice haystack.
AppZen is like a super magnet for those needles. Founded in 2010, AppZen is an expense and accounts payable auditing platform that uses AI to help businesses identify spending risks before they make payments. Its roster of more than 1,500 customers — including many of the top brands in industries from banking to media and pharma — use the solution to spot non-compliant employee expenses, duplicate charges and other anomalies (e.g., consistent overcharging from a supplier).

This Spend Matters Vendor Introduction provides an overview of AppZen’s solution set. It includes a perspective on what is comparatively good (and not so good) about the solution, a SWOT analysis, a look at competitors (or lack thereof) and a selection requirements checklist for organizations that might consider the vendor.

Also, we will post a profile of AppZen for our Coronavirus Response series, which highlights go-to vendors to help mitigate the business risks and aftermath of the COVID-19 outbreak.

Through April 2020, a special PRO Expert Survival Pack is available to procurement practitioners only* at up to 50% off – Learn more

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