Navan Revolutionizes Corporate Travel and Expense Using AI-Driven OCR | Veryfi
Navan Revolutionizes Corporate Travel and Expense Using AI-Driven OCR
Navan Revolutionizes Corporate Travel and Expense Using AI-Driven OCR
Challenge: Getting to Market Fast Without Compromising Customer Experience
The Navan team wanted to provide a seamless experience but knew that in order to achieve this, they needed to incorporate a data extraction solution that was intuitive, fast, and accurate. They didn’t want the user experience to be one in which employees take a picture of a receipt and then need to go onto a platform and manually enter line items like the legacy and outdated expense platforms that are currently on the marketplace.
Build vs Buy
When faced with the option to either build a data extraction solution in-house or partner with a solution provider, the Navan team considered their goals and the customer experience. Not only did their app experience have to be seamless for the end-user, but it also had to be accurate for the finance team.
Solution: Integrating Veryfi into Navan App for Fast, Accurate, and Secure Data Extraction
For Navan, the decision to partner with a solution provider was the clear choice. The importance of data extraction technology meant its app could help with reconciliation for finance teams. The only way to achieve this was by building trust with fast, accurate, and secure results.
A Partnership That Evolves With Changing Needs
By partnering with Veryfi, Navan has a partnership that evolves as both products adapt to user, market, and technology needs. It’s not just an integration — it’s about an ongoing, trust-filled relationship.
Why Navan Chooses Veryfi
Navan knows how to build great travel and expense software, but recognized that by partnering with Veryfi, they can leverage Veryfi’s expertise in data extraction. Veryfi meets all of Navan’s data extraction needs, which include:
- Speed: a fully built-out solution means Navan can go to market fast.
- Accuracy: AI-driven OCR means the technology solution comes already pre-trained and can iterate.
- Cost: No custom coding means there is no cost associated with building and launching a solution.
- Security: Veryfi ensures that sensitive customer information is only being used for line-item extraction into Navan’s platform.
- Multi-language and currency support: Veryfi’s technology supports line item extraction from 110+ data fields, 91+ currencies, and 38+ languages.
Results: A Level of Comfort and Trust With Customers
Due to Navan’s customer-centric approach to its solution, the team has achieved up to 90% user adoption rate. Their dedication to excellence has them ranked No. 1 by G2 for expense, spend, and travel management. Navan is committed to delivering valuable results for CFOs and finance teams, with a significant focus on the reconciliation process.
The Future of the Navan Platform
Navan distinguishes itself as the sole fully integrated platform that seamlessly combines travel, expense management, and a comprehensive card program. Their commitment to forward-thinking is evident in their exploration of leveraging Chat GPT and OpenAI to enhance the user experience.