Today, 28th of September 2021, we have signed deal with French Industrial Socomec Group.
The deal will see Socomec integrating Jenji’s AI-powered digital expense management solutions into its internal accounting systems to fast track its digitalisation process. Socomec will implement the Jenji Enterprise solutions in India during the initial phase, with potential plans to roll out to other entities in Asia soon.
Philippe Rousset, Chief Financial Officer, APAC, Socomec, said, “Jenji has displayed deep domain knowledge and a good understanding of our needs. We are confident that our partnership with Jenji will accelerate our financial digitisation initiatives in the APAC region."
Jenji’s enterprise solutions and technology deliver both autonomy and intelligence for finance, accounting and HR teams. It gives these functions the capability to learn from historical data and existing processes to automate expense processes, thus saving time and reducing errors and duplicates.
"We will enable Socomec Group to turn expense data into expense insights that they can use to streamline processes, enhance profitability and make informed financial decisions. Most importantly, they will achieve ROI from this digital transformation initiative," said Lee Chee Leong, Head of Jenji APAC. The startup, headquartered in France, recently set up a regional office in Singapore to drive growth and capture the growing shift in digitalisation of expense management.
Gregoire Laurent, IT Manager, APAC, Socomec Group, said, "After several rounds of testing, we are impressed with Jenji's AI-powered expense management solution. We are certain that its Optical Character Recognition (OCR) technology will enhance the users’ experience. We can also drive far more business impact from its AI capabilities that spot real-time anomalies in our expenses automatically."
Surveys conducted in Europe have shown that companies lose at least 2% of turnover due to a lack of control with spending. This issue is mainly due to the absence of digital tools within a finance function to reduce time-consuming manual processing. Expense fraud also remains a pressing problem for companies globally. For example, expense fraud costs in Singapore are approximately 3.45 times more than the lost transaction value, and the loss of revenue from fraud amounts to about 1.57% of total company revenue.
“Data is key in today’s digital world, providing insights into patterns that can be used by companies to improve business efficiency and revenue gains. Our technology automates an expense management process that is traditionally tedious and repetitive work. At the same time, our AI-powered platform enables finance and accounting teams to incorporate big data into their analysis. We see an average 80% reduction in manual data input when companies embrace automation and adopt AI technology,” said Lee Chee Leong, Head of APAC, Jenji.