Navan Revolutionizes Corporate Travel and Expense Using AI-Driven OCR

May 31, 2023
6 mins read
Navan Revolutionizes Corporate Travel and Expense Using AI-Driven OCR
    A strategic partnership with a company like Veryfi and its extraction technology has exponentially enhanced our solutions capabilities and allowed us to expand our tech stack further than before.
    Tim Russo, Senior Director of Fintech, Strategic, and Channel Partnerships at Navan
    Challenge: Being first to market
    Solution: Veryfi OCR API Platform
    Result: 90% user adoption rate

    About Navan

    In 2015, after years of experiencing firsthand the pitfalls of legacy travel and expense solutions, Ariel Cohen and Ilan Twig created a technology-first corporate travel platform made with the end user at the center of the experience. Combining AI, data science, and a modern, user-friendly design, the platform evolved into the multi-faceted business solution that is now Navan. Navan is the all-in-one super app that takes the work out of travel and expense so employees can focus on being there — not getting there. From EAs and finance teams to travel managers and executives, Navan empowers teams to do their jobs and focus on the things that matter most to them. 

    Navan’s Expense App

    In February 2020, weeks before the onset of the pandemic, Navan launched its groundbreaking expense management solution, Navan Expense. As corporate travel halted, the need for tracking expenses dramatically changed overnight. While there became fewer travelers on the road, there was also a growing need to expand the list of corporate expenses such as allowing employees to purchase a home desk for their home office or bill their team’s Zoom substcription. In response, with partners like Veryfi, Navan expanded the “Travel and Expense” category and became the world’s first all-in-one travel and expense solution.

    In 2023, the company rebranded from TripActions to Navan in order to reflect its growing global footprint and business lines, which include business travel, personal travel, group travel, meetings & events, corporate cards, and expense management. One of the most technologically forward parts of the rebrand was combining the previously separate travel and expense apps into a super app. “With Veryfi’s data-extracting technology, we were able to elevate the user experience across the expense management process,” says Tim Russo, Senior Director of Fintech, Strategic, and Channel Partnerships at Navan. 

    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. 

    The Navan team knew that building and maintaining a data extraction solution involves costs and considerations. It requires people and teams — potentially slowing down time to market and compromising on desired solutions. Additionally, implementing AI-based solutions like data extraction necessitates resources such as engineers and data teams. This can be a complex endeavor that may fall outside a company’s expertise. 

    Navan didn’t want to risk putting in-house resources and time into a data extraction tool that could put the customer experience at risk. 

    In this “DIY vs. Veryfi” infographic, we’ve detailed the considerations involved when considering “make vs. buy” for AI-Driven OCR functionality. Download the infographic to learn more.

    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. Watch this video to learn about Navan’s product development journey firsthand.

    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. For their end-users, the speed at which receipts are read and inputted gets faster with every iteration.
    • Accuracy: AI-driven OCR means the technology solution comes already pre-trained and can iterate. As Navan’s customers and Navan’s needs change, accurate data extraction is achieved every time. For finance team admins, accuracy means closing their books faster and having confidence their data is accurate.
    • Cost: No custom coding means there is no cost associated with building and launching a solution. Veryfi provides all the code and instructions you and your team need for quick and seamless integration. 
    • 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.

    Watch now: This webinar featuring Tim Russo is a must watch for any mobile app creator seeking to transform the way they offer expense management.

    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. Furthermore, 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. “We are able to offer such a high level of confidence and trust thanks to partners like Veryfi, whose data extraction is both accurate and swift,” explains Russo. “This capability empowers us to provide finance team admins with enhanced visibility and control. Our entire solution is built on the premise that admins can effectively manage expenses at the point of submission by users. This approach fosters a greater sense of comfort and familiarity with using an expense solution.” 

    For end users, the allure of a fast and precise solution ensures repeated usage of the solution. They have full confidence that simply capturing a picture of a receipt or hotel folio eliminates the need for manual entry or mailing. Veryfi receipts OCR API and hotel folios OCR API supports these two document types widely used in travel, allowing Navan to deliver high app adoption and user satisfaction directly to its users. Navan consistently enhances its platform through its collaboration with Veryfi. Valuable customer feedback on data capture is shared and promptly integrated into the AI model, enabling real-time data and continuous accuracy improvements to be made to the platform.

    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. For instance, they aim to assist travelers in modifying their flights, provide improved recommendations for sightseeing, and suggest dining options. With an evolving customer-centric approach and a remarkable leadership team that invests considerable time, energy, and resources into research and development, Navan consistently exceeds expectations and forges ahead.

    Experience the Power of Veryfi: extract data from receipts and all financial documents with speed, accuracy, and security. Grab a receipt, and try out our web demo today! See what else our customers have to say about Veryfi!

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