Yes, the power of AI can also effectively be applied to organizing spend data. Cirtuo enables clients to perform AI-driven spend classification, which results in unprecedented speed, accuracy, and consistency in classifying spend items into categories. The AI-based spend classifier is tailored to each client – to account for industry and client specifics and different languages used to define spend items. The classifier uses all the information available for each spend item – i.e., item name, supplier name, unit of measure, spend amount or bookkeeping account name. Once trained on the data provided by the client, the classifier can be used to classify new spend items, detect potential misclassifications, or reclassify spend data to a new category tree.
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