Anyone running a company, or who’s part of a company that travels requires business travels, are familiar with the challenges often faced with travel expenses and figuring out how much a business trip will cost.
The new startup TravelBank is now working towards reducing both the struggle and the cost of arranging business trips, by applying machine learning to help employees document spending as well as filing expense reports, CIO writes.
The app is not only designed to help employees keep track of expenses, but it is also focusing on helping employees change their behaviour, to ensure they spend less money.
In return, companies that use TravelBank, can then “reward” their employees who spend less than the predicted budget half of what they saved.
TravelBank estimates that by using the app, the company’s travel expenses will be reduced by 10 percent, and its budget is based on a combination of machine learning-driven predictive expense models.
If this app sounds appealing to you you should download it soon, as it is still free and available in both the iOS App Store and Google Play Store.
The company founder, Duke Chung says that the company is still in the establishing phase of making money from its service, but that their main focus at the moment is on helping smaller and medium-sized companies.
They wish to focus on companies who’s experiencing that their employees are not dedicated or focused on managing expenses and knowing what’s appropriate to spend.
This article was first published at: http://www.cio.com/article/3132482/travelbank-uses-machine-learning-to-save-businesses-money-on-travel.html