Yokoy is driving the digitization of expense management: How artificial intelligence is revolutionizing financial accounting
The demand for this automated spend management solution, which is sold across Europe, is very high. When cultivating the market, Yokoy relies on close cooperation with agile software partners.
Yokoy, a Swiss fintech company, quickly gained importance across Europe. With branches in Vienna and Munich, the young company is well positioned in German-speaking Europe. After a successful second round of financing in October 2021, other European countries are now quickly being developed. The jump to a new continent is in preparation. Almost 500 medium and large customers are already working with Yokoy’s spend management solution. These include the DPD Group, Stadler Rail, the Russian Sberbank and the Swiss bank Swissquote.
The rapid growth is not surprising when you consider the market environment in which Yokoy operates. It is estimated that the digital spend management market is valued at more than $ 200 billion worldwide. It is a very dynamic market, and growth is currently in the double-digit percentage range.
The demand is great and growing because this software promises to solve a problem that is a headache for those responsible in many companies: spending management is costly and labor-intensive. Accounting experts estimate that processing a single expense report costs an average of around 50 euros, a single supplier invoice between 10 and 28 euros. By digitizing and automating the approval processes, Chief Finance Officers can hope for great savings here. But it’s not just about making something cheaper – it’s also about improvements: in procurement, in travel planning, in recognizing duplicates or in reclaiming VAT amounts.
Yokoy isn’t the only expense management software provider. But with a pronounced innovative strength, the young company can expect the best chances in this competition. From a technical point of view, this software has two advantages. One points to the future, the other relates to the past.
First a look into the future: Yokoy uses the very latest artificial intelligence (AI) processes. To do this, the young company had to invest a lot in research in its AI Lab (Artificial Intelligence Lab) in Zurich. Now the software is able to evaluate business documents without human intervention. For example, the software can even read things out of a restaurant receipt that are not on paper. For example, Yokoy recognizes whether the restaurant receipt is a lunch or dinner receipt, whether the meal took place during the week or on the weekend. Even handwritten notes on a receipt are recognized and evaluated. The software developers in Zurich have analyzed millions of documents in order to teach the computer to recognize the relevant relationships. It’s not just about digitizing individual digits or letters, it’s also about putting them into context and correctly grasping their meaning. The Yokoy software works with all common writing systems, with all important languages, currencies and country tax regulations. In addition, regulations set individually by companies are recognized and taken into account.
A look into the past is appropriate when it comes to networking the software with conventional systems for Enterprise Resource Planning (ERP). The software can be adapted to company-specific workflows with a modest effort. As a cloud-based integration platform, it is able to mediate between internal and external data collections and to link isolated business processes with one another. It is also suitable for exchanging information with standard business software: it supports common interfaces (REST-API and others) and the products of many providers such as Microsoft, Oracle or SAP.
The Yokoy solution is convincing from a technical point of view, but the marketing strategy is also innovative: When conquering new markets, the fintech company relies on partnerships with agile software service providers. Because the Yokoy software can be adapted very precisely to the individual needs of a customer, and because there are many options for integration with conventional systems, the potential for partners is huge.
Yokoy offers different models for working with partners. There are partnerships that focus on technical cooperation, while others are primarily about commercial goals. In all cases, the cooperation should be worthwhile for everyone involved, because the market is large and growing rapidly. There is much to do.
“Yokoy has positioned itself excellently in a market that will almost triple from 2018 to 2027,” says Richard Waldner, who as Global Head of Partners & Alliances at Yokoy is responsible for partner management. “With our Series A round, which we recently completed, and our cloud-based Spend Management Suite, we offer system houses and system integrators great growth potential. Become part of ours now Partner Eco-Systems and talk to us. “