The Exciting Innovations at Navan Expense in February 2024
Samantha Shankman
In February 2024, Navan Expense unveiled significant updates that continue to transform how businesses manage their expenses. Through expanded access to Navan Connect and ever-more advanced generative AI-based functionality, these updates elevate the customer experience, drive efficiencies, and create cost savings.
Expanded Access to Navan Connect
What’s New:
Navan Expense has broadened its users’ horizons by offering expanded access to Navan Connect. This update enables corporate and business Mastercard and Visa cardholders to enjoy the seamless Navan Expense experience. By linking your existing business or corporate Mastercard or Visa card to Navan, you can immediately take advantage of real-time visibility and policy controls for your expenses.
Why It Matters:
This expansion is a game-changer for businesses of all sizes. It eliminates the need to switch cards and enables users to retain the benefits of their existing card programs, such as rewards, rebates, and global acceptance. More importantly, it integrates travel and other spending policies directly into your card, creating a hassle-free way to manage corporate expenses while ensuring compliance.
Custom CSV Export for Expense Data
What’s New:
Navan Expense enables administrators to create, save, and manage custom export templates directly from the Accounting Review page. This feature is a win for admins who work without direct ERP integration by simplifying the process of exporting expense data into their systems.
Why It Matters:
Introducing custom export templates is a significant time-saver and reduces the need for manual data manipulation in Excel. It empowers admins by giving them greater control over their data and offers the flexibility to customize export formats according to their specific business requirements.
Improved Calendar Matching with AI
What’s New:
Integrating AI technology has significantly improved the accuracy of Navan Expense’s calendar-matching feature. By linking their calendars, users can take advantage of Navan’s ability to pre-fill expense reporting with event details and participants. AI enhances this feature by analyzing transaction and event details to find the most accurate match, which reduces the need for manual corrections.
Why It Matters:
Navan data shows that shifting from a time-based matching approach to an AI-driven model has increased this feature’s accuracy from 40% to 70%. This improvement saves users even more time and demonstrates Navan's commitment to improving the user experience by leveraging the latest technology.
Say that an employee traveled to their company’s headquarters and attended a team dinner before taking an Uber back to the hotel. Previously, the Uber transaction would have been matched to the team dinner, and all the dinner participants would have been added to the expense. But now, with AI, the rideshare will be matched to the headquarters trip, and no additional participants will be added.
February 2024 has been a landmark month for Navan Expense, with updates that significantly enhance user access, efficiency, and control. By embracing these advancements, businesses can look forward to a more streamlined, accurate, and user-friendly expense management experience.