AI Powered Procurement Card Auditing Services

The Vendor is required to provide AI-driven results powered procurement card auditing will benefit the state by showing the following:
• Improving the efficiency and efficacy of transaction review.
• Focus manual resources on identified anomalous transactions.
• Real time reporting of identified transactions.
• Standard risk mitigation reports identifying type of risk reported and corrective action taken.
- Requirements:
• Must audit 100% of all p-card transactions by state agencies and institutions of higher education (state entities).
• Use artificial intelligence to develop spend characteristics and patterns by cardholder.
• Identify questionable expenditures in near real time based on state and agency policy.
• Apply specific criteria by card type as required by state p-card policy and management.
• Provide actionable information via electronic notifications to the appropriate level of management at least daily.
• Reduce time spent on manual review by focusing manual review on wasteful and non-compliant transactions.
• Generate savings in manual effort and non-compliant spend.
• Provide state-wide visibility on card usage and audit results updated near real-time using dashboards.