Yatra Online, Inc. Unveils Gen AI-powered Expense Management Solution for SMEs and Large Enterprises

Rhea-AI Summary

Yatra Online (NASDAQ: YTRA), India's largest corporate travel services provider, has launched a Gen AI-powered expense management solution for businesses.

This tool aims to revolutionize expense tracking by integrating travel bookings and expense management into a single platform. It uses advanced technologies such as Gen AI Large Language Models for accurate receipt analysis and an integrated chatbot based on Gen AI and RAG models.

Additional features include multi-level approval processes, ERP system integration, and advanced analytics with a Power BI dashboard. Mobile applications for Android and iOS offer functionalities like expense creation, approval, and mileage tracking via GPS. The solution can handle up to 150 simultaneous user connections.

Over 800 corporations are set to adopt this solution, making it a significant step forward in managing travel and non-travel expenses efficiently.

Positive

• Launch of an advanced expense management solution integrating travel bookings and expense tracking.
• Utilization of Gen AI Large Language Models for accurate receipt analysis.
• Integrated chatbot based on Gen AI and RAG models.
• Features multi-level approval processes, enhancing workflow management.
• Seamless ERP system integration for smoother data flow.
• Advanced analytics with Power BI dashboard for comprehensive expense analysis.
• Mobile apps for Android and iOS with functionalities like GPS mileage tracking and UPI payment integration.
• Capacity to handle up to 150 simultaneous user connections.
• Adoption by over 800 corporations, indicating strong market demand.

Negative

• Increased dependency on AI technologies may pose integration challenges for some businesses.
• Potential initial costs for corporations to integrate and train employees on the new system.
• Risk of user resistance or slow adoption due to changes in existing workflows.

Insights

Tech Expert

The integration of GenAI and Large Language Models (LLMs) in Yatra's Expense Management Solution marks a significant technological advancement. Traditional OCR (Optical Character Recognition) technology, while useful, often struggles with accuracy, especially when handling diverse and complex receipts. The use of LLMs addresses these shortcomings, providing a more reliable and precise system for expense tracking. Additionally, the incorporation of a chatbot based on GenAI and RAG (Retrieval-Augmented Generation) models enhances user interaction, making the tool more intuitive and responsive. The seamless integration with ERP systems and other advanced features like mileage tracking via Google APIs and Power BI analytics significantly enhance its utility for businesses. These technological advancements also suggest a trend where more companies might adopt AI-driven solutions to streamline business processes, potentially reducing operational costs and improving accuracy.

Market Research Analyst

Yatra’s new solution is strategically significant. The company's position as India’s largest corporate travel service provider gives it a solid foundation to introduce such tools. By integrating expense management with travel booking, Yatra offers a comprehensive solution that could potentially attract more corporate clients. The advanced analytics, multi-level approval processes and mobile capabilities cater to the current needs of businesses striving for efficiency in financial operations. Furthermore, with over 800 corporates already poised to use the solution, the initial uptake looks promising. This move not only strengthens Yatra’s market position but also diversifies its revenue streams, making it less dependent on pure travel bookings, which can be volatile due to economic fluctuations or travel restrictions.

Financial Analyst

From a financial perspective, the launch of this expense management solution by Yatra could have several implications. Firstly, it positions the company to tap into a lucrative market segment, potentially increasing its revenue base. The integration with ERP systems and the ability to scale up to 150 simultaneous users underscore its potential to meet the needs of both small and large enterprises. This scalability is important for long-term growth, as it allows Yatra to retain and grow with its clients. However, investors should also consider the costs associated with the development and maintenance of such a sophisticated tool. While the immediate financial impact may be positive, the long-term success will depend on sustained client adoption and the ability to innovate continuously. Also, the market response and user feedback post-launch will be critical in determining its ultimate success.

GURUGRAM, India & NEW YORK--(BUSINESS WIRE)-- Yatra Online, Inc. (“Company” or “Yatra”) (NASDAQ: YTRA), India’s largest corporate travel services provider and one of India’s leading online travel companies, today announced that it has launched its expense management solution to enable both international and domestic enterprises to manage their business expenditure efficiently. This highly scalable tool will revolutionize the way businesses handle both travel and non-travel expenses, offering unparalleled efficiency and accuracy. The comprehensive solution promises to streamline the entire expense management process, while offering a seamless integration of travel bookings and expense tracking.

Yatra's Expense Management Solution stands out with its utilization of cutting-edge technologies including GenAI Large Language Models (LLMs) for receipt analysis. Unlike traditional OCR technology, this ensures more accurate and comprehensive expense tracking, significantly reducing errors and saving time. Additionally, it features an integrated chatbot based on Gen AI and RAG models.

Designed as an end-to-end travel solution, the tool manages everything from booking flights, hotels, and cars to recording incurred expenses during travel within a single platform. As the leading corporate travel provider, Yatra’s introduction of this solution underscores its commitment to continuous innovation and excellence in the travel industry.

Other key features of Yatra’s Expense Management Solution include:

• Multi-level approval process tailored to meet specific company requirements, ensuring streamlined workflow management.
• Seamless integration with ERP systems facilitates smooth data flow and enhances operational efficiency.
• Advanced analytics powered by a Power BI dashboard, providing deep insights for comprehensive expense analysis, empowering informed decision-making and strategic planning.
• Mobile application for Android and iOS, allowing users to create and approve expenses, view reports, check reimbursement status, capture mileage via GPS, make small payments through UPI, and automatically generate expense items from UPI payments.
• Expense auditing, integration with Google APIs for mileage tracking, and split expense capabilities.

Yatra’s Expense Management Solution is rigorously tested for reliability, including load and stress testing to accommodate up to 150 simultaneous connections (users) submitting expense data concurrently. This ensures uninterrupted performance even during peak usage periods, guaranteeing a seamless experience for all users.

Dhruv Shringi, CEO and Director of Yatra Online, Inc., commented, “As the leading corporate travel player in India, we take pride in launching a solution that not only meets the current demands of the market but also anticipates future needs. Our Expense Management Solution is designed to grow with our clients, offering scalability and flexibility as their businesses evolve. We believe this innovation will transform the way businesses handle travel and non-travel expenses, making the process more efficient and accurate.”

The heart of this tool is the expense rule mechanism, offering unparalleled flexibility and customization to set sophisticated expense rules tailored to specific needs, whether based on geography, employee grade, or expense category. With 800+ corporates already poised to use this solution, Yatra's Expense Management Solution is set to become an indispensable tool for any business looking to manage expenses effectively.

About Yatra Online, Inc.

Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited, India’s leading corporate travel services provider with approximately 800 large corporate customers and one of India’s leading online travel companies. The company provides information, pricing, availability and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. With approximately 106K hotels and homestays contracted in approximately 1,500 cities across India, as well as approximately 2 million hotels around the world, the company is India’s largest platform for domestic hotels.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240528186832/en/

Manish Hemrajani

Yatra Online, Inc.

VP, Head of Corporate Development and Investor Relations

ir@yatra.com

Source: Yatra Online, Inc.

FAQ

What is the new expense management solution launched by Yatra Online?

Yatra Online has launched a Gen AI-powered expense management solution for SMEs and large enterprises.

What technologies does Yatra's expense management solution use?

The solution uses Gen AI Large Language Models for receipt analysis and an integrated chatbot based on Gen AI and RAG models.

What are the key features of Yatra's expense management solution?

Key features include multi-level approval processes, ERP integration, advanced analytics with Power BI, and mobile apps for Android and iOS.

How many corporations are adopting Yatra's new expense management solution?

Over 800 corporations are set to adopt Yatra's new expense management solution.

What is the capacity of Yatra's expense management solution regarding simultaneous user connections?

The solution can handle up to 150 simultaneous user connections.