Spend automation in most organizations has led to investments in enterprise resource planning, source-to-pay, expense management systems, and analytics or BI. Many companies have also initiated projects to consolidate supplier information, outsourcing, and shared services, and to mitigate supplier risk. If your finance team is taking a lean-forward approach toward using proven practices, best-in-class implementation frameworks, and process metrics to ensure continuous improvement, you've made massive strides.
Despite the modernization of business spend processes, you likely continue to face three challenges: spend leakage, non-compliance, and inefficient processes. AI can help solve these issues in 5 ways that legacy automation systems can't:
- Audit 100 percent of spend before payment
- Understand documents
- Enrich transaction data with intelligence
- Assess and refine risk
- Streamline processes
Download the Five “must haves” for AI-powered spend auditing white paper to learn how AI can help your enterprise today.