For the last few years, Artificial Intelligence (AI) has gone from being a buzzword to the norm in shared services, and we are seeing real results from companies leveraging AI in the Procure-to-Pay (P2P) process.
In a 2017 sharedserviceslink survey, we found that only 9% of shared services were using AI, but 22% were looking to implement in the next two years.
This is supported by a McKinsey Global Institute report which shows significant growth in the AI market. In 2016, companies invested approximately $39 billion USD in AI, which is three times more than in 2013.
So, while uptake at the moment may be limited to early-adopters, in the next two years there is a very good chance you or your competitors may be using AI. Therefore, it’s important to develop an understanding of how these technologies work and how they will transform current practices in P2P.
To help you prepare for this new future, download our white paper, How to Leverage Artificial Intelligence in P2P. In this white paper we explore how AI is:
- Turning data into ‘community intelligence’. Learn how software providers use data from thousands of companies to give you tailored intelligence and benchmarks.
- Powering better spend management. Gain insight into how AI can Identify and improve sourcing opportunities, and how it can help you better understand your data and your supplier base.
- Driving touchless processing in AP. Learn how AI can help enter invoices, pass invoices within tolerance checks and guide disputes.
It’s early days still for AI in shared services and procure-to-pay, but the market is moving quickly. To future-proof your organization, it’s important to understand how AI is applied and how it can benefit your organization. To help start building your roadmap, look into where AI may play a role in your organization, how it might affect the structure of your team – and start having conversations with current or prospective providers about how they are leveraging these technologies to improve your performance.
Download this free white paper to help build your AI roadmap.
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