Learn How to Infuse AI into Key Finance Processes with xSuite
Meet the Authors
Key Takeaways
⇨ Financial teams are under more pressure than ever to deliver real-time insights and analytics on top of their typical workloads.
⇨ Many organizations are beginning to look to Artificial Intelligence (AI) to overcome these challenges.
⇨ Learning more deeply about AI and how it can help accomplish business goals is a vital investment that organizations should take to stay ahead of their competition.
Financial teams are under more pressure than ever to deliver real-time insights and analytics on top of their typical workloads. Companies must process an increasing number of transactions, monitor payments, and generate reports – all while minimizing risk and ensuring that all data is accurate. The reality is that finance teams cannot accommodate their workloads by maintaining the status quo.
Many organizations are beginning to look to Artificial Intelligence (AI) to overcome these challenges. However, SAPinsider’s recent AI and Automation in Finance benchmark research report found that just 18% of companies felt they were ahead of their competition in terms of leveraging AI and automation in their finance workflows. This leaves 82% either barely keeping up or lagging behind.
Overcoming AI Challenges
Common challenges to infusing AI into finance organizations include a lack of skills and resources, lack of executive buy-in, and security and privacy concerns. Many SAP users have expressed that they are not able to overcome all of these obstacles while also keeping up with their daily tasks.
Learning more deeply about AI and how it can help accomplish business goals is a vital investment that organizations should take to stay ahead of their competition. Companies that invest the time to learn about AI and deploy these solutions effectively can accomplish essential tasks more quickly and bolster productivity.
To help companies navigate the future of AI and finance, xSuite’s Global Vice President of Enterprise Accounts & Strategic Alliances Tony Cheung, will join a panel discussion on “The Impact of AI on Accounts Payable.” The discussion is part of the upcoming IFOL AP & P2P Conference in Chicago on September 25.
The panel will discuss:
- How AI will change the typical AP role
- Opportunities AI can create in vendor relationships
- Where AI can reduce risk
These insights are essential to help companies build their AI business case, ease executive concerns, and demonstrate how AI can be implemented securely and even help to minimize security and privacy risks.
AI has proven to be particularly useful in the Accounts Payable sphere, as machine learning enables companies to automate and optimize these essential workflows. These technologies help organizations to process data faster, provide analytics, and bolster decision-making capabilities.
Learning how to automate routine tasks, provide forecasts, and improve GRC capabilities can be a tremendous boost for finance organizations looking to operate more intelligently and efficiently. Those looking to learn more can register for the IFOL Conference in September.
