Exploring new horizons in procure to pay with AI

AI application in procure to pay

With the unprecedented pace of the AI evolution, CFOs are looking to use Generative AI (GenAI) in particular to improve process efficiency, reduce costs and mitigate risks for the finance function. A critical challenge, however, is identifying the right approach and process to begin this transformation. While GenAI has applications across finance processes, the technology has matured significantly for P2P process, supporting end-to-end automation of tasks, enhanced decision-making and optimised costs and workflow.

P2P landscape and AI/GenAI application

Traditional P2P processes can present challenges due to:

• disintegrated data across systems;
• lack of end-to-end automation;
• limited visibility for internal and external stakeholders; and
• compliance risks, which hinder efficiency and increase functional costs.

AI tools can help streamline the end-to-end P2P process using machine learning (ML), natural language processing (NLP), optical character recognition (OCR), virtual assistants and AI-powered contract management tools.

Procure to Pay

Key actions businesses can take today

As technology and solutions evolve, finance functions are evaluating where to begin with AI and GenAI in particular. The P2P process is where you can start small and simple, experiment at pace, and foster creativity and curiosity. Our survey in association with ACCA and Chartered Accountants ANZ showed 60% of CFOs were considering deploying AI for P2P in the next three to five years.

As organisations embark on their AI journey in P2P, it’s important to consider:

• The transformation landscape: Organisations should ensure all AI tools and platforms they are evaluating for implementation can seamlessly integrate with their technology architecture and overall transformation landscape.
• Data security and governance policy: Organisations should review their data security and governance policies considering the AI playbook. Each organisation’s data policy could significantly influence the evaluation of AI platforms. Some platforms, for example, might only be available in cloud environments while their organisation policy may dictate their preference for in-house stack.
• Global operations: Organisations with global operations that need localised support across multiple languages should critically evaluate the AI models being considered for deployment to ensure seamless adoption and integration across the operating units.
• The deployment approach: Organisations should critically assess processes for AI implementation to ensure that they will derive tangible value and a return on their transformation investment.

While the underlying technology is available for a complete suite of P2P processes, organisations may consider modular deployment, deploying relevant and specific use cases.

We are here to help you

PwC has proven global AI implementation experience, helping organisations initiate their AI and GenAI journey. We have delivered tangible benefits to organisations in the P2P space, including end-to-end automation, accelerated processing times, enhanced compliance, reduced costs, improved spend and cash flow visibility. Talk to us today to start your AI and GenAI transformation.