Procurement and Finance have a symbiotic relationship when it comes to the Procure-to-Pay process. Procurement does the buying, but there is no purchase transaction until the invoice is paid and posted to the General Ledger. Procurement is focused on cost savings and process efficiencies, but these gains are like a tree falling in the forest with no one to hear it, unless Finance can quantify and certify the benefits.
As we enter a new era of AI-driven Procure-to-Pay, there is an absolute imperative for Procurement and Finance to be in sync. Technologies such as Artificial Intelligence and Machine Learning must be trained to operate at optimal levels.
AI Bots – unlike humans – need guidelines (business rules) and experience (data) to apply to decision making. AI-powered P2P benefits from a consistent set of guardrails and quality data, that Procurement and Finance agree represent one version of the truth when it comes to:
- What processes and process controls govern P2P transaction flows?
- How can AI automation seamlessly integrate and automate both “Ps” of P2P?
- How are P2P transactions coded and classified?
- What constitutes a “Perfect Order” or “Perfect Payment” vs. a “Process Defect?”
- How is risk measured and mitigated?
- How are savings tracked and credited?
This session will examine the myriad points of intersection where Procurement and Finance need to be on the same page, examining the process from both perspectives through the lens of real-world use cases and case studies. See how AI automation can be a catalyst to strengthen the critical Procurement/Finance collaboration.
Richard Waugh, VP Corporate Development, Zycus
Steve Hughes, Chief Procurement Officer, College Board