Improving finance and accounting software with AI
Summary
Procure-to-pay (P2P), for example, uses natural language processing (NLP) and machine learning (ML) and has shown immediate returns, while order-to-cash and audit analytics show near-term benefits from AI. Augmented BI can isolate payments that once led to late-payment penalties and can surface invoice exceptions, classify spending into categories for follow-up, onboard new suppliers faster and automatically detect fraud. Modern order-to-cash solutions elevate the role of the AR professional, as many tasks move to AI-based bots that can take over email communications or build a collection letter based on auto-classification, core system data and dispute stage. One example is Vena Solutions, which offers a Microsoft-oriented F&A product with Power BI embedded to provide an easy path to predictive analytics and machine learning (PAML). In accounts reconciliation, Forrester scores technology readiness as high, but the adoption profile is average due to poor data stability and moderate business and disruption value.