TECHNOLOGY
“ Once viewed as niceto-haves , as the technologies mature , they have become vital to realising the full potential P2P solutions offer ”
ALEX SARIC SMART PROCUREMENT EXPERT , IVALUA
drastically improving visibility into spend and enabling suppliers to share their data more effectively .
Automation is also being improved by advanced technologies such as modern automated eInvoice processing tools that can convert file types and remove duplicates , capturing invoices in a single hub that will make checks on tax compliance , authenticate invoices and simplify the process for accounts payable . This frees up time for employees to spend on higher-value activities .
WM : This year we saw vendors across the board improving their use of AI in several areas including conversational platforms to enhance search and interactions with suppliers , improved document handling , and spend analytics . AI is also used in risk mitigation to determine the impact of adverse events on the supply chain including predicting potential financial distress in suppliers or their ability to fulfill orders on time in full .
Advanced technologies help more mature companies continue to get value out of their investments and move from purely transactional processes to more value-added ones ( ex : supplier relationship management and risk mitigation ), but the fact of the matter is there is still tremendous value in simply automating a manual process . Automation yields both time and money savings that can be redirected to other areas of the business that require more advanced decision making .
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