Gaining Greater Control Over Cash Flow with AI
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A recent SSON webinar with OpenEnvoy revealed companies in the US alone had spent a staggering $16.5 Trillion in 2021. As this statistic suggests, spending is out of control; there is little two-way matching, no visibility, human approvals and a complicated mass of different workflows.
The webinar revealed three things:
- Just 27% of invoices are audited, 30% of invoices have at least one error and a staggering 90% of errors favor the supplier. This isn’t because the suppliers want to overcharge their customers, but because of problems with the process.
- For the past decades, companies have been sold workflow tools, where the goal was to distribute work to the rest of the organization. But within these tools, there is still a lot of manual work needed to get visibility. This means that there is a low level of accuracy and lots of workarounds. Many current solutions are not fit for purpose and there is an extreme churn for AP Automation solutions. Many are up for review after just 14 months!
- Recently, every CFO in the country has had their CEO ask what’s our AI strategy? Now that AI exists many AP automation solutions have become obsolete. Enterprise AI can help you stop overpaying, effectively manage costs and maximize productivity and cash flow.
To hear more about how you can overcome the challenges of visibility and identify where the problems are in your AP process. You can download the slides from our webinar here, or register to watch the on-demand recording.
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