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Generative AI in Accounts Payable

Publisher IDC
Published Sep 28, 2023
Length 5 Pages
SKU # IDC18202388

Description

Generative AI in Accounts Payable


This IDC Market Perspective discusses the transformation possible in the accounts payable (AP) department through the implementation of generative AI technology. With features such as spend anomaly detection, dynamic budgeting, spend data analysis, and scenario generation, organizations can be empowered to make improved and data-driven decisions. Decision makers must be cognizant of potential challenges such as data quality, model interpretability, and changes in business processes. Despite these challenges, generative AI is poised to have a significant impact on AP processes as the technology continues to advance."With the ability to conduct extensive historical analysis, provide strategic guidance with innovative insights, and adapt to ever-changing market dynamics and regulatory shifts, generative AI is here to stay in the accounts payable department," says Jordan Steele, research manager, Worldwide Financial Applications Support at IDC. "As models continue to advance, we can expect to see more improvements in regulatory compliance, increased agility in volatile economic conditions, and enhanced insights for data-driven decision making."

Please Note: Extended description available upon request.

Table of Contents

5 Pages
Executive Snapshot
New Market Developments and Dynamics
Introduction
Industry Dynamics and Challenges
Data Quality and Availability
Interpretability and Transparency of Models
Business Process Changes
Benefits of Generative AI Within Accounts Payable
Spend Anomaly Detection
Dynamic Budgeting
Spend Data Analysis
Optimized Purchase Decisions with Scenario Generation
Use Cases
Brex
Rho
Genpact
Future Outlook
Advice for the Technology Supplier
Learn More
Related Research
Synopsis

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