In this paper, we highlight how intelligent automation can transform the future for the source-to-pay (S2P) process, discuss its applications across the value chain, and provide insights on how enterprises and service providers can capitalize on the opportunity.
Digitization continues to cause pervasive disruption to various functions across enterprises, and finance is no exception. Research indicates that digital disruption will significantly reduce the costs of traditional finance-related tasks like bookkeeping, accounting and auditing. Arguably, more than other enterprise functions, finance abounds with the types of repetitive processes (such as order management, invoice raising and accounts payable) that lend themselves to optimization through automation. The adoption of automation is progressing in transactional source-to-pay processes such as query handling and payments. According to a recent survey, about half of companies have fully or nearly fully automated these individual processes.
This wave of digital transformation is having a profound impact on the CFO role. Traditionally, CFOs spent a significant percentage of their time reporting historic numbers and optimizing cost. However, the modern CFO is being called on to act as a strategic partner to the business and to spearhead the transformation agenda across the enterprise.
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