target audience: TECH SUPPLIER Publication date: Sep 2023 - Document type: Market Perspective - Doc Document number: # US51217223
Generative AI in Accounts Payable
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Abstract
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."