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1、Custom content for GEP by studioIDREVOLUTIONIZING CORPORATE SPEND:HOW AI UNITES PAST,PRESENT AND FUTURE FOR POWERFUL RESULTSFind out how the next iteration of intelligent spend analysis,category and risk management tools integrate generative AI to analyze complex data and uncover hidden patterns and

2、 trends.hile inflation,labor markets and consumer confidence appear to be recovering,the economic picture remains uncertain.This means only one thing for financial leaders:At the top of every agenda must be navigating uncertainty while balancing growth with cost containment.As a chief financial offi

3、cer(CFO)or chief procurement officer(CPO),you must know exactly whats happening with company spend today,including the people,places and performance metrics associated with where its headed.All kinds of expenses must 62%CFOS ARE UNDER INCREASED PRESSURE TO DEMONSTRATE PROFITABLE GROWTH.IN FACT,FOR 6

4、2%,GROWTH TOPS THEIR PRIORITY LIST.2be tracked and managed,including direct,indirect,services,reactive,proactive,maverick and tail spend.And you must do this amid growth expectations.According to Gartner,CFOs are under increased pressure to demonstrate profitable growth.In fact,for 62%,growth tops t

5、heir priority list.1How will you get all aspects of your companys spending under control while still promoting advancement?Success starts with the right intelligent spend analysis,category and risk management tools.WTraditionally,CFO and CPO tools have relied on internal historical data to report wh

6、ats been spent and properly accounted for.While this data shouldnt be ignored,it tells you only one thing:what already happened.It cant reveal whats occurring right now in your company,and it cant reflect whats yet to come.Closing this information gap is essential to formulate future-forward strateg

7、ies and prepare for growth-related challenges.It also insulates your company against potential financial and supply shocks.“Todays environment is very dynamic,”explained Anup Shetty,director at GEP.“Pre-pandemic,things were fairly stable.Procurement was easier to predict and judge,but thats no longe

8、r the case.Prices are volatile,making it difficult to establish a benchmark if youre only looking backward.”A historical-data-only approach creates another problem:It ignores external factors such as market demand,supply,the economy and regulations.“You need that outside information to determine wha

9、t a good price actually looks like,”Shetty said.“Weve seen lots of recent instances where companies have paid,for example,5%more than the previous year.While this is an increase,theyve done a lot better than their competitors.Comparatively,those other companies may have been paying 25%or 35%more.In

10、these conditions,paying 5%more is considered a good price.But you would only know that with the support of external data.Keeping things in perspective and striking the right balance is what is needed in uncertain times.”CLOSING THE CFO-CPO INFORMATION GAP BY MOVING BEYOND HISTORICAL DATA3“Todays env

11、ironment is very dynamic.Pre-pandemic,things were fairly stable.Procurement was easier to predict and judge,but thats no longer the case.Prices are volatile,making it difficult to establish a benchmark if youre only looking backward.”ANUP SHETTY Director at GEPTHE RISE OF AI AND ML IN PROCUREMENT PL

12、ATFORMS 4To boost automation and support decision-making,todays intelligent spend analysis,category management and budget-to-pay solutions integrate artificial intelligence(AI)and machine learning(ML).This powerful combination helps CFOs quickly make sense of the data available to them and provides

13、practical recommendations they can evaluate and act on if they choose.Srikanth Venkateswaran,senior manager at GEP,explained how the technology helps financial leaders for midmarket enterprises gain closed-loop visibility into the financial health of their organizations.A budgeting solution like thi

14、s helps finance and procurement teams complete tie-out,something lost in most companies,since these two teams focus on different agendas.The technology makes its impact by analyzing:BUDGETS“How are your budgeting processes?What inputs are being used to make decisions?How can your company grow while

15、maintaining its cost base and planning for spending?These are all things AI can help you determine.”INCURRED COSTS“With AI,youll be able to ensure the efficient cost management of whatever material youre sourcing,as well as efficient management of your vendors and direct execution of your RFPs.”PAYO

16、UT“Users will be able to raise a requisition and experience a seamless,compliant PR-to-PO(purchase-requisition-to-purchase-order)process to drive efficiency while reducing the resource requirements to manage this process.”FINANCIAL IMPACT“This is where it all comes together to create a closed loop.H

17、ere,with AI,you can see how every action youve taken,or every cost youve incurred,is reflected back toward your budget.”Integrating AI and ML into these tools also supports faster,easier strategy maintenance.A cognitive engine works behind the scenes to trigger alerts and calls to action that remind

18、 you to reassess and optimize your strategy.Instead of having time to manage only one area or category,this capability enables a single person to manage multiple areas or categories effectively,efficiently and in real-time.Building on the proficiency of AI,the next iteration of intelligent spend ana

19、lysis,category management and budget to-pay tools weaves in generative AI to take performance to the next level.They help CFOs explore and analyze complex data in new ways while uncovering hidden patterns and trends to support flexible and dynamic business.WHAT YOU CAN DO WITH INTELLIGENT TOOLS DRIV

20、EN BY GENERATIVE AI 5DETECT AND ADDRESS ANOMALIES TO ADDRESS DISRUPTIONSTo identify issues such as duplicate payments,outlier transactions or personnel with abnormal purchasing patterns,generative AI also employs ML algorithms to constantly monitor for and warn about anomalies or unusual activity.Th

21、is allows financial leaders and their teams to proactively identify and address disruptions and correct mistakes before they reach the procurement stage.ANSWER YOUR MOST CRITICAL BUSINESS QUESTIONSTools that include generative AI also help CFOs answer critical questions that are often difficult to a

22、nswer and provide suggested alternatives.As cost optimization,including vendor and supplier costs,remain a top area of focus for CFOs in the near future,this capability alone can help executives capture more value from technology investments.2By unlocking this power,you can be confident youre workin

23、g with the right partners or understand where changes need to be made so an action plan can be created to work through exposed issues.6COMBINE EXTERNAL AND INTERNAL DATA FOR A MORE COMPREHENSIVE VIEWFor starters,the integration of generative AI creates a decision-making framework that takes paramete

24、rs beyond cost into account.As an example,melding economic-forecast data with company historical data gives financial leaders a stronger sense of real-time commodity pricing and how the economic environment may change.Generative AI enables predictive intelligence and real-time response so CFOs and C

25、POs can capitalize on efficiencies,mitigate risk and lead smarter supplier negotiations.“As you evaluate your financial health,generative AI can also help you consider what the market will look like in the short-term for cost-cutting,as well as mid-term and long-term for strategic planning,supplier

26、relationships and value so you can identify areas to address in terms of efficiency and productivity.”SRIKANTH VENKATESWARAN Senior Manager at GEP7LETS CONSIDER A FEW EXAMPLES.Q:Which suppliers(tier 1,2 and 3)provide the best products and services based on supply and demand?Generative AI built into

27、intelligent spend analysis,category management and budget-to-pay solutions can help you quickly evaluate supplier performance by determining whether your suppliers provide goods and services on time,gauging their responsiveness and assessing their costs compared with other vetted suppliers.Supplier

28、sensitivity analysis will provide insights on impending issues,if any,with your suppliers.Q:Which suppliers align with and can meet the companys ESG initiatives?You can track and report on suppliers abilities to do things such as achieve renewable energy and net-zero emissions goals;reduce carbon fo

29、otprints;enable diversity,equity and inclusion;and establish standards for corporate policies.AI can help screen supplier data and identify ESG risks.It can also help procurement to develop cost-benefit analysis and quantify in dollar terms the benefits of investing in ESG(reduced energy/enhancing b

30、rand,etc.)8Q:Where can costs be negotiated to reduce expenses and increase value?Instead of finding,reading and poring over payment terms for your suppliers,tools with generative AI can quickly evaluate payment terms and assess your best opportunities for cost reductions.GEPs spend analytics tools i

31、nclude supplier and payment rationalization to pinpoint opportunities for improvement,such as early payment discounts to support working capital.For example,early-payment discounts may be available.Or perhaps you can carve out a price increase as a separate line item and revisit it quarterly with yo

32、ur supplier to determine whether it can be reduced.Q:How can I reduce maverick spending and improve my compliance?One-off purchases from scattered vendors often lead to higher costs and more risk.Intelligent spend analysis,category management and budget-to-pay tools that rely on generative AI can he

33、lp you gather market and current procurement information,define categories,eliminate redundancies,consolidate procurement efforts,and simplify supplier relationships and contracts.This enables you to uncover opportunities to move one-off purchases to preferred suppliers and drive economies of scale.

34、Q:How can third-party risk be better managed?By evaluating sourcing and contract processes,tools with built-in generative AI help you monitor third parties and uncover leading indicators that may affect the source-to-contract process,such as financial trouble,business ethics or cybersecurity posture

35、.By identifying these risks earlier,you can preserve a stable vendor ecosystem and ensure compliance.This level of insight can also reveal unique ways suppliers work with other organizations,which may inspire your company.Q:Are we operating within budget?Does our forecast need a revision basis some

36、external market developments?While annual target setting is largely followed in many firms,AI-driven data and analytics can ensure budget revisions,if any,have a scientific backing.We witness misalignment between procurement and finance(with each working off their own KPIs),and a comprehensive view

37、of shared(and agreed upon)forward-looking metrics will ensure opinion-oriented differences are reduced,if not eliminated.For instance,semiconductor shortages sent pricing for the commodity through the roof.It was important for procurement to keep the lights running and quickly prioritize supply assu

38、rance and quality over any other cost considerations.Working in tandem with finance in such scenarios will help in business agility.PROVIDE FAST ROIGartner reports that 80%of finance teams in large enterprises will rely on generative AI in the next two years3 and midmarket enterprises are sure to fo

39、llow.Because of the value they create,generative AI tools can generate quick return on investment(ROI).For example,the right tool can be deployed in less than eight weeks.After that,you can begin to identify cost-saving opportunities right away.GEP has seen its own clients experience immediate,three

40、-and six-month ROI,depending on the scope,size and scale of the project.980%OF FINANCE TEAMS IN LARGE ENTERPRISES WILL RELY ON GENERATIVE AI IN THE NEXT TWO YEARS AND MIDMARKET ENTERPRISES ARE SURE TO FOLLOW.Any spend analysis investment should allow you to conduct price compressions,ensure spend co

41、mpliance,improve productivity and optimize working capital.But,if youre going to invest company dollars in intelligent spend analysis,category management and budget-to-pay tools,then how can you influence a purchase that will gather the right data and gain immediate mid-and long-term results while p

42、reparing for operation in an unstable economic environment?HOW TO PICK AN INTELLIGENT TOOL THAT DOES THE JOB RIGHT Shetty offered this crucial piece of advice:“Always look beyond ERPs.Many companies expect their ERP solution to do everything they need in terms of HR,finance,procurement,etc.,but ERPs

43、 were never designed to do that.Make sure the point solution you choose is razor-focused on your specific area.”ANUP SHETTY Director at GEP10Reduce manual processesManaging spend and risk is all about data.If data is missing,dirty or inaccurate,then it will lead to bad decision-making.The tool you c

44、hoose should bring all company data together spend analysis,savings tracking,sourcing,contract management,supplier management and procure-to-pay in one platform in real time.It should also integrate external data sources with current company information and orchestrate it into one cohesive dataset.S

45、erve up the data you need quicklyIf you want the most value possible from your tool,then it must be simple to use.For example,GEPs platform features a built-in chatbot that can immediately guide you to the information you need.“All you have to do is ask it a question,”Shetty said.“For example:Can yo

46、u tell me who all the suppliers are for this particular commodity in this particular region?Through generative AI,the chatbot helps you quickly discover new potential suppliers within your database of vetted partners.”Support fast implementation App development is usually tedious and requires specia

47、lized skills and the involvement of developers.Look for low-code/no-code platforms that allow nontechnical users to make platform changes on their own quickly.Auto-adjust to your preferencesSoftware that integrates AI and ML can“learn”your patterns and preferences so that usage and value continue to

48、 improve over time and you uncover the information you need faster.0103020411When searching for the right tool,look for one that can accomplish the following.Intelligent spend analysis,category management and budget-to-pay solutions will help you understand what lies ahead,control spend,and evaluate

49、 and prepare for true supply and demand as well as your suppliers ability to deliver.“A single data model driven by generative AI makes sure all your data is clean and in one place,is updated in real time,and connects with external sources,”Venkateswaran said.“That way,you can track information outs

50、ide your spend data to budget,alleviate risk,make more accurate predictions,and plan better for resources and initiatives.”Get ready to go beyond costs and savings opportunities to evaluate supplier assurance and uncover new ideas that wouldnt be possible on your own.Procurement-platform innovations

51、 like generative AI will be the difference-maker when it comes to granular decision-making and management.THE RIGHT MOVES TO NAVIGATE UNCERTAINTY121.https:/ MOREGEP delivers AI-powered procurement and supply chain solutions that help global enterprises become more agile and resilient,operate more ef

52、ficiently and effectively,gain competitive advantage,boost profitability and increase shareholder value.Fresh thinking,innovative products,unrivaled domain expertise,smart,passionate people this is how GEP SOFTWARE,GEP STRATEGY and GEP MANAGED SERVICES together deliver procurement and supply chain s

53、olutions of unprecedented scale,power and effectiveness.Our customers are the worlds best companies,including more than 550 Fortune 500 and Global 2000 industry leaders who rely on GEP to meet ambitious strategic,financial and operational goals.A leader in multiple Gartner Magic Quadrants,GEPs cloud

54、-native software and digital business platforms consistently win awards and recognition from industry analysts,research firms and media outlets,including Gartner,Forrester,IDC,ISG,and Spend Matters.GEP is also regularly ranked a top procurement and supply chain consulting and strategy firm,and a lea

55、ding managed services provider by ALM,Everest Group,NelsonHall,IDC,ISG and HFS,among others.Headquartered in Clark,New Jersey,GEP has offices and operations centers across Europe,Asia,Africa and the Americas.studioID is Industry Dives global content studio offering brands an ROI rich tool kit:Deep i

56、ndustry expertise,first-party audience insights,an editorial approach to brand storytelling,and targeted distribution capabilities.Our trusted in-house content marketers help brands power insights-fueled content programs that nurture prospects and customers from discovery through to purchase,connecting brand to demand.LEARN MORE