PYMNTS asked business leaders for their input on how they are planning for the remainder of 2023 and what they are telling their teams to focus on. OpenEnvoy CEO Matthew Tillman says AI will not only replace a lot of work, it will replace vendor staff, automate costly financial workflows, and save billions of dollars in wasted spending. CFOs said they knew they could.
Inflation, labor cuts and the recent banking crisis are a number of issues affecting FinTech today. Thankfully, rapid advances in artificial intelligence (AI) are also influencing smart fintechs with improved cash flow management and improved profit margins.
However, accounts payable (AP) automation users with traditional workflow solutions are now facing departmental turnover and not realizing the cost savings they were hoping for. His traditional AP automation solution shifts work from finance teams to businesses, based on the theory that businesses should better understand their spend and take responsibility for managing the approval process. While this type of workflow management product reduces the cost of financial operations, it utilizes higher labor costs and expensive automation software, increasing the overall cost of managing a company’s expenditures and increasing the expected ROI is effectively nullified. The pandemic has triggered a technology generational shift, with companies unable to secure the talent needed to operate their workflow solutions and relying on third-party business process outsourcing, creating a gap between workflow solutions seen in the market and their own workflow solutions. desperately trying to fill the gap. have the ability to use
In Q1 2023, customers asked questions like, “How does AI work?” It’s amazing for customers to see for the first time how quickly AI can understand their financial spend and act on that understanding. For decades, the CFO has seen his solution no longer needed to process invoices at scale. AI will not only replace a lot of work for customers, it will also replace vendor personnel. AI automates costly financial workflows and prevents billions of dollars in wasted spending.
The market needs to raise the bar, demanding solutions that are 100% accurate, processed in real time, and deliver ultimate value. Best-in-class controls now exist to protect businesses from vendor fraud, keep cash flow safe, and hold vendors accountable. No-code integrations are also available to get your enterprise up and running quickly. Automating this tedious task for AP teams frees up valuable resources and increases efficiency.
Customers who would not normally be interested in this technology, such as traditional manufacturers, began asking detailed questions about receiver operating characteristic (ROC) curves, for example. These traditional manufacturers now want to know how advanced AI works and how it impacts operating margins and cash flow.
In the last three months, the tone has completely changed from “what can you do” to “how do you do it”. Customers are now realizing that AI is having a huge impact on their business. It also tells you how many people you need to run the department. In the future, more of her CFOs will be thinking, “How can he run one division?” It has changed a lot. In the next two years, one company will emerge.
The pace of development in our field continues as well. CFOs who act fast survive; those who don’t don’t. Making a profit is getting harder and harder each year and the finance team is shrinking.
Roles are changing and businesses and employees need to adapt. End-to-end automation is the key to success, and that means jobs will change or be eliminated. Finance is results-critical and the market demands immediate and meaningful ROI. Capital markets want greater efficiency, higher yields and better cash flow. And they will look for it at the expense of manpower.
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