Intelligent Automation: The Next Frontier in Source-to-Pay Automation

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Virtually all organizations have been impacted by the COVID-19 pandemic. With lockdowns and social distancing, companies have moved to remote working models and many have encountered operating challenges related to these new ways of working. Companies that have already adopted digital processes have experienced minimal disruption, however those that are not digitally enabled saw their processing suffer.

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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About the authors

Dennis Winkler

Dennis Winkler

Dennis Winkler is a Director in the ISG Insurance industry vertical. With more than than 25 years of experience as a business process and technology consultant, he has advised hundreds of companies on their sourcing strategies, including establishing shared service centers and outsourcing relationships around the globe. Dennis has worked with numerous insurance clients, including AIG, Chubb, Transamerica, ING/VOYA, CNO, Global Atlantic, Assurant and others.

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Sakshi Takkar

Sakshi Takkar

Sakshi is a lead analyst with ISG Provider Services. She assesses the impact of emerging technology across Finance & Accounting and the Healthcare vertical. She also tracks market movements and key trends that influence the global sourcing industry. Prior to ISG, Sakshi has had stints with Accenture and Automation Anywhere.
Paul Reynolds

Paul Reynolds

Paul Reynolds leads Momentum, a division of ISG that provides research services to help service providers better target, win and retain business. Paul has 25 years of market research experience with specific expertise in methodology development, data analytics and research process design. Having found many service providers’ Advisor Relations functions to lack appropriate analytics, Paul is working to develop innovative new approaches that allow for data-driven programs based on the unique needs of each client. His approach benefits Advisor Relations, go-to-market functions, sales, strategy, marketing, and market/competitive intelligence teams.