Artificial Intelligence and Machine Learning have been the buzzwords in the IT industry for the last few years. There is an astounding focus on what they can deliver now and in the future with most of the large IT companies investing heavily in building AI and Machine Learning products. 

Artificial Intelligence (AI) promises to bring in a new era in digital transformation that will disrupt process execution and drive next level of productivity and efficiency improvements.

In this article, we will discuss two key finance processes that will have a large impact from an AI perspective.

AI impact on Procure to Pay and Order to Cash processes

1. Procure to Pay

Procure to Pay processes deal with vendor master, purchase order, invoice receipt, scanning & mailroom (for physical invoices), invoice entry, PO 2/3 way matching, invoice processing, holds, disputes management and payment processing. While there are many products in the market that enable e-invoicing to resolve some problems, there are only a few products in the AI space. 

Table 1 shows a few examples of how AI can help bring the next level of transformation in the Procure to Pay processes.

2. Order to Cash

Order to Cash processes include lead generation, sales order, quote management, customer credit management, billing, invoice acknowledgement, collections, cash applications and customer dispute management.

Table 2 explains with a few examples the processes that can be impacted through the use of AI in Order to Cash.

AI, with its varied applications across finance processes, will prove to be quite a game changer. No surprise that organizations are increasingly leveraging AI to improve their operations. The future looks promising with better outcomes for both, customers and businesses.

Wipro is at the forefront of transformation with an investment of over US $1 Billion in technology transformation.

Wipro HOLMES™, Wipro's Artificial Intelligence and automation platform, is the bridge between Foundational AI algorithm builders and Applied AI. HOLMES Platform handles all transformation needs from building, publishing, metering, governance to monetization of heterogeneous AI solutions. The offerings of HOLMES have been successfully deployed across industry verticals and functions driving the 3E’s - Efficiency, Economics and Experience.

Wipro HOLMES™, within Finance & Accounting, automates activities across the finance value chain. Along with hyper-automating transaction-intensive activities such as accounts receivable and accounts payable, it provides intelligent automation solutions for judgment-intensive activities like journal entry and revenue prediction. It helps the finance department by activating ‘early warning system’ to audit all their invoice-based spend and spot errors, frauds and contract violations, prior to the payment. AI captures history-based learning across multiple dimensions that has an influence on prediction, thus enabling data-based business execution, leading to improved risk management and auditor experience.

Rakesh Pande
Senior Manager – Finance & Accounting Solutions, Wipro

Rakesh is a qualified chartered accountant and cost accountant. In his current role, Rakesh specializes in building solutions for diverse finance landscape of customers across the globe. He has more than 14 years of domain expertise in finance processes in different functions including pre-sales, solutions, delivery and transitions. As Wipro’s F&A solutions architect, he works with large customers to identify areas of transformation in their finance organizations.