Originally appeared in Supply & Demand Chain Executive on April 9, 2021
Businesses across all industries have experienced their collective share of challenges in the past year. Even amidst the world’s fastest, largest vaccine rollout, the Coronavirus disease (COVID-19) pandemic has stymied economic growth and prosperity throughout the world. A complete recovery will take some time.
Here’s some source-to-pay (S2P), procurement and finance trends to watch in 2021.
For most of the previous few decades, the S2P cycle has grounded itself in manual processes and procedures. Conversations between suppliers and purchasers can result in adjusted contracts or agreements, with sporadic oversight or tracking of the end result. The same goes for manual entry errors or incorrect billing.
Despite significant interest, automating the S2P process has not seen the investment needed to deliver a fully digital process – one that requires minimal human input. Several emerging technologies, however, including robotic process automation (RPA), machine learning and advanced artificial intelligence programs, or “cognitive agents,” have the potential to overcome traditional automation challenges.