With over 60% of businesses making between $10 billion and $20 billion, depending on at least five accounts payable (AP) systems, the majority of CFOs of firms with yearly revenues above $1 billion utilize numerous systems to handle their source-to-pay cycles. According to the PYMNTS Intelligence report “60 CFOs Can’t Be Wrong … AI Can Help Accounts Payable,” nearly two-thirds of surveyed CFOs faced interruptions in their source-to-pay cycles in the past year, resulting in payment execution and authorization delays. Merely 17% of businesses operate their source-to-pay cycles with little to no human intervention, indicating a significant reliance on labor-intensive manual procedures that would be enhanced by automation.
Driven by these inefficiencies, CFOs are increasingly turning to artificial intelligence (AI) to streamline their operations. The report indicates that 78% of CFOs deem access to AI technology very or extremely important for their AP processes. AI is not only enhancing AP management but also improving overall organizational efficiency. Exclusive data shows that 63% of CFOs reported a reduced need for lower-skilled workers due to AI, although the demand for analytically skilled employees is rising. As AI applications continue to evolve, they are expected to further transform financial management, showcasing AI's potential in optimizing business operations.
