Why do Finance and Procurement Automation Companies use account intelligence for better prospecting?

Finance and procurement automation companies rely on account intelligence to help them identify the best prospects for their products and services. The Office of the CFO and Procurement Functions are getting massively disrupted with the advent of AI and RPA.

Account intelligence helps organizations gain insights into potential customers, such as their financial health and IT investment plans, which can inform sales pitches and improve their chances of success. In today’s increasingly competitive market with complex solutions, the use of account intelligence is especially beneficial. Companies need to be able to identify and target the right prospects quickly, efficiently and effectively.

Account intelligence also provides organizations with valuable information about their competitors, helping them to make strategic decisions and establish a sustainable procurement process. Additionally, account intelligence can support decision-making by providing critical insights into the customer’s needs, enabling organizations to tailor their offers to those needs. This not only helps to ensure that a company’s offerings are relevant and attractive to the customer, but it also helps to maximize the success of its outreach efforts.

Our analysis of the quarterly earnings of several top US finance sectors indicated investments in the following areas:

  1. Northern Trust – Investment Banking
  2. Fifth Third – Fintech
  3. U.S. Bank – Commercial Banking, Digital Solutions
  4. Ulta Beauty – Omnichannel Capabilities
  5. Ryder – Finance Automation
  6. Nike – Sourcing and Procurement

AI technology is increasingly being used to automate time-consuming and repetitive tasks within the procurement process, such as supplier risk management, accounts payable automation and spend analysis. AI is also leveraged to identify new suppliers and markets, allowing organizations to make more informed decisions. AI also helps to capture or apply scarce knowledge, and free up time for employees to focus on more creative or strategic tasks.

The use of AI in business applications is still in its early stages, but there are already examples of AI being used effectively within Procurement functions. Natural language processing, for example, is being used to automatically scan and interpret legal documents for potential savings opportunities. AI is also being used to classify data and actively teach the AI algorithm, resulting in improved confidence and quality of data classification over time.

When implementing AI in Procurement, organizations should start with boring problems, rather than looking for miraculous solutions. They should also think of AI from a business process point of view to ensure that it adds value to their operations. Finally, they should validate assumptions with internal or external experts to ensure that they are getting the most out of the technology.

Finance and Procurement cover a wide spectrum of functions in a company. Few of the specific functions that are seeing a slew of companies solving for them are:

  • Accounts Receivable Automation
  • Accounts Payable Automation
  • Contract Lifecycle Management
  • Indirect Spend Management
  • Document Automation
  • Expense Management
  • Cash Flow and Treasury Management

Companies like Auditoria have seen tremendous success using account intelligence in their prospecting efforts. The CFO’s office is undergoing massive disruption in finance, procurement and spend management processes.

In conclusion, finance and procurement automation companies need account intelligence to identify the best prospects and make informed decisions. AI technology helps organizations automate tedious tasks, capture and apply scarce knowledge, and identify new suppliers and markets. Organizations must start with boring problems, and think of AI from a business process point of view, in order to get the most out of the technology.

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Citations :

1. https://www.jaggaer.com/blog/cognitive-procurement-is-it-the-final-frontier/
2. https://www.advsyscon.com/blog/what-is-intelligent-process-automation/
3. https://mediaradar.com/blog/5-benefits-of-ad-sales-intelligence/
4. https://www.netscribes.com/sales-account-intelligence/
5. https://www.supplychain247.com/article/accounts_receivable_automation
6. https://sopro.io/added-value/blog/intelligent-prospecting-ten-strategies-to-increase-your-sales/
7. https://business.linkedin.com/sales-solutions/resources/prospecting
8. https://blog.procurify.com/2014/02/05/what-is-procurement-intelligence/
9. https://sievo.com/resources/ai-in-procurement
10. https://blog.auditoria.ai/a-new-era-of-finance-with-intelligent-automation
11. https://www.tcs.com/perspectives/articles/finance-operations-automation-artificial-intelligence