AI transformation including generative AI is one of the top priorities for CEOs. Though AI is critical for enterprises its procurement and deployment is different from software procurement which enterprises are familiar with.Being aware of these differences and following best practices can help enterprises achieve success with AI procurement.
Invoice processing can be a complex and time-consuming task for businesses. The average cost to process a single invoice ranges from $15 and $40 per invoice. This is not a surprise since an accounts payable clerk is expected to process ~1,000 invoices/month, assuming there are no errors in the process.
In 2023, the average SaaS application portfolio of a company grew 32% vs 2021, reaching 371 apps (Figure 1). However, when it comes to app engagement, more employees are engaging with shadow IT apps (54%), than those owned by their IT department (40%) (Figure 2).
Automation is imperative and businesses are investing billions into it. However, results are mixed; app sprawl has led businesses to use hundreds of applications with limited utilization. Many firms are stuck in local optima without a consistently high level of automation across the enterprise.
Generative AI, also called GenAI, presents novel opportunities for enterprises compared to middle-market companies or startups including: However, generative AI is a new technology with unique challenges for enterprises: Executives wonder how their organizations can reap the benefits of generative AI while overcoming these challenges.