TL;DR:
- SAP unveils innovative AI solutions for spend management at SAP Spend Connect Live event.
- Generative AI enhances category management with faster strategy development.
- Joule, the generative AI copilot, is set to revolutionize cloud solutions.
- SAP Spend Control Tower to offer comprehensive spend analysis with advanced AI features.
- Real-time dashboards in SAP Ariba Sourcing and Buying solutions for informed decisions.
- AI-powered risk assessment profiles integrated into source-to-settle software.
- Integration with Scoutbee’s AI-powered supplier search solution for intelligent sourcing.
- SAP Concur introduces Expense Payment Manager for streamlined reimbursements in multiple currencies.
Main AI News:
In the ever-evolving landscape of business, staying ahead of the curve is crucial. SAP SE understands this necessity and has unveiled groundbreaking business AI and user experience innovations within its comprehensive spend management and business network solutions. These innovations are designed to empower customers by providing the means to control costs, mitigate risks, and significantly boost productivity. The official announcement took place at the SAP Spend Connect Live event, held from October 9 to 11 in Vienna, known as the industry’s premier spend management conference.
SAP’s Commitment to Innovation Through Generative AI and Copilot Joule
One of the standout revelations is the integration of generative AI into the SAP Ariba Category Management solution. This innovation promises to revolutionize the procurement sector, allowing professionals to construct comprehensive and effective category strategies in record time. By jump-starting the market analysis process and providing suggested category strategies, this technology saves category managers invaluable weeks while elevating the overall strategy’s quality. General availability for this game-changing capability is expected by the end of 2023. Additionally, SAP is set to embed Joule, its revolutionary generative AI copilot, throughout its cloud solutions. This integration is planned to be available in the spend management software by 2024. The company is also actively collaborating with customers to develop further use cases, aiming for availability in the first half of 2024. Muhammad Alam, President and Chief Product Officer, Intelligent Spend and Business Network at SAP, stated, “These are just some of the examples of how we are thoughtfully integrating generative AI technology with our market-leading spend management solutions to help our customers be more productive. As with all of SAP Business AI solutions, we are developing these new spend management AI innovations with security, privacy, compliance, ethics, and accuracy in mind.”
SAP’s Spend Control Tower: A Beacon of Comprehensive Analysis
The upcoming SAP Spend Control Tower solution is set to redefine spend analysis. It will come equipped with advanced AI features, providing customers with the ability to gain insights across all expenditure categories. This comprehensive view will uncover cost-saving opportunities and unearth process improvements. These powerful capabilities are expected to become available in the first quarter of 2024. Furthermore, SAP Ariba Sourcing and SAP Ariba Buying solutions will feature new dashboards, offering near real-time information within essential process workflows. This enhancement empowers procurement professionals to make timely and well-informed decisions, underpinned by a new architectural foundation that promises future innovations.
AI-Driven Risk Assessment Integrated into Source-to-Settle Solutions
SAP is further solidifying its commitment to user empowerment by incorporating AI-powered supplier risk assessment capabilities into its source-to-settle software. This addition is poised to enable business users to make smarter decisions faster by seamlessly integrating risk assessment profiles into sourcing, contracting, and buying solutions. Today, these capabilities are readily available within SAP Ariba Sourcing, SAP Ariba Contracts, and SAP Ariba Buying solutions.
Scoutbee and SAP Forge a Path to Intelligent Sourcing
SAP’s collaboration with Scoutbee GmbH, a leading AI-powered supplier intelligence and discovery platform company, is set to bring remarkable change to the procurement landscape. The plan involves integrating an AI-powered supplier search solution, known as Scoutbee Discovery, with SAP Ariba Sourcing. This solution promises swift identification of suppliers that align with intricate requirements, such as production capacity, quality standards, and certifications. Short-listed suppliers will be seamlessly imported into guided sourcing events, empowering sourcing professionals to make decisions with heightened confidence. The integration is expected to be available in the first quarter of 2024. Scoutbee Discovery complements SAP Business Network Discovery, facilitating the rapid discovery of suppliers that meet specific requirements, even outside the network.
Expense Payment Manager: Time and Cost Efficiency at Its Best
In the fast-paced world of business, efficiency is key. SAP Concur solutions are making a significant stride in this direction with the introduction of the Expense Payment Manager service. This service equips customers with the ability to reimburse employees in over 25 different currencies, streamlining the payment process significantly. By contracting directly with third-party payment providers, flexibility is increased, allowing customers to select their preferred payment provider. The Expense Payment Manager is now generally available, presenting a transformative solution that saves time, money, and headaches in the expense reimbursement process.
Conclusion:
SAP’s pioneering AI-driven innovations in spending management signify a significant leap forward for the market. With enhanced efficiency, risk assessment, and intelligent sourcing, businesses can anticipate reduced costs, greater productivity, and smarter decision-making, ultimately bolstering their competitive edge.
