EY professionals believe that for technology companies, focusing first on internal development around order-to-cash (OTC) and FP&A should be a priority, primarily because OTC is what makes them unique in the marketplace, and it’s unlikely they could buy off-the-shelf solutions that are AI-ready. However, processes such as procure-to-pay (PTP) and record-to-report (RTR) are typically more straightforward at a tech company, and it might make sense to wait until software providers for these processes embed AI into their products.
“The important thing to remember is that there is no ‘one size fits all’ solution and companies need to take a deep look at their internal processes and supporting tech before moving forward,” said Amanda Donohue, Principal, Finance Consulting, Ernst & Young LLP. “The key is to invest in reimagining your critical and complex processes rather than waiting for someone else to reimagine them for you.”
Simplifying finance: how it can work
In a full agentic AI model, finance work falls into two categories: routine operational tasks managed by AI with human oversight and higher-level managed tasks handled almost entirely by people. Because time-consuming operational tasks are performed seamlessly behind the scenes by AI, finance teams can manage their work with reduced headcount and a greater focus on value-added tasks.
For example, an analyst in FP&A today gathers data manually before doing any analysis, often pulling from multiple systems. With agentic AI, that data is already gathered and ready automatically as needed. AI delivers a first draft of analysis, freeing analysts to focus on deeper insights, allowing them to truly partner with the business to make critical decisions on the path forward.
In many industries, AI is transforming the entire lead-to-cash process, from generating personalized marketing campaigns based on customer data to contract management, credit management, invoicing and collections, order fulfillment and customer service.
Throughout those steps, agentic AI uses predictive analytics to better understand customer preferences, payment risks and renewals or reorders; automates multiple processes that previously required staff time and input; and personalizes communication with prospects and customers to streamline lead generation, orders, invoices and payments. The result is a highly automated process that increases sales, manages complex contracts, reduces risks of nonpayment and increases cash flow.
