SAP Spend Connect 2023 : Essential Points to Remember
Reed Messe Wien Congress Center
From October 9 to 11, 2023
SAP Spend Connect 2023 was an opportunity to announce major innovations!
SAP Spend Connect Live 2023, which took place October 9-11 at the Messe Wien Congress Center in Vienna, Austria, was a major event for the expense management and the SAP enterprise network. During this conference, several important announcements were made, revealing the latest Innovations in terms ofartificial intelligence (AI) and expense management.
In this article, we will explore the key points of this event, with a focus on the SAP Spend Control Tower, the solution SAP Ariba Category Management, and the importance of AI in the field of expense management.
SAP Spend Control Tower: A Complete View of Spend!
One of the main announcements of SAP Spend Connect 2023 was the presentation of the SAP Spend Control Tower.
This centralized monitoring platform allows customers to compare and analyze expenses across management solutions SAP expense management, including SAP Cloud ERP, SAP Ariba, SAP Fieldglass, SAP Concur and SAP Business Network.
The SAP Spend Control Tower will be equipped with advanced AI capabilities that will provide near real-time visibility into all spending activities, enabling organizations to identify opportunities to reduce costs and optimize operational performance. This platform will be available in the first quarter of 2024 and will offer dashboards displaying critical spending factors such as compliance, opportunity analysis and sustainability.
SAP Ariba Category Management: The Benefits of AI
Another major announcement during SAP Spend Connect 2023 was the improvement of solution SAP Ariba Category Management thanks to the integration of generative AI.
This integration will allow purchasing professionals to more quickly develop comprehensive and effective category strategies. Using market analysis processes and category strategy suggestions, this solution will enable procurement professionals to refine and implement their cost control initiatives. SAP Ariba Category Management will also be integrated with large language models using SAP Business AI, providing an optimized user experience and powerful functionality.
Technological Advances in Expense Management
In addition to the major announcements regarding the SAP Spend Control Tower and SAP Ariba Category Management, SAP also presented other technological advancements in the area of spend management.
For example, SAP announced theJoule integration, its generative AI co-pilot, across its entire enterprise cloud portfolio, with availability planned for 2024. Additionally, new dashboards in SAP Ariba Sourcing and SAP Ariba Buying solutions will deliver near real-time insights into key process flows, enabling procurement teams to make decisions faster and accelerate time to value.
SAP also announced integrating supplier risk assessment capabilities powered by AI in its source-to-pay solutions. These capabilities are now available for SAP Ariba Sourcing, SAP Ariba Contracts and SAP Ariba Buying, enabling the assessment of risk profiles in the areas of sourcing, contracting and purchasing.
A three-day event that explored how to unlock even greater value for your business.
Conclusion
SAP Spend Connect 2023 was an opportunity to announce major innovations in the field of spend management, focusing on artificial intelligence and process optimization. The SAP Spend Control Tower and SAP Ariba Category Management provide organizations with complete visibility into their spend, while using generative AI to improve efficiency and decision-making. These technological advancements demonstrate SAP's commitment to helping customers manage costs, mitigate risks and improve productivity through innovative solutions.
By adopting these new technologies and leveraging AI capabilities, businesses can transform their spend management and achieve more efficient and profitable results. SAP continues to push the boundaries of innovation in this area and positions itself as a leader in the field of spend management and generative AI.