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You are here: Home / Blog | AI In Finance / Reflections from an Incredible
Rising '22


BLOG | AI IN FINANCE


REFLECTIONS FROM AN INCREDIBLE RISING '22

By Rohit Gupta

I've just returned from spending an incredible week in Orlando, attending
Workday Rising 2022. It was fabulous to feel the energy of almost 10,000
attendees in-person coming to the conference after three years.

Workday always does a fantastic job of hosting a terrific user conference with
innovative, strategic, and informational sessions to cater to various audiences.

And this year was no different.

We kicked off the week with Workday’s annual analyst day; I had the opportunity
to meet with Tim Faith at Gartner, R "Ray" Wang at Constellation Research, Liz
Herbert at Forrester, and Larry Carvalho at Robust Cloud.

It's always great to hear these incredibly smart and accomplished analysts share
their perspectives on what is happening in the industry, how Workday is
responding to active trends in the office of the CFO, and provide them an update
on Auditoria.AI and the innovations that we are bringing to the market.

Aneel Bhusri, Workday’s CEO, had a fabulous keynote on Day 2. He talked about
the growth that Workday is experiencing, how they continue to innovate and focus
on customers, and, very importantly, asserted that they are an employee-first
company. Happy employees always translate to happy customers, and that's been
Workday’s mantra since day one.

I was also fortunate to sit on several customer panels. These included a panel
session with Amit Sharan, CIO at Liveramp, Trey Henderson, VP/Controller at
match.com, and Perri Ma, VP of HR Transformation/shared services at Warner Bros.

Each of them discussed their evolution and growth with Workday and how the
business is intricately connected with IT as part of their transformation
journey.

Another panel I was glad to attend featured the CIOs from LabCorp, Morningstar,
and Drury Hotels. Each of them talked about the needs for IT in today’s changing
hybrid world, some of their key innovation plans, and how they plan to further
innovate on the Workday platform.

And a key trend that each leader focused on was the need for automation.

The need for greater Automation was a consistent theme throughout the
conference. Workday itself made several announcements for the office of the CFO,
where it plans to deliver additional automation capabilities to create a truly
frictionless finance experience. This includes a capability called ML Forecaster
which automatically generates comprehensive and insightful forecasts by allowing
users to incorporate both historical and third-party data such as Labor
Statistics; capabilities around Contract Search Automation in Workday’s
strategic sourcing module which automatically extracts key metadata and clauses
from third party legacy contracts or paper to uncover risks and manage contract
obligations; and lastly a capability in Workdays Expenses module called Expense
Protect which automatically detects potential duplicate expenses thereby
eliminating the need for manual review.

Another super-interesting capability that Workday announced was advanced
reporting on ESG initiatives. Workday Supplier Sustainability helps customers
better understand their suppliers' science-based targets, actual and derived CO2
emissions and their ESG ratings from third-party analysts.

Automation was also key to Auditoria's announcements and activities at Rising
this year. One of our product managers, Taylor Mageland, had a session
on Automation and Advanced Artificial Intelligence to supercharge Workday.

Taylor took the stage with one of our customers, Srinivasa Gudugundla, Senior
Director of IT Business Transformation at Liveramp, and discussed how
Auditoria’s AI-based Bots are being used to accelerate the Accruals and monthly
close process at LiveRamp. This session was incredibly well attended with close
to 200 attendees and universally well received with the content presented. one
of the polling questions was particularly interesting where the audience was
asked about the level of automation in their company, and the results were
pretty amazing.

Approximately 85% of the audience had less than 25% automation in their supplier
accruals process today which meant longer cycle times, leading to a delay in the
closing of the books.



The feedback on the need for Automation was stark and Well in alignment with the
results shared by Auditoria in our “2022 State of Automation in the back office”
survey that we published a couple of months ago. As you can see in the
infographic below, repetitive work is holding finance back, and the need for
automation is critical in almost every finance function.



Automation and AI were also critical aspects of the theater presentation
from Nick Ezzo, Auditoria’s VP of marketing. Nick provided a short overview of
Auditoria’s SmartFlow platform along with automation capabilities based on AI,
machine learning, and natural language processing in the areas of accounts
receivable, vendor management, invoice digitization, and accruals.

And to cap it off, Auditoria announced that we have formally been certified by
Workday to have our Smartflow platform fully integrated and built for Workday’s
financial management cloud applications. For Workday customers, this means
end-to-end bidirectional integration, the ability to leverage Auditoria
SmartBots for your Collections, Accruals, or Invoice Digitization, support for
the latest releases of both Auditoria and Workday products, and complete peace
of mind when rolling out Auditoria in a Workday environment.

Overall, it was a fabulous event. It was terrific to collaborate and engage with
innovative and highly committed Workday customers, partners and employees
worldwide. We met with over 500 people over the course of the event, and I hope
every one of you walked away with a clear appreciation of what Auditoria can
offer for you as you extend your Workday investments.

I can't wait for Rising 2023 in San Francisco, California.

Finance Automation, Finance and Accounting Visionaries, Finance Back Office,
digital transformation



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