Every business-related decision is ultimately a spend decision, according to an update from Zip. If we look more closely at spend, then we can get a snapshot of what matters most: the priorities, risks, as well as strategies that could shape the future.
Zip’s ‘State of Spend’ global study of 1,030 industry professionals responsible for supplier spend provides an analysis of how organizations are budgeting, hiring, and investing in an AI-enabled future.
Despite the rise of AI algorithms and machine learning being applied to a wide range of use cases, there are still many things that artificial intelligence simply cannot do. And if hiring managers or recruiters need to demonstrate that there are certain tasks that cannot be done via automation or AI, then this should not be difficult at all.
AI still cannot seem to compile simple data points and often makes very serious mistakes. Relying on AI to replace human workers at this stage is very premature. In fact, Fintech firm Klarna had been very eager to replace workers with AI, but then was forced to backtrack due to the fact that AI was not able to effectively replace human manpower.
The report from Fintech Zip highlights the potential of AI to enhance spend management, but industry participants should still proceed with caution because the tech is not fully mature at this point, even though it has matured several orders of magnitude in the past 20 years.
