Oct. 30, 2019
Before the advent of cloud services, financial data and contracts were collected and stored in boxes piled on top of one another in storage rooms and spare offices.
If you were to walk into one of those rooms, now filled with servers, what would you expect to find? Ghosts of accounting and procurement past lurking in dark corners? Or something more nefarious? Flip on the light, and you might uncover risks and challenges hidden in plain sight…in your financial data and contracts.
Shedding light on critical information buried in company contracts and financial statements can mean the difference between success and failure. Two new SAP Ariba application extension partners, Seal Software and CXO Nexus, are laser-focused on mining data to allow customers to analyze those risks and realize opportunities.
Over the past month, I had the pleasure of attending two conferences: The Financial Times (FT) CFO Dialogues and Seal Software Insight 2019. Both events focused on how companies can gain greater insight from their existing business data by applying artificial intelligence (AI) and machine learning.
These new application extension partners do just that. CXO Nexus provides companies with real-time visibility into vendor spending across the C-suite and Seal Software helps organizations gain visibility, control, and mitigate risk through contract discovery and analytics. By leveraging SAP Ariba software to extend, integrate, and optimize solutions, CXO Nexus and Seal Software are delivering higher levels of insight to customers of SAP Ariba Procurement solutions.
Ken Male, CEO of CXO Nexus, spoke on the panel, “The role of the CFO in effectively owning data,” at the FT event and discussed how executives across the C-suite are working more collaboratively than ever before. Male reinforced that data no longer lives in silos.
*This piece originally appeared on the SAP News Center*