How AI is being used in finance and ERP transformation
Updated: Aug 28
We were recently invited to speak at a Future of Finance TechTalk event organised by Kefron AP, discussing what is actually happening right now with AI in Finance departments. Our COO and co-founder shared insights into the ERP change experience – the good, the bad and the ugly, and gave advice about what to do to give your project the best chance of success.
This article is a brief snapshot of what was covered during the event. James Kearns, of Kefron AP kickstarted the talk with:
What change events are there that are driving transformation?
A new hire e.g. Finance Director / CFO
Instigates a review of people, process technology
Bringing experience from previous roles
An acquisition or merger can mean
A restructuring of teams
New systems to integrate
Increase in workload and data entry
Major system change
Opportunity to accelerate digital transformation
Best in class plug-ins
Growth
Growth increases transactional workload
Hire more people or automate where possible
Legislation
E-invoicing legislation
New mandates driving change
Board directives
Use technology where possible
Provide meaningful work for your team to drive retention
AI in ERP Transformation - where are we now?
Work smarter and faster, not harder
AI now performs better than humans
Global spending on AI to exceed $301 billion by 2026.
AI is shaping ERP Transformation
How is AI showing up in finance teams?
AI also makes fraud much more sophisticated.
Invoice Fraud rose to £2.3 billion in 2024 - a 104% increase versus 2023
There are four key areas where AI is being used and James shared examples of these areas:
Efficiency and automation
Reduction in data entry by 99%
Automation of manual tasks e.g PO/GRN matching
Decision making
Data analytics on massive data sets
Identify areas to capitalise on e.g Early Payment Discounts
Risk management and automation
Fraud detection and bank verification
Credit risk checks
Shift in skills
Re-deployment to value-add activities
“Quiet hiring”
74% of UK orgs in 2024 investing in internal upskilling
James shared specific examples of customers that have adopted Kefron AP's invoice automation tool in their finance operations and the results they've gained from its AI-driven capabilities, in terms of efficiency through automated data capture from invoices and PO matching and faster decision-making capabilities.
Key takeaways
1. Encourage your teams to embrace AI to soften resistance.
2. Challenge every software vendor and look under the hood.
3. Think about the end goal – what would you do with one extra day a week in your team?
4. Think big, start small and move quickly!
John Bell, COO and co-founder of C&J ERP Consulting shared his advice on preparing for any ERP change project.
Preparing for an ERP implementation
1. Build a Strong Business Case
Clearly define why an ERP is needed.
Align with strategic goals and demonstrate tangible benefits.
2. Define Commercial and Budget Parameters
Estimate total cost of ownership: software, implementation, training, support.
Shortlist and evaluate vendors/RFPs based on functionality, cost, and fit.
3. Prepare for Implementation Readiness
Form a cross-functional project team (IT, Finance, Ops, etc.).
Define governance structure, timelines, and key milestones.
Data migration and cutover in ERP implementation - the foundation of ERP success
1. Scope & Clean Early: Identify what data is needed (e.g., customers, inventory, GL balances) and clean it before migration.
Map and transform: translate legacy data into the new ERP structure. This includes data mapping, validation, and transformation.
2. Cutover Planning: Smooth Transition is Critical
Cutover strategy: decide on approach. big bang, phased, or hybrid.
Dry runs: conduct full cutover rehearsals to validate the plan.
Go/no go criteria: establish clear decision points and fallback plans.
Post-Go-Live in ERP implementation - stabilise, support, and assess
1. Immediate Post-Go-Live Phase: Stabilisation & Hypercare
Hypercare support: provide intensive support (IT + functional teams) for 4–6 weeks post-launch.
Issue triage: Set up a command centre for rapid issue resolution.
2. Business Performance & Results Assessment
Baseline comparison: Compare actual performance to pre defined KPIs and business case targets.
User feedback: Gather structured feedback from end users to improve usability and training.
Key takeaways
Put People at the Heart of your Project.
Technology is only part of the solution.
Invest in building the best project team, training, communication, and support to ensure adoption and minimise resistance.
Plan thoroughly, align strategically
Success starts with a clear business case, well defined scope, and strong executive sponsorship.
Align the ERP initiative with strategic goals.
Execute with discipline, adopt with agility.
Use structured project governance, phased delivery, and robust testing.
Be ready to adjust plans based on lessons learned, business changes, and feedback.
John Bell gave an overview of C&J ERP, a UK NetSuite implementation partner and what makes us different to the large ERP agencies:
Boutique ERP consultancy with 50 years combined experience in ERP implementation across hundreds of projects.
Led By Chris Duffy and John Bell who prioritise Customer Experience above anything else
Agile team of software architects and project managers.
All UK-based team of accredited Netsuite consultants ready to visit client sites as required, to offer highly personalised support, consistency and stability across all client projects.
Partnership approach to creating bespoke software solutions that embrace cutting-edge technologies.
James Kearns shared an overview of Kefron AP invoice automation:
Helping finance departments become more productive; we give time back!
Focused on improving the P2P and AP process for private and public sector organisations.
Software services company leveraging a blend of SaaS, AI and smart people.
Looking for assistance with a NetSuite ERP finance transformation project?
Get in touch, book a consultation with our co-founders John Bell and Christopher Duffy.
And if interested in how invoice automation can streamline your finance operations, get in touch with James Kearns or James Smith at Kefron AP.
