Accenture Awarded U.S. Patent for ZBx AI Platform that Categorizes Data for Zero-Based Spend Analysis
May 21 2018 - 7:29AM
Business Wire
Artificial intelligence powered zero-based
mindset patent adds to the Accenture global IP portfolio that
includes over 6,000 granted patents and pending patent
applications
Accenture (NYSE:ACN) has been granted a patent by the United
States Patent and Trademark Office for the ZBx AI Platform
that supports the proprietary closed loop process that is central
to a zero-based mindset, or ZBx. The newly issued patent – U.S.
Patent No. 9,818,067 – is the latest in the worldwide intellectual
property (IP) portfolio for Accenture, which includes more than
6,000 granted patents and pending patent applications.
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With a focus on granularity and speed applied to cost
visibility, a zero-based mindset (ZBx) facilitates a cycle of
self-reinforcing insight and action that constantly challenges
spend. It also helps create a healthy tension between budget owners
and business owners to unite them in controlling costs, while
driving value and meeting service and quality expectations. The
closed loop process involves visibility, value targeting, category
ownership, budgeting, execution, and control and monitoring. It
also helps to ensure sustained cost savings over time so that
companies can invest in growth and profit-boosting initiatives.
The patented ZBx AI Platform uses artificial intelligence and
machine learning to categorize financial transactions into spend
categories to rapidly identify ‘who-spent-how-much-on-what’ during
the visibility phase. This forensic analysis gives companies quick
and efficient insight into individual cost categories such as
travel and events, information technology, facilities and related
services, maintenance, packaging, sales and marketing. These
real-time insights save valuable time and resources on a company’s
journey toward competitive agility. With the ability to process
millions of transactional details and statistically identify
relevant patterns for self-learning, the ZBx AI Platform is a
significant improvement from the lengthy, manual and costly effort
to analyze spend.
Accenture Strategy research shows that nearly one-quarter of
companies on their zero-based journey still use spreadsheets for
reporting. The ZBx AI Platform industrializes the process with
dramatically improved data visibility and data quality. By
centralizing the collection and analysis of spend and supporting it
with data visualization and analysis tools, companies can
understand and apply the insights to make intelligent and efficient
business decisions. The ZBx AI Platform also helps facilitate the
culture change that the adoption of a zero-based mindset requires
by arming business owners with the data they need to make key
decisions in real-time on their path to sustainable growth.
The ZBx AI Platform makes it easy for companies across
industries to adopt a zero-based mindset. For example, at a leading
healthcare company, the ZBx AI Platform was deployed to accurately
categorize more than 10 million transactions. Additionally,
Accenture itself has adopted a zero-based mindset that includes
using the ZBx AI Platform to uncover resources that can be
reallocated to advance its digital transformation, innovation-led
approach and new capabilities.
“This patent illustrates our thought leadership, innovation and
capability to help clients adopt a zero-based mindset that boosts
competitive agility and the overall fiscal health of their
organizations,” said Kris Timmermans, Senior Managing Director and
Supply Chain & Operations Strategy lead at Accenture Strategy.
“Our research found that delaying a zero-based implementation by
even one week could have an opportunity cost of $5 million to a
global company. The ZBx AI platform was created to help companies
more efficiently gain forensic visibility into costs to identify
savings that can be reinvested for growth. We are continuing to
evolve the platform with new capabilities to achieve that
goal.”
In early 2018, Accenture Strategy released findings from the
largest ever research on the practices and results of zero-based
initiatives implemented by leading global companies across
different industries. The study found that organizations are
realizing savings up to $1 billion that can be channelled to
accelerate growth strategies, pivot to new digital business models
and boost competitive agility.
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched
experience and specialized skills across more than 40 industries
and all business functions – underpinned by the world’s largest
delivery network – Accenture works at the intersection of business
and technology to help clients improve their performance and create
sustainable value for their stakeholders. With approximately
442,000 people serving clients in more than 120 countries,
Accenture drives innovation to improve the way the world works and
lives. Visit us at www.accenture.com.
Accenture Strategy operates at the intersection of business and
technology. We bring together our capabilities in business,
technology, operations and function strategy to help our clients
envision and execute industry-specific strategies that support
enterprise wide transformation. Our focus on issues related to
digital disruption, competitiveness, global operating models,
talent and leadership help drive both efficiencies and growth. For
more information, follow @AccentureStrat or visit
www.accenture.com/strategy.
Copyright © 2018 Accenture. All rights reserved. Accenture, its
logo, and High Performance Delivered are trademarks of
Accenture.
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Accenture Strategy Media RelationsMaggie Nolan, +1
845-661-0952margaret.d.nolan@accenture.com
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