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AI in the Finance department

The majority of finance team processes are either structured and repetitive or analytical and statistical — both scenarios map to available technology. RPA easily handles repetitive processes (RPA for Financial Processes - When, How and Where). And, a combination of RPA and AI/Machine Learning cover analytical process: RPA for aggregating and transposing data, and AI/Machine Learning provides greater insights into trends and patterns.

The following are just a few examples of how AI improves processes:

Let’s take a look at one of those use-cases in a bit more detail:

AI driven account assignment

Assigning the correct cost center and GL account to incoming invoices not linked to a PO is a time-consuming and labor-intensive task for finance team members.

Experienced staff may know how to handle these invoices but finding the correct information can be more challenging for new and replacement team members. Artificial Intelligence (AI) helps bridge this knowledge gap by utilizing machine-learning algorithms to automate the account assignment task.

While alternative approaches such as maintaining rulesets for specific suppliers or relationships between GL account and other coding dimensions or simply copying account assignments from one invoice to the next do reduce manual data entry, they involve a significant administrative overhead whilst failing to automate the entire process and therefore still require human effort.

Benefits of an AI driven approach

  • The system can analyze historic transactions to build the AI model, meaning that AI-based coding can be introduced immediately for new transactions.
  • Exceptions are automatically considered during AI training, enabling the system to dynamically handle scenarios that would otherwise require complex rulesets to be defined.
  • Confidence thresholds can be defined across the board or for specific scenarios such as by vendor or cost objects being used, minimizing the risk of processing delays due to incorrect data.

What’s next?

Now is the time to begin evaluating and implementing RPA and AI technologies. Not only will these technologies make your processes in your finance department more efficient, they'll improve your users' experiences by removing tedious and repetitive tasks while arming them with information that makes a real difference.

Contact us to find out how avvaneo can help deliver that outcome.

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