Blog / Article
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 (find out more here). 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:
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
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.
Request your preferred appointment time here, quickly and easily using our online calendar.
We look forward to getting to know you.
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avvaneo Expedite has learned and can now extract enough clues from unstructured invoice information to automatically set up to over 90 percent of all tax codes correctly.
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avvaneo Expedite has learned and can now extract enough clues from unstructured invoice information to automatically set up to over 90 percent of all tax codes correctly.
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AI on all screens. The public trembles. Cheers. Amazed. We are not surprised.
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Auf der Basis unserer Erfahrungen und der vorhandenen Expertise arbeiten wir an der nächsten Stufe des Fortschritts in der Automatisierung von Finanzprozessen. Darüber und viel mehr wollen wir Ihnen gerne direkt berichten, bei unserem nächsten avvaneo User Group Meeting.
This has been extraordinary year for all of us. Therefore, we would like to thank our customers and partners personally for their trust and collaboration.
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We are looking forward to working with the SAP Competence Center and the accounting department of ASFiNAG, the Austrian freeway operator.
Last week we went to Berlin with the entire team of avvaneo to our annual workshop.
Too many invoices do not find their way into the correct workflow automatically? You are not alone with this issue. In many companies with automatic invoice processing, up to 15% of incoming invoices are routed incorrectly. Sometimes the mistake is made by the system, sometimes by a person.
Read article AI solves assignment problems faster than humans - Part 2
You have been driving the automation of your financial processes for years. And then you realize: there are still annoying losses due to inefficiency. For example, invoices that should process automatically but still get stuck in manual workflow loops for 2 to 5 days.
Read article AI solves assignment problems faster than humans - Part 1
Invoice receipt in SAP - today this essentially runs automatically in large companies. Usually smoothly and quickly, as long as the relevant information for automatic account assignment is within the invoice data received.
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The first avvaneo User Group was a great success. Presentation by Porsche on the use of artificial intelligence for financial processes with avvaneo Expedite deserves special mention.
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Until now, the automation of general expense invoices was limited. We have analyzed how AI can overcome these limitations.
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Assigning the correct cost elements and G/L accounts to incoming invoices is a time-consuming task for finance teams.
How much automation is possible?
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Do you know the answers to all these questions?
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The billion-euro economic stimulus package of the German government includes a planned reduction of the value-added tax rates from July 1 until the end of 2020, which leaves companies with little time to adapt their systems accordingly.
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In December, avvaneo attended the inaugural meeting of AIF, where members of the association discussed plans for the sharing of information and knowledge to ensure the region has access to the best talent and resources to hasten AI developments that will benefit citizens most.
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The majority of finance team processes are either structured and repetitive or analytical and statistical — here we look at how those scenarios map to available technology, AI and RPA.
Deploying a virtual workforce to assist humans creates a more flexible workforce, but how best to incorporate AI and Machine Learning.
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Robots do all the work while we sit back and relax.... Is this our new reality?
Not for now!
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avvaneo and AFI Solutions partner to help companies automate financial processes inside SAP
Your organization’s financial close and reporting processes — from closing out subledgers to creating and delivering financial filings to regulatory bodies — are complex and burdensome involving multiple systems, departments, and people.
Your organization works with multiple suppliers and fluctuating prices, which can make sourcing products and cost containment laborious and undependable.
Your organization’s ongoing KYC and KYV initiatives are complex, manually-intensive, and challenging and costly to maintain, which can result in compromised processes and quality checks, ultimately leading to poor customer/vendor relationships or even bad press for your organization.
Read article RPA for FPA: Know Your Customer (KYC) and Know Your Vendor (KYV)
Your organization has set up an invoice portal, which streamlines e-invoicing and invoice processing but onboarding new vendors and data collection remain manual processes, dragging down overall efficiencies.
To vacation or not to vacation? The age-old challenge for organizations and their teams. With the introduction of robots, to vacation is the answer.
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The question is not whether you should automate, but why aren’t you automating more?
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avvaneo + strategic partners = solutions that work
avvaneo’s experience combined with our range of partnerships with leading application vendors creates the perfect solution for automating financial processes.
Do you have lots of invoices flying around in your company and you lost track?
Why not automate your invoice processing?
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avvaneo, innovators of leading-edge financial applications and approaches, today announced it has partnered with Centrifuge - the Operating System for the financial supply chain - to create a more open and innovative blockchain-based supply chain for ERP, accounting systems, and other financial processes.
Read article avvaneo partners with Centrifuge to bring blockchain to financial process automation
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avvaneo Document Creator is the first SAP-certified ZUGFeRD solution for billing, thus guaranteeing simple integration into all SAP ERP systems.
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Today we are very happy to announce the beginning of something great: our newly founded company with a new vision to further support a growing SAP market.