There are many ways that AI and machine learning have increased efficiencies for companies using SAP S4/HANA. One issue we hear often from our partners is the need to simplify the financial close process. SAP’s AI integrations help resolve discrepancies and use automated workflows to close books faster.
Here’s a look at how SAP Cash Application simplifies the order-to-cash process.
One company, Accenture, used SAP Cash Application to match invoices and payments faster, with fewer errors, and was able to increase its automatic clearing hit rate more than 24 percent.
Below is a survey included in the SAP All the Reasons to Dive In report on AI in finance. The survey, conducted by IDC in September 2021, showed finance leaders believed that applying AI to finance business processes can improve performance in multiple areas.
AI in finance, simply put, can transform processes across the company by automating manually intensive processes and enhance security and compliance. It can:
- Automate manually intensive tasks so you can focus on strategic initiatives
- Manage capital effectively with improved reporting accuracy
- Mitigate fraud risk and reduce losses with anomaly detection and prevention