Artificial intelligence and accounting

Artificial intelligence is being used in many forward-looking projects, now in Porsche’s finance department.

From data, artificial intelligence (AI) can make predictions, perform analyses and optimize existing processes. This technology also facilitates the development and management of complex systems. The scope of application of learning computer systems is constantly expanding, from fields such as medicine, fashion, or the automotive industry to the financial sector.

Porsche also relies on the use of artificial intelligence in many areas related to the driving experience and vehicle manufacturing, for example in sustainability or noise detection. Recently, a new application area for networked technology has been added beyond sports cars: the Forecast Accounting Support Technology FAST (predictive technology for accounting support) project facilitates work in the finance department using artificial intelligence.

Faster speed with fewer errors

This technology is applied in two areas: first, the allocation of accounts in the general ledger. Here, the AI automatically creates an account allocation proposal based on invoice content and creditor data. The advantages here are faster processing of larger invoices and avoidance of input errors. In 86% of the cases, the automated account allocation proposal is already correct. As the AI is self-learning, the quality of the application increases in the long run.

The second use case in the accounting area is the determination of the invoice recipient to send for approval. In this case, the AI recommends the most likely invoice recipient based on historical data and current invoice information and suggests this destination for invoice release in the workflow system. This eliminates the need for manual entry, a relatively monotonous and therefore error-prone activity. AI predictions of the appropriate invoice recipient are correct 95% of the time right out of the box.

Making AI usable across the enterprise

Within four months, the Accounting & Financial Reporting and Finance & IT departments designed and implemented the FAST project. Within Porsche, it is understood to be a pioneer for the integration of future AI projects into the company’s SAP ERP (enterprise resource planning) systems. “This is a great success and a result that will continue to be valid in the future,” is what has been said about it. Porsche has therefore not only recognized the potential of AI in vehicle dynamics and as a driving aid. In addition, the added value of combining machine and human intelligence is to be made available to employees throughout the company.

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