For Fast and Accurate Accounting: Porsche Supports Auditors With AI
Artificial intelligence is getting used in many forward-looking projects. So too in Porsche’s Finance department.
Based on data, artificial intelligence can make predictions, perform analyses and optimize existing processes. The development and handling of complex systems are also made much easier by technology. The areas of application for learning IT systems are constantly expanding and extend from the fields of medicine, fashion and automobiles to the financial sector.
Porsche also relies on the use of artificial intelligence in many areas related to the driving experience and vehicle construction, for example in sustainability or in the detection of noise. Recently, a new area of application for networked technology has been added outside of the sports car: With the Forecast Accounting Support Technology (FAST) project, auditors in the financial area are relieved by means of artificial intelligence.
Higher speed with fewer errors
The technology comes into play in two areas: Firstly, in general, ledger account allocation. Here, the AI automatically creates a proposal for account allocation based on the contents of the invoice and the data of the creditors. The advantages here are the significantly faster processing of larger invoices and the avoidance of input errors. In 86% of cases, the automated G/L account assignment proposal is already correct. Since the AI is self-learning, the quality of the application increases in the long term.
The second use case in the accounting area is the determination of the invoice recipient to whom the invoice is to be sent for approval. Here, the AI recommends the most likely invoice recipient based on historical data and information from the present invoice and suggests this recipient for invoice release in the workflow system. Accountants are thus freed from manual input, a relatively monotonous and therefore error-prone activity. The AI’s predictions about the correct invoice recipient are correct in 95 % of cases when the project goes live.
Making AI usable for the entire company
The FAST project was designed and implemented by the Accounting & Financial Reporting and IT Finance departments within four months. Within Porsche, it is understood to be groundbreaking for the integration of future AI projects in SAP ERP systems. “This is a huge success and a future-proof result,” is the feedback. The potential of AI has therefore not only been recognized at Porsche in driving and with a view to relieving the burden on drivers. Instead, they want to make the added value of linking machine and human intelligence available to employees throughout the company.
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