Jeremy Preston-Hoar, Solutions Director, Financials, itelligence UK
One of the most time consuming tasks I did during my time as an accountant prior to my career in consulting was the posting and allocation of cash receipts from customers against the open invoices / credit notes on the relevant customer accounts. This was typically driven by the need to find the right documents (remittance), or information from the bank on what items may have been paid. This task had added complexity when I worked in an industry where deductions for debit notes etc were rife.
After a while – it became a mental puzzle to look at combinations of invoices that might have been paid by adding up the different combinations.
Now, I am starting to see a solution to this problem within the SAP application set. For a number of years know, the IT world has been talking about Machine Learning and Artificial Intelligence (AI) – and how this will make routine tasks automated. A recent article I read mentioned that AI would make routine back-office work more efficient in the finance function.
About 6 months ago, SAP outlined a Machine Learning driven Cash Application that uses historical data to make a proposal for allocating incoming receipts from customers automatically. This application uses the previous clearing information to ‘predict’ which invoices are being paid on new receipts. Further developments have also seen the addition of remittance advice scanning – and automation of establishing which customer account, and invoices are paid.
At #itelli2018, I will be presenting a session on this new functionality – and outlining the requirements and concepts for anyone wishing to deploy this SAP service. In addition, I will also consider other areas where Machine Learning / AI / Predictive might have an impact in the finance function.
I will be presenting “Automate time consuming finance processes with Machine Learning in S/4HANA” at 2:50pm in the Albert Room, QEII Conference Centre, Westminster, London.
#itelli2018 is being held on Wednesday 23rd May. The Conference will bring the SAP community together and provide expert guidance with customer-led insight to explain why and how organisations are adopting new disruptive SAP technologies in the pursuit of digital transformation.
Showcasing the latest SAP applications and SAP analytics innovations. There will be multiple sessions comprising of 6 streams including customer presentations, interactive areas, hands-on zones, live demonstrations, expert advice in the consultant’s corner, plus the SAP Digital Boardroom! You can view the full agenda and register here.