AI for finance

AI for finance

Despite the introduction of ERP systems, shared financial service centers and outsourcing, finance departments continue to be overwhelmed by manual work. These time-consuming, often repetitive tasks are keeping finance professionals from taking a more proactive role in corporate strategy – but AI technology is here to change that.

Robotic Process Automation (RPA), automated invoice processing and VAT reporting, and other AI technologies are quickly gaining ground. With these technologies, you can:

  • Accelerate, improve and reduce the costs of repetitive business and finance processes with RPA;
  • Automate manual invoice post-processing to determine the direct account, tax code, analytical dimensions, accrual postings and more;
  • Reduce error risks and manual work by automating and optimizing high-risk, high-volume processes like VAT reporting and master vendor data updates;
  • Transform the finance department into a strategic organizational partner by optimally linking human and machine capabilities.

Where AI can help finance professionals shine

Many finance departments are already benefitting from the power of AI to take up a more proactive role in the business and increase their added value. Discover the many opportunities that it can offer to your finance department.

Cutting administration with RPA

Reporting – to stakeholders, authorities, management – is labor- and time-intensive, but crucial. RPA software can tackle this high-volume, repetitive task from start to finish, making it a perfect solution for the finance department. With optimum transparency and lower risk of human error, RPA can improve reliability while freeing up time for more added-value tasks.

Discover how RPA improves the procurement process at Bekaert

Sales and operations planning

When companies grow, complexity grows as well – and at a certain point, your S&OP Excel spreadsheet just won’t cut it anymore. Through machine learning, businesses can easily analyze current and historical trends to predict the future demand of a product and give customers exactly what they want. This allows you to proactively boost sales and accurately plan the use of time and resources.

Learn more about demand forecasting in S&OP

Demand forecasting

By providing a clearer picture of the future, AI-driven demand forecasting helps finance departments spot opportunities to save costs, optimize profit margins, improve cashflow planning and define a viable growth strategy. Involving AI in the forecasting is like having an extra brain on hand to help you with decision-making.

Read more about AI-driven demand forecasting


Discover where AI can make a big impact on your business

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