Hybrid solutions: RPA in combination with OCR and machine learning (AI)
Johan Jacques: “You can combine RPA with all sorts of existing systems, such as OCR (Optical Character Recognition). This application, which includes the recognition of printed text, has evolved tremendously in recent years. We are seeing OCR being combined with RPA and AI. Using OCR, the invoice is scanned and fields are automatically identified based on master data in the system.
RPA then handles the automatic processing of the data. Using AI, the data can then be interpreted and concrete posting proposals can be made. Productivity goes through the roof: some companies increase the number of processed incoming sales invoices per FTE to 60,000 or more per year.
AI (Artificial Intelligence) is also an important tool for the CFO. On the one hand, AI decreases the cost of operations, and increases the insight into the data, on the other. By identifying more correlations in data, the level of forecasts – both in the supply chain and in finance – increases sharply.
In addition, AI can play a big role in the handling of claims and complaints by recognizing priorities, but also by identifying other risks such as churn rates, for example.
From ambition to implementation
Johan Jacques: “CFOs in companies are certainly aware of the significance of new technologies for the finance department. At the same time, many respondents aspire to work on this. There are still many obstacles, however, that keep the implementation of digitization and automation in finance departments from getting up to cruising speed.”