In the rapidly evolving business landscape, companies need to stay ahead of the curve by leveraging cutting-edge technologies. SAP, a leader in enterprise application software, is uniquely positioned to help organisations strategically adopt artificial intelligence (AI) across their enterprises.
With AI-powered insights, recommendations, and automation built into SAP applications, companies can transform every aspect of their end-to-end business processes faster and with less risk.
AI Integration in SAP Applications
SAP has seamlessly integrated AI into its applications to enhance accuracy and reduce the time spent on everyday processes. For example, accounts payable and receivable professionals can utilise powerful predictive analytics models to devise effective payment and collection strategies.
AI-powered business integrity screening and access governance further enhance security and compliance, ensuring organisations meet regulatory requirements effortlessly.
Optimising financial business processes
SAP clients, including those partnering with Matteale, have myriad opportunities to leverage AI for optimising finance business processes. SAP applications come with embedded AI capabilities that work harmoniously with other SAP Business Technology Platform (BTP) advanced technologies to maximise business impact and minimise implementation risks.
Streamlining invoice-to-cash processes
For instance, SAP S/4HANA customers can streamline the invoice-to-cash process by leveraging optical character recognition (OCR) technology to extract key information from payment advice notes. AI models then match this information with open receivables. Robotic Process Automation (RPA) technology loads the extracted data into SAP S/4HANA, routing matching exceptions to accountants for clearing. This automation frees account receivables teams from tedious tasks, allowing them to focus on more strategic activities.
Accenture’s experience illustrates this benefit perfectly: by using SAP Cash Application, they were able to match invoices and payments faster and with fewer errors, increasing their automatic clearing hit rate by over 24%.
Enhancing efficiency across finance processes
Similar AI capabilities are available to improve efficiency across all finance processes. For example, AI can automatically process accounts payable documents in the invoice-to-pay process and reconcile goods receipts with invoice receipts in both the invoice-to-pay and record-to-report processes. Intelligent predictions also accelerate financial closure by helping accountants identify the root causes of discrepancies during the matching process, saving valuable time.
Proactive business strategy steering
SAP clients, with the support of Matteale, can leverage advanced analytics to devise sound finance strategies. In the invoice-to-pay process, AI-powered invoice payment forecasting on SAP S/4HANA helps accounts payable departments predict payment timelines from at-risk customers, optimising payment strategies and cash flow management. Similarly, SAP AI aids Treasury departments in anticipating future liquidity needs, enabling timely investment decisions. Predictive analytics in SAP S/4HANA helps mitigate liquidity risks by analysing operating activities, historical transactional data trends, and external market data.
Ensuring compliance and lowering business risks
Compliance with statutory regulations and reporting accuracy are crucial for any finance organization. SAP’s AI-powered governance, compliance, and risk management solutions enable finance departments to identify and respond to risks as they arise. By applying AI and behavioural analytics to large volumes of historical and real-time transactions, managers can detect potentially illegitimate transactions and errors that could lead to financial liability.
Furthermore, AI helps streamline governance by preventing unauthorised access to sensitive data and applications. Administrators can grant access rights based on a comprehensive set of parameters, such as business processes, job functions, existing access privileges, and company policies. This approach ensures optimal access granularity, improves user productivity, and mitigates compliance risks.
In the record-to-report process, SAP AI-powered solutions help improve reporting accuracy by automating the posting of new journal entries, thereby avoiding manual errors and ensuring compliance.
Partner with SAP and Matteale for a transformative future.
By partnering with Matteale (a SAP partner), companies can transform every aspect of their finance operations with AI-powered insights, recommendations, and automation. These capabilities, built into SAP applications, can be scaled and extended across all finance business processes, driving efficiency, accuracy, and strategic value.
Choose Matteale for innovative solutions and be in step with the future!