Machine learning helps to automate transactional processes to reduce errors and allows finance and risk teams to focus on handling only the exceptions; examples include cash application, vendor inquiries, GR/IR reconciliation, and access monitoring. And by freeing up time for finance organizations, they can now focus on more strategic activities, using predictive capabilities that are powered by machine learning, to help companies understand the financial impact of strategic decisions. Examples include working capital and liquidity planning, predictive accounting, financial planning and forecasting, and mitigating potential fraud scenarios. And ultimately, change management is a key component of the implementation of AI technologies, to crystalize the idea that machine learning is a tool that supports human decision-making, not replaces it.
Birgit Starmanns is the Global Head of oCFO COE Thought Leadership Strategy and Programs in the Global Center of Excellence for Finance and Risk. She has over 30 years of experience across the Global COE, solution marketing, solution management, strategic customer communities and management consulting. Birgit is the author of articles for Financials Expert, Accelerated Financial Closing with SAP, SAP Labs guidebook Product Costing Scenarios Made Easy, and a presenter at SAP events.