What are some common Finance function AI use cases?
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Its very useful for contracts and payables to apply suggested coding to them for processing. The system we use learns once they see a vendors invoice a couple of times and can fill in our system data fields from the invoice, including GLs and other coding, almost completely.
What product are you using?
My current company uses AI to build marketing content, and our customers demand 100% accuracy. This is still a difficult job due to "hallucination" or even just out-of-date information in the model.
I mention the above to frame the following:
AI can be a great tool, but those using it should be advised to understand how it operates. The LLM AI systems don't work like many would expect them to. Asking about concepts can be helpful, asking it to generate recommendations is risky.
Asking general language models to analyze actual finance data is asking for trouble, as these systems are not built for logical thinking, data analysis, or mathematics.
Payment advice reconciliation. We use use RPA to grab incoming payment advice email then we use GenAI to parse out all of the information (email headers, body, attachments) that we serve back to RPA to reconcile with our ERP - matching to customer orders, associated invoices and bank statements. We've achieved a very high automation rate saving our finance team many hours of effort every week.