Touchless Finance has been saved
Artificial Intelligence for Finance Automation
The Touchless Finance solution was made to leverage cutting edge technology to automate costly back office finance tasks. These tasks leave a severe burden on our clients, with incorrect invoice processing alone costing £7.4 million every year for larger companies (CIMA Supplier Invoice Benchmark Report, 2016).
Imagine the future of Finance, where financial results are delivered without manual intervention. Where processes are simplified and standardised. Where the supporting financial systems enable the speed, flexibility, and scalability needed to support business growth. Where intercompany transactions and operating model changes do not bury Finance colleagues in spreadsheets, reconciling inconsistent data sets. A world where Finance teams focus on adding value with analytics rather than adding journal entries. A world where you are the best Finance team in your industry.
Deloitte Touchless Finance is a suite of solutions that enhance the Finance customer and employee experience, using machine-learning algorithms to automate repetitive tasks, paired with Hu-bot (Human and Robot) driven interaction to improve user engagement and where Big data analytics answer questions which were previously unknown.
For example : the Non-PO Invoice Assignment Predictor (NPO)-Without a purchase order, an AP clerk would manually have to assign a GL code to an invoice using information on the invoice alone. If they get this wrong, the invoice can be sent back and forth between incorrect approvers, which is a long and wasteful process. This also causes downstream issues such as late payments and fines, duplicate invoices, incorrect payables accounting and inaccurate cash flow forecasting.
The Deloitte Touchless Finance NPO has been trained on thousands of clean invoices. This enables it to use data from an invoice to accurately and instantaneously predict GL codes to prevent erroneous invoice processing. Thereby removing the need for the AP clerk to manually code invoices.
This is just one of the examples where Deloitte Touchless Finance can make a difference to your business.
• Enhanced user experience & satisfaction
• Improved invoice processing speeds
• Accurate financial reporting
• Ability to integrate with Oracle Cloud and current application footprint
• Reduce back-office FTE
• Time saving for end-users