The use of artificial intelligence across most industries is becoming more commonplace, so much so that Porsche has revealed it has started using AI in its finance department.
The German car manufacturer recently launched its Forecast Accounting Support Technology (FAST) project that sees auditors in its finance department being assisted with artificial intelligence.
Porsche firstly uses AI in general ledger account allocation where the technology is able to automatically create a proposal for account allocation based on the contents of the invoice and the data of the creditors. This allows invoices to be processed significantly faster and also avoids the risks of input errors. Porsche notes the system is correct in 86 per cent of the cases and as it is self-learning, its accuracy will only increase.
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Artificial intelligence is also being used when determining where an invoice should be sent for approval. In this case, the technology recommends the most likely invoice recipient based on historical data and information from the present invoice. This saves accountants the trouble of manually inputting the information and according to the carmaker, the AI’s predictions are correct in 95 per cent of the cases.
This isn’t the first time that Porsche has used artificial intelligence. In late 2020, it started to use deep learning methods that can detect noise during the tests of various vehicle components. Artificial intelligence can also be used in test situations where a large number of different acoustic signals makes it difficult for a human to analyze.
