Hello friends,
My name is Padmini Kattula, a Finance Professional with 14 years of experience. I have worked as a Finance Controller and Finance Manager in several multi national companies. I’m currently working as a Controller in a big MNC in USA.
Today, I’m going to share my experience on how AI/ML technology is being used in the finance industry. One of the major tasks in finance operations is to process the receipts & invoices. This is one of the most time consuming tasks that all the data from the invoices needs to be entered into the finance systems manually. There are thousands of invoices to be processed in a month which consumes a lot of time and effort to handle it manually. This is exactly where an AI comes handy in automating the data entry tasks. Hence, we can focus the time & energy in some other more value added tasks.
Here is how it works at a very high level. The AI/ML technology can scan the invoices using OCR technique and reads the data and generates the invoice data as text. The generated data can be entered into the finance system. This technology completely eliminates the human effort in processing the invoices.
For the sake of simplification, below is the example where the AI/ML technology extracts data from a Costco invoice as follows:
Below is the workings of the underlying technology:
You can use various technologies to implement the above scenario. I’m not a technical expert to explain the above technology. All I know is how technology can be used in the finance industry to automate manual tasks so that finance team can spend more time & energy on more value added & critical tasks.
Please refer to the blog to get more details about how the above technology works.
The above diagram is reproduced from the blog. Looks like we need to assemble the parts of the technology to extract the data (as shown above).
The AI/ML technology can be applied in many business areas of the Finance industry. Stay tuned for more technology updates.
Padmini Kattula
Finance Controller