Finance departments are the core of businesses – and are particularly affected by the shortage of skilled workers. A lack of personnel for accounting and financial tasks can lead to disruptions across the entire business operation. Artificial Intelligence (AI) and automation can bridge these staffing gaps while simultaneously optimizing SAP financial processes.
Finance departments control and manage all payment flows within companies, thereby contributing significantly to business success and growth. It is therefore not surprising that the rampant shortage of skilled workers can have fatal consequences, especially in the financial sector – particularly since many tasks are still performed manually, as a current PwC survey confirms. To avoid this dilemma, companies should consistently invest in the digitalization and automation of their operational financial processes.
What Advantages Does the Integration of AI-Powered SAP Interfaces into ERP Offer?
A range of innovative cloud solutions is available for this in the SAP environment. A seamless integration of AI-powered SAP interfaces into the ERP system creates the ideal prerequisite for automating time-consuming and repetitive tasks in various financial departments. This allows for compensating the growing personnel shortage, while simultaneously increasing the efficiency and transparency of financial processes. Finance departments thus save time and costs and reduce error rates, as demonstrated by the following SAP solutions.
How Does Statement Processing Benefit from SAP Cash Application?
An example of this is the manual assignment of bank statement items to open items, which costs finance departments an enormous amount of time and is highly error-prone. This is where AI-powered statement processing comes in. By using Machine Learning (ML), historical decision patterns can be analyzed and transferred into a model that automatically and precisely performs future assignments. SAP Cash Application provides a mature cloud solution that supports this automation, thereby significantly increasing the efficiency and accuracy of statement processing.
SAP Financial Processes with AI: Statement Processing with SAP Cash Application
How Can Bank Communication Be Efficiently Managed with SAP Multi-Bank Connectivity (MBC)?
Communication with various banks can also be complex and time-consuming. With SAP MBC, payment processing can be significantly simplified, as communication with all worldwide partner banks is automated and bundled in one place. This enables finance departments to send payment instruments directly from the SAP system to the respective banks and to simplify the approval process within the company. Furthermore, the integration into the SAP standard in the S/4HANA system offers extensive monitoring functions, ensuring greater transparency, security, and efficiency.
SAP Financial Processes with AI: SAP Bank Communication Monitor
A similar approach exists for centralized communication with credit agencies (SAP Cloud for Credit Integration) and with payment service providers (SAP Digital Payments Add-on).
How Does SAP Cloud for Credit Integration Contribute to Reducing Payment Defaults?
SAP Cloud for Credit Integration is a cloud solution from SAP that enables companies to optimize the credit management process in SAP S/4HANA and integrate it into business operations. The connection of SAP Cloud for Credit Integration makes it possible to transfer current creditworthiness information about customers from external credit agencies – for example, Creditreform or Crif – into the SAP S/4HANA system.
When importing external creditworthiness information into S/4HANA, the internal credit assessment of customers is automatically recalculated, and the credit limit is directly updated, based on the customizing settings made in SAP Credit Management. If a customer’s credit limit is exceeded, goods issue is automatically stopped, and the credit department is provided with all relevant information via a workflow. Through this integrated process, the creditworthiness of customers can be quickly and precisely assessed, which reduces the risk of potential payment defaults.
How Can SAP Advanced Financial Closing Optimize Closing Processes?
SAP Advanced Financial Closing provides an integrated solution for controlling and centralizing all activities in month-end and year-end closing. This allows every company to process its closing activities in a structured, template-based manner, depending on predecessors and successors. The critical path in the entire process becomes transparent. The solution also includes automated email notification functions that inform users about due tasks or errors in the closing process.
SAP Financial Processes with AI: Integration of SAP Advanced Financial Closing into SAP Landscape
How Can XEPTUM Support You in Optimizing Your SAP Financial Processes with AI?
With XEPTUM, you have a proven specialist for the digitalization and automation of your financial processes at your side. We combine comprehensive process know-how with extensive knowledge of innovative, AI-powered SAP technologies. With our support, you can thus optimize the quality and security of your financial processes and simultaneously reduce costs, despite the growing shortage of skilled workers. Start now and gain a competitive advantage by increasing the effectiveness of your finance department. Contact us today for a customized AI solution for your operational SAP financial processes.
