The use of artificial intelligence in most industries is increasingly common, so much so that Porsche has revealed that it has started using AI in its finance department.
The German automaker recently launched its Forecast Accounting Support Technology (FAST) project which sees auditors in its finance department assisted by artificial intelligence.
Porsche first uses AI in general ledger account allocation where the technology is able to automatically create an account allocation proposal based on invoice content and creditors data. This allows invoices to be processed much faster and also avoids the risk of data entry errors. Porsche notes that the system is correct 86% of the time and since it is self-learning its accuracy will only increase.
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Artificial intelligence is also used to determine 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 this invoice. This saves accountants from having to manually enter information and, according to the automaker, the AI’s predictions are correct 95% of the time.
This is not the first time that Porsche has used artificial intelligence. At the end of 2020, it began to use deep learning methods capable of detecting noise when testing various vehicle components. Artificial intelligence can also be used in test situations where a large number of different acoustic signals make it difficult for a human to analyze.
