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Smart financial accounting with RPA and AI

URN C23.0.520

Topics AI (Artificial Intelligence), Business assurance

Automate 60% of financial accounting processes for electricity billing of mobile base station, ensuring timely financial analysis.

Project companies

The financial industry is facing increasing pressure to digitalize and automate its processes. The objective of this Catalyst is to research and develop Robotic Process Automation (RPA) digital employees, integrate artificial intelligence technologies such as optical character recognition (OCR) and natural language processing (NLP), create an intelligent, shared and open RPA intensive management platform, continuously improve the standardization, automation and intelligence of financial operation, reduce financial operation costs, and help improve the quality and efficiency of financial management. The Catalyst will combine financial RPA and OCR capabilities, to improve the penetration rate of RPA intelligent services and the analysis ability of business data in key scenarios, assist people in implementing complex tasks such as planning and decision-making, replace manual repetitive work, collaborate with people and "digital employees", practice "human-machine division of labor" and "human-machine collaboration" from different perspectives and in the production environment, explore the relationship between people and "digital employees", and continue to promote industrial transformation and organizational change. Overall this will accelerate the digital transformation of enterprise management. The introduction of RPA digital employees in the financial scenario covers typical application scenarios such as tax, shopping mall, capital, business travel, and data operation. For example, the implementation of automatic receipt of tax invoices supports the automatic receipt of 10000+invoices per month. The processing time is reduced from 6 hours to less than 30 minutes, and the efficiency is increased by more than 90%.

Resources

The objective of this catalyst "Smart financing accounting with RPA and AI" is to research and develop Robotic Process Automation (RPA) with the integration of artificial intelligence (AI), continuously improve the standardization, automation and intelligence of financial operation, reduce financial operation costs, and help improve the quality and efficiency of financial management. First of all, we utilizes process mining to visualize and analyze current financial accounting processes, enabling the identification of issues. Secondly by integrating RPA and OCR capabilities, we automate and enhance the entire financial accounting processes, creating a closed-loop from performance bottleneck discovery to automation implementation. At last, telco operators can handle massive volumes of data related to base station electricity bills seamlessly and within tight timelines, with "Zero Touch" financial accounting process automation in place, If you want to have a quick look first, you may check out the Arena Presentation Outline, which follows TM Forum template to provide you the required highlights on the catalyst. Otherwise you can download the whole Project Overview slides deck to have a deep dive into this catalyst and let us know your feedback and suggestions with review comments. In this catalyst, we have prototyped a use scenario demostrate how Telcos may optimize the financial opertion process based on the AI enabled RPA. You may watch the PoC Demo Videos to see how the solution is implemented.