AI – Opportunities in Finance

Home / AI – Opportunities in Finance

2. December 2024

Artificial intelligence is far more than just a trend – it has the potential to fundamentally change the finance area in companies. According to a study by Gartner, almost 60 percent of companies are already using AI or are in the process of implementing an AI use case. How can AI help you achieve your business goals and create added value in the financial area?

Use cases for AI in Finance

The goal is to use AI to increase productivity, make forecasts more precise, improve processes and reduce costs.

We see the following promising areas of application, among others:

Generating real added value with SAP Business AI

Many finance organizations have essential parts of their process model in SAP. In this context, we present the value-adding functionalities of SAP Business AI. SAP Business AI brings together SAP’s entire solution portfolio in the field of AI.

SAP Joule is an AI-based assistant (copilot) for SAP systems that uses natural language processing to help users gain real-time insights and recommendations directly in applications such as SAP S/4HANA. The functionality is already available in the first SAP Cloud products such as SAP S/4HANA Cloud Public Edition, SAP S/4HANA Cloud Private Edition and SAP SuccessFactors and will be rolled out across the entire SAP Cloud portfolio in the coming months.

We also see great potential for companies in the functionalities announced at SAP TechEd in October 2024, such as Joule Agents, Joule Studio for implementing customer-specific Joule functions and Document Grounding.

Customer use cases can be implemented with the help of SAP Embedded AI, where AI functionalities are seamlessly and directly integrated into SAP business applications. Examples of AI functionalities in finance include the use of machine learning in cash management with the help of SAP Cash Application and AI-supported document processing in SAP Central Invoice Management.

If customer requirements cannot be solved with embedded AI functionalities, SAP offers further options for implementing customer-specific use cases in the Customized AI area via the AI Foundation on the SAP Business Technology Platform. This includes the analysis and interpretation of SAP data tables such as ACDOCA and the AI-driven optimization of KPIs.

The rapid added value of customized AI for customers

Experience from numerous customer projects shows that the greatest added value can currently be achieved with customized AI.

Here, we can tailor AI solutions directly to customer requirements and thus solve acute pain points in a targeted manner. Key success factors in our work with customers are our extensive experience with a wide range of AI services and frameworks and the early creation of a proof of concept.

Our tried-and-tested “AI in SAP processes workshop” is the perfect way to get started.

Our state-of-the-art AI approach was recognized by SAP with the „Hack2Build – Hackathon Winner Award“ in the area of SAP Business AI.

Challenges with the use of AI

In our current customer projects, we see two main challenges for the use of AI – data and processes. One of the biggest hurdles is insufficient data quality, as a lot of data is unstructured, inconsistent or incomplete, which makes it difficult to analyze. In addition, many processes in companies are not sufficiently defined and there is often a lack of transparency or clear coordination between departments. These ambiguities hinder the successful implementation of AI solutions.

Different starting points for our customers

The issues faced by customers could hardly be more different. Depending on the customer’s situation, we see five ways in which we can help our customers directly and accompany them on their AI journey:

Act now: Why companies should experiment with AI as soon as possible

Finance organizations should start implementing AI now to benefit from competitive advantages early on and to be better prepared for future developments.

Experience has shown that the use of these technologies requires a learning curve that takes time and resources.

The possibilities and benefits of AI are growing exponentially, and companies that hesitate run the risk of being left behind.

"We navigate you through the rapidly evolving AI landscape and help you get started with the right use cases to quickly realize value - from target picture and concept to implementation, embedded in your SAP S/4HANA transformation or as a standalone project. Now is the time to start your AI journey or take it to the next level with cbs support!"

Sebastian Hellmann

Consulting Director

Your partner on the path to the AI-driven finance function

cbs provides customers with holistic support for their AI initiatives.

We determine the current AI maturity level of your organization and work with you to develop an AI target picture. We show you exemplary use cases, identify the most relevant ones with you and then support you during implementation.

Get in touch with us!

Your contact persons