The Truth (and Myth) Behind Artificial Intelligence and Data Integrity
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The Truth (and Myth) Behind Artificial Intelligence and Data Integrity
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Complex finance and accounting processes are at the core of your business and improving the speed and agility of those processes in your shared service center is paramount. At the same time, you also need to be able to improve the quality and integrity of your financial data to make confident business decisions. Automation, and specifically hyperautomation, is the best way to achieve these goals. During this webinar we’ll talk about how you can finally bridge that data-value gap. This session will cover how you can: • Use hyperautomation and AI to transform the quality and usefulness of data in your shared service centre • Help complete journal entries during a tight closing window using Excel workflow automation • Improve data quality through integrated data stewardship capabilities • Adopt citizen development to democratize and scale-up automation across your enterprise • Analyze and own ESG (Environmental, Social & Governance) within your shared service centre
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The Truth (and Myth) Behind Artificial Intelligence and Data Integrity
- 1. The Truth (and Myth) behind Artificial Intelligence and Data Integrity Bridge the data-value gap and integrate new capabilities, such as ESG, into your shared service center
- 2. Andrew Hayden Sr. Product Marketing Manager
- 3. Agenda • Automation, hyperautomation and digital transformation • Artificial intelligence in automation • The value of an automation platform • Key takeaways • About Precisely
- 5. Accelerating digital transformation Data is the fuel for decision-making today $1.04 trillion spent on Hyperautomation by 2026 80% of CEOs accelerating digital transformation 45% of enterprises using SAP are leveraging automation 67% spending more on technology than people Market is growing at 12% per year
- 6. Be more agile Enterprise needs: Go faster Improve the quality and integrity of your most important data
- 7. 7 The need for improving financial data quality <22% Of senior finance executives said they were entirely confident in the accuracy of the data they hold and analyze as part of their role. KPMG – Facing Forward: The Evolution of the Modern Finance Leader
- 8. Optimize staff Enterprise wants: Reach ROI faster Realize Digital Transformation goals
- 9. Data Process Interdependence of process and data Interdependence of process and data
- 10. Solving finance’s biggest challenges Maintain and improve compliance Speed up business processes Improve data quality Drive business results and transform digital into a competitive advantage.
- 11. Digital Transformation journey 11 Data & Processes Automation Cloud AI/ML Business Networks and cross-company collaboration User Experience Digitalization Self-service End-to-end process integration Process Intelligence
- 12. Digital Transformation journey 12 Data & Processes Automation Cloud AI/ML Business Networks and cross-company collaboration User Experience Supply Chain Digitalization Self-service End-to-end process integration Process Mining
- 13. AI comes in various flavors Presentation name 13 Generative AI Predictive AI Goal Create new content Make accurate predictions Algorithms Complex algorithms and deep learning based on LLMs Statistical algorithms based on machine learning and observations Output New content such as text, images, music, etc. Predictions such as the likelihood of a field value or routing destination
- 14. Master Data Creation 14 Constant new account creations and changes Highly manual, complex process with lots of possible data entry error points
- 15. Master Data Creation 15 To improve data quality, companies typically set out to define 100s of data validation rules Embed your business rules to improve data quality
- 16. Challenges in establishing business rules 16 Heavy reliance on SMEs and tacit knowledge Gaining cross- functional alignment is time consuming Covering edge cases in a rule is difficult Even rules do not achieve 100% data quality What if you could eliminate the need for many of these rules by using Machine Learning?
- 17. Master Data Creation with ML 17 ML output fields are used to pre- populate and validate form fields User enters minimum number of input fields New Account creation request ML predicts output fields based on delivered input fields
- 18. Benefits of Machine Learning 18 • Improve data entry and decision making through recommendations • Improve data quality through ML-based checks • Create rules and predictions that are not possible without ML • Reduction of hard-coded rules • Reduce complexity to determine business rules • Reduce time to value in solution development
- 20. A complete automation platform Mass data management Exchange data with SOR quickly and easily using Excel Form & Workflow Automate and accelerate business processes with integrated forms and workflows Excel Workflow Automate and accelerate business processes through Excel file management workflows Process Automation Data Automation
- 21. Manage SAP data using Excel Why stop using the finance and accounting tool of choice? FI-CO processes often: • Requires specific training • Finicky manual processes • Complex multi-screen transactions and processes Presentation name 21
- 22. A complete automation platform Mass data management Exchange data with SOR quickly and easily using Excel Form & Workflow Automate and accelerate business processes with integrated forms and workflows Excel Workflow Automate and accelerate business processes through Excel file management workflows Process Automation Data Automation
- 23. Manage journal entries using Excel Flexible, desktop journal entry automation 23
- 24. Excel workflow for Journal Entry Validate against SAP Precisely Automate
- 25. A complete automation platform Mass data management Exchange data with SOR quickly and easily using Excel Form & Workflow Automate and accelerate business processes with integrated forms and workflows Excel Workflow Automate and accelerate business processes through Excel file management workflows Process Automation Data Automation
- 26. Form & Workflow Automate account creation with forms and workflow across multiple contributors 26 Process Initiator Enter basic account information Contributor 1 Contributor 2 Contributor 3 Approver Start with create form SAP Automate Evolve Outside Contributor Portal Participan t
- 27. A complete automation platform delivers Workflow Interoperability (APIs) Self-service Governance Low-code development Attended & unattended automation Forms Data Management Data quality Cloud deployment
- 28. G/L & Account Management 97% 6 Days How the Automate Platform is helping SAP enterprises optimize account management Reduction in time to create a customer • Agility and speed • Increases competitive advantage Eliminated from customer create process • Speed • Improved employee productivity 87% Reduction in time needed to qualify vendors and materials • Speed • Process visibility • Improved productivity 20,000 Journal entries processed during 4-day close window • Speed and improved data quality • Auditability • The team continued to work in Excel
- 29. Automation platform: Benefits Agility Speed Improved data quality Business team focus Automation flexibility Scalability Proven track record Process visibility & governance
- 30. Flexibility across finance 30 Cost accounting & budgeting Finance master data creation & maintenance Invoicing & payments Fixed assets Review & approval workflows Internal orders & projects Journal entries
- 31. Make an impact across your business Financial Accounting Controlling Sales and Distribution Materials Management Plant Maintenance Asset Management Project Systems Production Planning Quality Management Human Resources
- 32. Wrap-up 32
- 33. Key Takeaways 33 • Automation is key to addressing organizational needs and wants for data integrity • Artificial Intelligence and Machine Learning will drive digital transformation • There are different types of AI/ML • An automation platform supports a hyperautomation strategy • Companies are seeing significant benefits from automating finance processes • Deploying an automation platform across your organization delivers multiple benefits including critical governance and data integrity improvements
- 34. Winshuttle is now part of Precisely, the leader in data integrity 34
- 35. The global leader in data integrity software Our data integrity software, data enrichment products, and strategic services deliver accuracy, consistency, and context to power confident business decisions. Brands you trust, trust us Data leaders partner with us of the Fortune 100 99 Customers in more than 100 2,500 employees customers 12,000 countries Integrate Enrich Locate Verify Data Integrity Suite
- 36. Let’s continue the conversation… Contact us Set up a 30-minute personalized demo +1-877-700-0970 “Get in touch” on www.precisely.com www.precisely.com Demos White Papers Case Studies
- 37. Questions!
- 38. Thank you!
Notes de l'éditeur
- Andrew
- What are we going to talk about today…
- Why is automation such a hot topic in the IT world these days? The pandemic showed many of the shortcomings of our decades of digital transformation efforts. We have spent years and countless dollars digitizing our data and processes, but when the pandemic hot, many of us were caught flatfooted by it’s limitations. As a result, we are now seeing that for many of us, the next step on our digital transformation journey is automating our critical business processes. Many of these are centered on SAP ERP systems and involve creating and managing master data. Now, let’s look at the needs and wants that companies have coming out of the pandemic and how they can be addressed through automation.
- Gartner – And growing at 12% CAGR KPMG KPMG ASUG Gartner
- Talk track
- [For Senior-level accounting and finance audiences. Also automation teams with data quality initiatives] Since the General Ledger is often considered the single source of truth for SAP Financial operations, it’s imperative that the data be as accurate as possible. Unfortunately, the reality is that general ledger data often includes numerous errors that make accurate reporting and forecasting a challenge. According to a recent KPMG study of senior finance executives, fewer than 22% of them are entirely confident in the accuracy of the data they use for reporting, forecasting and analysis. Audience: BDM, SAP Analyst, Data Steward
- Talk track With the combined effects of the pandemic and the impending recession, companies are being forced to reconcile tighter margins, increased need to demonstrate returns and the failure of years of digital transformation initiatives to deliver significant business benefits.
- Talk track Finance’s biggest challenges hit squarely in the middle of this intersection of process and data. Address these and you can drive better business results and transform digital into a competitive advantage. The Precisely Automate platform enables you to get both faster processes and better data so you can drive real results and get the competitive advantage you need to thrive in the digital economy<click>
- Multiple pressures for CXOs to become more agile and productive drive their Digital Transformation initiatives using Hyperautomation to transform their business processes. The era of tactical automation is shifting towards a more holistic and orchestrated process automation and improvement. To accomplish this companies look not only at Automation and Digitalization but many other aspects like Integration, User Experience, Process Intelligence etc and it often involves a redesign of existing processes. And that’s also where data and the correlation between data and processes that we have been touting for years comes into play. In this context of transforming processes holistically and end-to-end, companies understand the importance of data and the connection between data and process. And now as part of Precisely we can offer customers both Hyperautomation and Data quality and Integrity solutions to support these strategic Digital Transformation initiatives.
- Why is automation such a hot topic in the IT world these days? The pandemic showed many of the shortcomings of our decades of digital transformation efforts. We have spent years and countless dollars digitizing our data and processes, but when the pandemic hot, many of us were caught flatfooted by it’s limitations. As a result, we are now seeing that for many of us, the next step on our digital transformation journey is automating our critical business processes. Many of these are centered on SAP ERP systems and involve creating and managing master data. Now, let’s look at the needs and wants that companies have coming out of the pandemic and how they can be addressed through automation.
- With desktop automation we start with the very simple premise of managing SAP data using Excel. Excel is the most widely used tool in finance and accounting organizations and Precisely Automate can eliminate the need for many finance employees to need to use the SAP GUI. SAP FI-CO modules Requires specific and expensive training Manual processes in SAP can be finicky and are susceptible to human errors such as transcription errors, typos and “fat fingering” Many accounting procedures are complex in SAP such as account creation, journal entries, account reconciliation, etc. For finance and accounting organizations, the root of many of their issues are caused by the limitations of SAP with manual processes being at the top of the list.
- In addition to the Enterprise Journal Entry solution that we offer many of the largest companies in the world take advantage of the desktop automation capabilities of Precisely Automate Studio to manage significant volumes of their journal entries … specially the ones that don’t require workflow. Using Precisely Automate Studio you get the advantages of increased speed, improved data quality – through validation before data is entered into SAP - and a high level of compliance.
- McKesson The Precisely Automate Enterprise Journal Entry solution This is an example of an SAP-only automation process where everything happens in Precisely Automate Once the JE data is in Excel, we manage the validation against, routing of the Excel files (centralized through server) and auto-posting approved files to SAP. Journal entries from many sources Consolidated in to Precisely Automate enabled Excel files Precisely Automate validates data against SAP Files routed for approval Approved files queued on server for auto-posting to SAP Precisely Automate Enterprise Journal Entry Solution – Built on our Foundation platform, it offers complete control over your journal entry processes from script management to flexible, conditional file routing and tracking, to data validation against SAP, and auto-posting approved files.
- For example, if you are creating a new G/L account, the person who initiates the process enters basic account information in the form. Based on this information, and rules, that are defined and setup by the customer, the Precisely Automate solution determines who the appropriate contributors are, who needs to approve the final form and then can auto-post the approved data to SAP, thus creating the new account. No more manual routing processed, error-prone data entry or ungoverned files being shared via email.
- Delivering on the promise of Hyperautomation
- 97% reduction in time to create new customer (Exxon Mobile) (NOTE: Cannot use EM name in marketing or promotions) 6 Days eliminated from customer create process (Multinational oil & Gas company – Not Exxon Mobile) 87% reduction in time needed to qualify vendors and materials (Ascend Performance Materials) (2 years to 3 months) 75% reduction in SAP data entry time (Multinational Oil and Gas company)
- Agility to quickly adapt to changes in your business environment through flexible workflow automation Also – Low code/no code environment enables faster solution development through citizen development Speed for faster, more efficient processes Improved initial data quality through elimination of manual data entry and integrated data stewardship capabilities Visibility throughout a complex process for: Reporting Process Intelligence Process linking - real-time process tracking (Does this get called out separately?) Audit support Historical comparison/analysis Business team focus – Low code/no code environment enables business teams and those closest to a process to develop automation solutions Automation flexibility - to determine best automation route (attended vs unattended, form or Excel interface, connection to other systems of record through APIs for end-to-end process automation) Scalability to process almost any amount of SAP data as needed by a process step Proven track record – Nearly twenty years of SAP ERP process automation success has demonstrated why Evolve is the leading process automation platform/solution for thousands of customers world-wide.
- And our platform works across the SAP finance environment for any SAP transaction. We deliver greater flexibility and scalability for your end-to-end processes that span multiple departments and SAP modules. [Focus on flexibility of solutions to adapt to changes and requirements.]
- The main takeaway for Studio is that it is a relatively stable market without major disruptive forces. However, we see new opportunities in the future with our Fiori Automation especially because it allows us to expand beyond our classic ERP use cases. The most important market for Automation is Hyperautomation and it is something that has the attention of higher level personas and currently is the most important CXO topic for Digital Transformation initiatives. And we are well positioned with Precisely Automate to win in this market with a combination of relevant Hyperautomation capabilities like Automation and Digitalization Self-service End-to-end process Integration User Experience And cloud. And with this we like to thank you for attending our session and hope it provided you with an overview of the market and competitive landscape. We will have a 10 min break now and after that Andrew and I will introduce you to our new competitor SAP Build Process Automation.
- Questions? Can you also do Vendor and Customer masters too? I’m on S4 Hana will this work with my system? I have custom fields in my material master, does this work for those? We often have fields that the business is missing can you make them require even if SAP doesn’t require them? We would love to speak to you in more detail about your product data processes and how we can help you make an impact to your business , so please feel free to reach out to us.