Artificial Intelligence/Automation

Fixed Asset Simplification & Automation

Business Problem

The Fixed Asset team was seeking an automated solution to suggest the most likely GAAP Accounting Codes to match against depreciation schedules based on known assets attributes. The matching was conducted over millions of codes and many thousands of different asset classes across global networks.

Solution

The Fixed Asset team for a $50B a year company was seeking an automated solution to suggest the most likely GAAP Accounting Codes to match against depreciation schedules based on known assets attributes. The matching was conducted over millions of codes and many thousands of different asset classes across global networks. Used Text Mining / RPA BOTS / Deep learning algorithms to identify key information in "Description" unstructured data fields. Improved the accuracy of GAAP code and matching selection based on probability by 99.5%

Business Impact

Simplified GAAP code selection process. Reduced human resource allocation by 80% Increased accuracy of GAAP code matching by 99.5% Reduced human working time from 3 hours to 1 second to per asset.

Robotics Process Automation

The basics of Robotic Process Automation (RPA):

Robotic Process Automation enables business professionals to easily configure software robots to automate repetitive, routine work between multiple systems.

These “bots” work directly across application user interfaces, mimicking the actions a person would perform, including logging in and out of applications, migrating data from one system to another, completing forms, running pivot tables, etc. Anything data process that involve human interaction with data can be optimized through RPA.

While existing capabilities of screen-scraping and macros software technology may come to mind, RPA is an evolution beyond these solutions. RPA is becoming an important automation tool driving digital transformation and the future of work