Objective: Standardize and Automate
Fursetgruppen aimed to standardize and automate as much of the restaurant operations as possible. They implemented a common chart of accounts across their various restaurants and had many of the same suppliers and contracts, which provided an excellent foundation for adopting AI Assistant. The goal was to reduce the time spent on invoice handling.
In October 2019, we initiated the AI initiative through a productive workshop. We thoroughly discussed the prerequisites, success criteria for optimal AI Assistant functionality, and what was important in the early stages in terms of expectations, the timeline for expecting automation, and so on," says Sergej Malytchev, CFO of Fursetgruppen.
Mission completed!
One year after the launch, there is no doubt that the investment in the AI setup has yielded results. If we look at the current status one year after the start, from October 2019 to October 2020, AI Assistant's total accuracy stands at an impressive 89% in October 2020. This month, 92% of the fields and 86% of the item lines were correctly interpreted.
According to Morten Solberg, our AI expert in 24SevenOffice, this is a significant victory.
These numbers are extremely good and demonstrate the diligent work Fursetgruppen has done in properly training AI Assistant. The foundation you lay and the investment you make in the beginning really pays off later!
Fursetgruppen receives many large consolidated invoices, often with multiple pages of line items and different VAT rates. This is excellent data for AI Assistant's engine and saves the accounting staff a lot of time per invoice, according to Morten.
We have successfully automated a significant portion of Fursetgruppen's operations, but there are still some specific tasks remaining with a few suppliers. As a result, we have identified a supplier invoice and initiated a pilot project to further enhance automation, with the ultimate goal of achieving 100% automation.
Sergej is very pleased with the pilot project so far.
The successful automation of 89% of the accounting process using AI Assistant has already resulted in substantial efficiency gains. Recently, we launched a project focused on a select group of larger suppliers, and we are delighted to see significant improvements down to the item line level within a short period of time. We eagerly anticipate the achievement of 100% automation in this area!
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