By Mark Maurer Aug. 19, 2019 5:30 am ET Airbus SE is using artificial intelligence to squeeze cost out of its finance function, an experiment launched in the aircraft maker’s Americas division that could save the corporation millions of dollars annually if rolled out in other regions.
And that’s where Airbus is setting its sights. Less than two years ago, four Airbus Americas Inc. employees would review about 25,000 travel-and-expense reports filed annually by employees in Texas, Virginia, Florida and Mexico, according to Richard Masci, the head of financial system services and compliance at Airbus Americas.
The system developed by AppZen matches reports against a repository of accepted vendors, expense types and amounts to spot anomalies. The technology examines items such as the identity of a vendor, the existence of venues such as a restaurant, the type of expense and the amount. It checks for receipts and it can recognize more than 100 languages.
The new process was deployed first in the Herndon, Va., headquarters of Airbus Americas. It has since been rolled out in most of the division’s other offices in North America.
Reducing costs is the key to increasing profit margins as long as it does not decrease efficiency to maintain consumer satisfaction.
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