The client is anautomobile manufacturer.Client is one of the largest vehicle manufacturers by production in India and the largest manufacturer of tractors in the world
Business Challenges
The client receives over 400,000 invoices from its vendors every year
As some items are rejected, there are credit notes issued by the vendor
The client had built a set of business rules to avoid any duplicate of wrong payment to the vendors
These rules were based on experience and there was an opportunity to build self-learning rules
Solution
Our solution was an AI based anomaly detection model which would identify potential problematic payments. The solution included the following capabilities
Identification of anomalies based on past payment amount and timing
Scoring of transaction based on three different algorithms
Identification of transactions that had a high anomaly score
Benefits
The new model along with the previous business rules improved the confidence in the financial controllership
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