Etihad airways to use Microsoft AI to automate bank reconciliation
Etihad had previously deployed Microsoft AI to support automated payment inspection
Dubai: Etihad airways will leverage Microsoft AI to automate its bank-reconciliation process, the Abu Dhabi-based airline said in a statement on Sunday.
Etihad said the move “will address the increasing demand for improvement in productivity and operational effectiveness in the post-COVID era.”
Etihad will make “significant gains” on efficiency by implementing the solution, as well as reducing the risk of human errors given the large number transactions and manual reconciliation tasks currently in scope.
“The pandemic has created more demand for digital transformation. However, the ability to execute on this has really rested on having the right people and technology partners in place – this is where Etihad has been exceptionally well positioned” said Adam Boukadida, Chief Financial Officer, Etihad Aviation Group.
This latest initiative follows Etihad’s successful deployment of Microsoft AI capabilities to support automated payment inspection earlier this year and is part of a continued partnership between the two entities in driving the adoption of AI across the company.
“It’s only recently that AI tools have come into the hands of finance professionals in both a cost-effective and practical way. It’s exciting to see how core processes such as bank reconciliations, payment controls and cash forecasting, can be super-charged as a result,” said Bhavesh Shivshanker, Head of Financial Operations, Etihad Aviation Group.
“Bank reconciliations are a tedious and labour-intensive process in most global organisations and we are excited about the ability to automate this through the use of technology. Our longstanding partnership with Microsoft has made it easier for us to initiate our automation plan to enhance efficiency, expand cost-reduction and optimise operations,” said Frank Meyer, Chief Digital Officer, Etihad Aviation Group.