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Will artificial intelligence work instead of accountants?

Announcement

With an investment of almost HUF 800 million, S&T Consulting Hungary Kft. is developing an AI-driven online invoice processing system with its own resources, which will continue to operate under the name Kontron Hungary Kft from February. The main advantage of the solution is that, with the help of AI, it also uses the huge data assets that organizations have to optimize the process.

Compared to paper processing, an online system based on machine learning and machine vision can reduce costs by 60-80 percent. The development, supported by the National Directorate of Research, Development and Innovation with a budget of HUF 354 million, is able to automatically request invoice data uploaded to the interface of the National Tax and Customs Administration, so it is not a problem if the invoice is in English or in another format.

Combining machine vision and optical character recognition provides significant benefits—regardless of the industry, for any company that processes a significant number of invoices. In development, individual tasks can be completed with significantly less resources, and quality is improved by eliminating human error, but additional information can also be extracted for companies. A previously unavailable data set provides opportunities for many analyzes that have value for companies’ business. This can be, for example, monitoring purchase prices, identifying trends, supporting strategic purchasing decisions, managing partner information.

The group of companies also announced that they will continue their activities unchanged, but after changing the name of the parent company from February, Kontron Hungary Kft. and Kontron Operations Hungary Kft. One of the most successful members of the global group is a Hungarian company that specializes in a wide range of IT services, from IT networking, security, to SAP implementation or the latest IoT and development trends. But they also do app upgrades, unique designs, and artificial intelligence. The stability of the domestic company is clearly demonstrated by the fact that the company has doubled its sales in five years, which has already increased to more than 32 billion HUF in 2022, and the number of employees has also more than doubled, from 184 to 378 people.

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Sandra Loyd
Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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