by Larissa Petryca, on 27 March 2024 08:27:08 CET
Beginning in November 2023, a group of students from the School of Business started working together with SAP on a collaborative project to explore how AI can transform the finance sector. This collaboration unites the business acumen of SAP Global Finance with the academic expertise of Prague City University.
Balancing efficiency and empowerment with smart use of AI in Finance
The primary objective of the partnership is to explore ways to streamline routine tasks seamlessly using AI to enable people to concentrate on strategic choices, creativity, and customer-oriented projects.
To kick things off, students have been asked to conduct a review of publicly available material to identify AI technologies and use cases for a broad range of finance processes. From the review they will be better positioned to assess the tasks that financial experts must still perform, as well as identify the tasks that could be entirely managed by AI.
After the review process students will discuss with SAP managers the company’s plans for AI technologies and then create a proposal and game plan on how to implement AI technologies into Finance organisations of the future.
After agreement from SAP, students will move into the development phase of their project. They plan to create a prototype with the help of the School of Media & IT student programmers and will present their proposal to SAP management on May 22nd, at SAP’s Prague headquarters.
Students involved in delivering the project are Shamilah Ivannah Babakova, Juan Jose Navarro Trujillo, Rumbidzai Mutezo, Anastasiia Riznyk, Cristian Jardan, Kateryna Ipatova and Joan Nicolas Benavides Garcia. Dr. Bruce Gahir, the Associate Dean for the School of Business and Vaag Durgaryan, Head of Strategy & Operations for SAP's Global Commercial Finance, oversees their supervision.
On completion of the project students will have learnt first-hand the real impact that AI can have on optimising financial processes, as well as ways it can reduce manual workloads and errors. Furthermore, by engaging with SAP professionals, the students are playing a key role in defining future directions for financial organisations, as well as future-proofing their skills and employability. A final sweetener for the students is a genuine chance of securing internships and employment opportunities at SAP, as a result of their outstanding work.
