Invoice payment predictions at Van Oord
In the rapidly evolving digital landscape, businesses are increasingly turning to advanced technologies to enhance their operations. Van Oord, a leading company in marine engineering and dredging, sought to leverage these innovations to improve their accounting processes. The goal was not only to gain a deeper understanding of these new technologies but also to address a real business challenge.
The Idea
Van Oord’s accounting department saw a great opportunity to explore the potential of advanced technologies for predicting high-risk invoices and taking quicker actions to mitigate this issue. The accounting field is rapidly evolving with the increasing use of advanced technologies, and Van Oord was eager to explore how these innovations could be applied in their daily operations. They needed a partner to help them implement and understand these new techniques. So the project had a twofold objective: to proactively identify high-risk invoices for timely intervention and to gain firsthand experience with new technologies and their impact on work processes.
The Take-Off
Van Oord wanted to use machine learning to predict high-risk invoices but had no idea where to start. In a co-build approach, we guided Van Oord through every step needed to set up the model. Van Oord prepared all the necessary data and performed extensive data engineering based on Celonis data. Together, we conducted feature engineering sessions, while we handled the machine learning aspect and provided detailed explanations throughout the process.
The Flight
The project led to two outcomes: Van Oord significantly increased their knowledge of using advanced technologies in their accounting processes, and secondly, they developed a model that predicts high-risk invoices, which they can now use in their day-to-day business to ensure timely payments. Learn more about our collaboration with Van Oord. You can watch the video at the top of the page.
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