New standards for lease accounting (IFRS 16) meant a challenge for Sixt, the world's largest mobility fleet. With more than 250,000 vehicles in over 105 countries, Sixt faced the challenge of manually extracting data from thousands of contracts - and fast. But, with the help of a unique partnership between KPMG and IBM, Sixt was able to automate large parts of the process. Using artificial intelligence (AI) and machine learning has helped Sixt to save money and time as they input key data into their accounting software.
KPMG worked closely with them on the entire process, from contract inventory to selection of the best software for automated accounting processes. And ensured accurate, high-quality outputs. As a result Sixt saw an 80% efficiency gain compared to manual processing, and achieved it at a much lower cost than traditional accountants or legal experts could offer.
This pioneering work in AI has created a platform that can now be rolled out across diverse areas such as insurance or mergers and acquisitions, where extracting volume data from contracts is key.
Markus Kreher, KPMG in Germany