February 3, 2020
In ever-changing and complex environments implementing Artificial Intelligence software is much like navigating around a maze. At times there is a chance you will feel disillusioned, close to chucking the towel in at any given moment. You begin relatively simply with a clear start and endpoint but it’s never quite that easy following the paths and finding the exit fully intact.
Additional problems arise when the processes get more complex. What problem are you trying to solve? Is this problem changing and reshaping as time goes by? Which path leads you to your desired outcome? How on earth do you find the best route?
A Microsoft report – Accelerating competitive advantage with AI – highlights that companies risk falling behind foreign rivals unless they use more AI. The report states that organisations currently using AI are outperforming those that are not by 11.5%, up from 5% a year ago. This could be a welcome boost to and global plc at a time of unprecedented economic and political uncertainty.
The report states: “The need for organisations across sectors to move beyond executing small-scale AI projects and become truly AI-enabled is pressing – and one that will play an increasingly vital role in their ability to gain a competitive advantage in the future.”
Finance executives know now that they need to adapt as their role moves towards being the strategic partner to the CEO and leading the way in AI technology within the finance function. Being able to predict what form the maze of finance will take in the next week, day and hour give leaders a clear and obvious competitive advantage.
Decisions are needed quickly and it’s no longer about performing the same repetitive tasks. The key is to understand and forecast behaviours before they happen. This ultimately means you are prepared when changes happen, can make decisions fast and act quickly. Harnessing RPA alone to achieve true automation is no longer enough as requirements now shifted and complimentary AI seems the next logical step.
What size is the maze?
Forbes has confirmed that there have been over 154,000 artificial intelligence (AI) patents filed worldwide since 2010. And it’s no wonder there’s a race to deliver new AI-based technologies – CFOs and Financial Directors can expect to see a 22% cost reduction in operating expenses thanks to certain AI applications. Overwhelming to say the least when holding the purse strings and feeling the newfound pressures of the CFO role changing (read more about that here)
Finance teams are in a great place to have a broad perspective on a business’ historical trends, and the possibilities of embracing AI and using it to become true co-pilots of the organisation are endless.
However, as organisations grow, needs shift and change and we often find ourselves repeating the same tasks over and over in order to reach the end goal. [We would insert obvious Einstein quote here but we all know the definition of insanity].
The simple solution here is automation to remove the mundane and repetitive tasks. This is easily done through RPA and requires a simple business structure with processes and manual routine.
But just when you think you have an answer to all your problems you hit the disillusionment stage. You know the benefits and flaws of RPA and AI but you have a niggling doubt in your head. There is still something missing. AI provides dynamic intelligence to your business and your customers, to enable you to make the right decision at the right time. This gives you stability, visibility and control. But what happens when we take this one step further, how can AI help, and what are the gaps?
Visibility and data organisation
In an Al world, a platform will alert users to any changes that veer from the predicted path. It will prescribe better methods to enable customers to pay and create real-time dynamic strategies to point the workforce to take the right actions. Rimilia’s unique AI and rich data consolidate financial information in one place and alerts you to changes in both data and or behavioural changes, allowing increased visibility with a proactive approach to finance.
Machine learning and finding new patterns
Machine learning focuses on exploring large data sets to find patterns of behaviour and incidents, to construct complex algorithms that cluster or predict future similar events. Rimilia uses predictive analytics to predict customer payments and behavioural patterns. Others rely on algorithms to make allocations based on historical data, but by using predictive analytics organisations can forecast and predict future payments before they even happen.
Unified collective intelligence
Collaboration and unity provide intelligence, to combine all the best qualities in a given situation. Rimilia integrates and automates process flows between an organisations ERP and CRM systems. This provides real-time, actionable intelligence that may otherwise have been hidden.
FRM brings together the best qualities of RPA and AI to help enterprises manage customer relationships from sales and customer success, to credit and collection. To allow a better understanding of customers financial behaviours by connecting the front and back office. Only Rimilia can provide a fully automated receivables solution to reduce manual tasks by 70% whilst integrating with the CRM to provide full intelligence across environments.
The way we see it, now you have been armed with the knowledge you have 3 options:
- Disembark the automation train – It’s all become noise and you don’t know which way to turn next. However now you understand the value AI could bring to your business, and the idea of transforming and accelerating is just too good to leave behind.
- Settle for Mediocrity – You’ve concluded that automation is needed. RPA isn’t going to cut it and AI sounds like it solves all the problems. But you know that isn’t the full solution. You need a complete offering that will bring together the front and back office, and better understand your customer’s financial behaviour. Other solutions just don’t offer this.
- Push forward with confidence – By now you have realised that Rimilia is the only complete solution, you just have to be sure you’re ready to embrace the technology.
Top tip: Use past experiences to explore new opportunities.
Think about the hurdles, barriers and blockers you face on a day-to-day basis and how AI could help to overcome them. Then think about the competitive advantage to you if these were automated, and the added benefit FRM provides over other solutions.