Not a chance!

April 4, 2019
by Rimilia

The mention of robots often conjures images of a subservient piece of metal, doing the bidding for its human masters. But technology has surpassed cliché images from sci-fi movies, and now real robots, or rather, artificial intelligence (AI) systems, are thinking and learning for themselves, all while becoming more efficient, especially at processing repetitive tasks and predicting patterns over time.

Now think about your typical day. How many times do you ask Siri to make a call for you while you’re driving? Or ask Alexa to look up a recipe or play music? AI has evolved to be useful for a variety of everyday tasks, but it’s also propelling many business functions forward, including credit management and accounts receivable.

According to the Office for National Statistics (ONS), around 1.5 million people in England are at high risk of losing their jobs to automation. But before you stress about the possibility of AI replacing your job function, consider this — AI gives organizations the ability to start utilizing their ‘people power’ for the tasks that can never be replicated. Now, employees have time to think through strategic challenges and develop creative solutions — both are unique human traits. We’ve seen first-hand how the use of AI is a win-win for organizations everywhere.

So what is Artificial Intelligence, really?

Artificial Intelligence, AI, is a catchall term used to describe certain technologies based on advanced automation and data analysis techniques. It has often been called the fourth industrial revolution, mainly because it is changing the landscape across just about every industry. Using predictive analytics, it takes seemingly unmanageable amounts of data and builds layer upon layer of information and intelligence. In many cases, it has the ability to automatically learn and improve from experience without having to be explicitly programmed — in much the same way humans learn.

AI helping you work smarter, not harder

Imagine for a moment if your accounts receivable team had more time to focus on the bigger picture when it comes to your organization’s finances. They would be able to add value by analyzing, strategizing, thinking creatively, and making decisions, rather than being slowed down by time-consuming, menial tasks.

Imagine the impact of some of these benefits:

  • Instead of a tedious dunning process, AI’s learn-as-it-goes software helps increase the efficiency and transparency of payments so you can zero in on chasing outstanding balances that are a collection priority.
  • With automatically generated correspondence based on intelligent profiling, you can reduce the time spent sifting through emails and notifying customers.
  • With real-time debt, risk, and payment performance data, your team can make value-added, accurate decisions.
  • With collector and team performance reports created with real-time event management, you can see what is causing delays in execution, and provide feedback and solutions so your team can achieve more.

A big win for your bottom line

Rimilia Collect, our AI-powered software, empowers your team not only to make sense, but to make dollars and cents. You will be able to increase your average collection per day by 60% and reduce your 60-day aged debt by 80%. Having integrated our AI with your ERP, you will be able to forecast customer payments and chase past due balances more efficiently.

AI can help organizations become more efficient with their time and resources so they can focus on the bigger picture — increasing your bottom line.

Want to learn more?

Contact us to arrange a free demo or testimonial from Rimilia customers.