Could AI keep you on the FAST TRACK to success?
The Fast Track league tables represent the UKs fastest growing companies; this includes measures of profit and revenue growth. With prestigious established companies sponsoring the awards, to be listed on the Fast Track league tables is a great achievement and very recognised nationally and internationally.
With all this success and fast growth comes growing pains, especially in back office functions such as finance. Common challenges arise such as coping with increased sales, more and increasingly diverse customers, and hiring, training and managing an ever-bigger team to cope.
There are many ways a company can adapt to these growing pressures, but increasingly AI & Machine Learning solutions are being seen as the most efficient and cost-effective way to ensure scalability and stable growth.
When rapidly growing, the default option for managing workload is to employ more members of staff. However, many companies have found that investing in artificial intelligence and automation can not only reduce manual processing, eliminating the need for additional staff, but also free up existing employees time to be more productive and focus on value added tasks.
There are lots of benefits to investing in technology for rapidly growing companies;
- Significantly improve cashflow, DSO and aged debt
- Reduced spend on additional staff and ability to scale quicker
- Real-time view of cash and debt and integration of 3rd party data
- Increasing customer satisfaction with predictive customer behaviour analytics
In addition, these new technologies come as SaaS cloud-based solutions, meaning that they can be funded with a low initial cost from existing budgets, rather than traditional Capital Expenditure and are constantly updated and managed without additional cost.
“Cloud-based technologies help businesses grow with technology by providing state of the art tools without the high cost usually associated with huge enterprise software programs.” Cameron Ackbury
Rimilia have vast experience helping finance departments of fast growing businesses ensure scalability and efficiency, such as Ralawise, a member of the International Fast Track 200.
Our SaaS cloud solutions are able to scale up quickly, ensuring that our customers can always cope with increased growth without the need for additional resources.
Companies like Aggregate Industries are a prime example, having improved the efficiency of their cash matching processes by doubling their auto match rates to 88% with Rimilia solutions, all while absorbing additional divisions, volume and cash value in their shared service centre.
To find out more about how AI & RPA solutions can increase your scalability and support company growth, download our free eBook: ‘The Credit Professionals Guide to AI and RPA’