Why AI solutions are perfect for Accounts Receivable
AI solutions are transforming ever more business processes and providing great benefits to those that adopt them, but is accounts receivable suitable for this kind of automation.
The most important benefits of AI solutions are that they can optimise processes and repetitive tasks and provide humans with intelligence to make better informed decisions.
The accounts receivable department is an ideal candidate to take advantage of these benefits. It's resource hungry, data heavy, and takes a lot of time and manpower to keep track of customers and payments and understand what actions are needed.
There are many factors involved when making decisions, factors such as; payment history, payment terms, credit rating, level of services, past relationship, time of the year, and company behaviour. This vast quantity of complex data that must be taken into account has two consequences for the finance process:
- It makes many operational and decision making processes very lengthy, inefficient, and often ineffective.
- It is almost impossible for a single person to take into account (and simultaneously analyse) all of the available factors and data for all customers that are flowing in real-time into multiple systems. Therefore strategies or action plans created do not see the full picture and are not as optimised as they could be.
Therefore, the challenge is how to extract the most comprehensive and useful understanding from your financial data, and how to use that understanding to assist with making the best decisions at the right time.
This is exactly where AI solutions can help!
Through the use of intelligent mathematical and machine learning models, Rimilia's Alloc8 Complete Receivables platform can take thousands of data features and past cases at the same time, analyse them and produce an accurate forecast for the future that suggests the best decisions and actions to take.
Our AI solutions automate and optimise time-consuming data gathering, organisation and analysis and present those analyses and statistics in an easily digestible way. This allows for a much faster and deeper understanding of the accounts receivable process and empowers credit managers to make better decisions. These are decisions that would otherwise require hours of manual data analysis that would not take into account all of the data in real-time.
Accounts receivable departments are ideally placed to take advantages of the these latest developments in AI and machine learning. AI solutions such as Alloc8 that utilise these technologies are here already and are an invaluable and revolutionary tool for modern finance professionals.
If you'd like to find out more about how AI solutions can improve accounts receivable processes, please download our free eBook 'The Finance Professionals Guide to AI & RPA'