The Intelligent Accounts Receivable Blog

Self-driving...A/R.  What?

Posted by Matt Shapiro on Jun 28, 2018 12:40:44 PM
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We've all heard about self-driving cars and how AI is powering this innovation.  How about using similar innovation to power Finance Department's Accounts Receivable?  We don't have to worry about accidentally hitting an elderly lady in a crosswalk or running over a puppy.  There's less risk in taking the hands off the "wheel."  Our self-driving AI can handle a wide variety of Accounts Receivable situations ensuring payments are made, and customers are treated with care in the most efficient and effective manner.

 

Manual tasks such as data entry, clicking through data silos to locate information, communications (calls & emails), and payment reconciliation takes up a tremendous amount of resources.  We've found that taking on the majority of theses day-to-day tasks improves A/R performance and efficiency.   In managing and tracking all Accounts Receivable, our AI is able to engage with all of your clients within seconds getting more A/R paid faster and easier.  We're able to reduce workload while improving results with AI as our foundation.

 

Customers have questions about their bills, they forget things, and problems come up.  To get answers, they call and email creating a ton of workload.  Often, they don't get immediate responses because Account Managers or A/R staff are buried.  In turn, they might send another email and call again, again, and again creating more work to sift through and respond.  We triage these inbound communications from customers with our AI providing immediate responses reducing workload and improving customer experiences with prompt attention.  Our AI even asks questions when clarification of the problem or question is required.  There are entire conversations happening 24/7 to help customers without any administration - even while you sleep.  Our AI triage sends notifications to Account Managers or A/R staff whenever a topic/question/problem goes beyond our capabilities and it's best for a person to engage.  Even with self-driving cars, the operator needs to drive sometimes.  

 

When all of this inbound and outbound activity is happening, it's creating more data to be manually tracked and entered into various systems.  Our AI notices when there are changes to be made to your data silos whether that's your accounting platform, CRM, billing tool, etc.  We automatically update all records in all connected software tools to keep data in sync in real-time.  We help create and maintain data integrity. 

 

For example, have you ever looked up a customer to respond to a question and noticed different phone numbers in various records/software?  Which number is the best?  Why are there still numbers that are incorrect or no longer relevant?  Someone has to manually go through each system and key in a new phone number or edit/delete all records to achieve data integrity.  Even if someone remembers to update all places, keying errors of regularly made.  This takes a lot of time and it's still not executed without errors.  The same process is true for payments, invoice adjustments, payment plans - all customer data.  Customers get really upset with there is conflicting information about their bill caused by inconsistent data.  We eliminate those problems keeping the back of the house and front of the house in sync.

 

Most companies are learning about AI and figuring out how it can help them.  Accounts Receivable is often one of the biggest expenditures and biggest bottlenecks within companies.  Are these factors slowing growth?  By inserting our A/R solution into your tech stack, resources are freed up and can be used to grow your company.  Self-driving A/R is the future and it's here, buckle up!

 

Topics: accounts receivable, revenue cycle management, payments, artificial intelligence, AI

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