The trend is firmly established to automate as many business processes as possible. Many large organizations use a CRM tool to create semi-automated sales processes. On the finance side, many use sophisticated ERP solutions for parallel reasons. There’s a new trend post-automation, autopilot. We have cars that can drive themselves. Now, we’ve built an accounts receivable system that can collect on it’s own.
You are likely wondering, automatic is the same as autopilot, right? The answer is, no. Autopilot includes automatization, but it goes way farther adding artificial intelligence (AI) to execute the process. Autopilot thinks and makes decisions with the help of AI.
By definition, automatization does repetitive tasks without human interaction. However, the task needs to be identified, created, then engaged. Tesla offers an excellent example on how autopilot uses automatization and AI in self-driving car technology. The car use automatization to do basic tasks like maintaining the speed of the car. Artificial intelligence will recognize what is in front of the vehicle, then decide if it should reduce the speed or stop the car.
Why is this important? Automation is rules based, and driving is seldomly about constant and foreseen circumstances. Something is required to think beyond basic, programmed, automatic responses to trust the safety of the vehicle. It has to think and immediately act, or react, on the spot for all of the varying experiences while driving.
The same concepts can be applied to business especially in the accounts receivable department. Today, automatization is setup to send an email to a past due account holder when the bill is past due. The same email, or static templates based on days past due, will be sent over and over with the same content producing the same results. Automatization will not ask questions such us why hasn’t the client replied, opened the email, or paid the bill? Artificial intelligence does ask questions and reviews data to answer those questions.
When our AI goes through this process, the outcome is to take different, customized actions based on the individual answers for the specific delinquent customer. For example, someone might not be paying or responding due to something as simple as incorrect contact information on file. These are common and usually caused by manual, keying errors. Our AI will reach this conclusion, stop emailing the account, then crawl the web looking for a new, active email account for messaging the client, and send a new message to the new address.
Benefits of your account receivable on autopilot
The benefits of having delinquent account resolution on autopilot in the account receivables process are massive and easy to measure.
1. Increased Revenue & Cash Flow: By having delinquent account resolution on autopilot, more accounts are resolved faster and easier. This will boost revenue by increasing payment rates. More payments leads to more cash for the company.
2. Reduced Operational Costs: How much time and resources are spent doing manual tasks to handle A/R? All of the phone calls, responding to emails, and mailing out paper is expensive and slow. Whether it’s in-house or a 3rd party vendor, it’s costing more than is necessary. What’s the call center turnover? The cost to train new employees? What’s the 3rd party’s total cost?
3. Improved Customer Experience: Reason #2 are all the reasons leading to negative customer experiences. Information is often inaccurate or incomplete when people contact the company for help. Do I need to discuss call centers? We’ve all had nightmare customer experiences when calling a company. In general, customers expect to have negative call center experience. Skipping all of the negativity puts companies ahead of the competition, and builds happy and loyal customers.
4. Reduced Employee Workload: 100% of delinquent accounts cannot be handled on autopilot. There will always be a need for humans to help. We take the majority of tasks monopolizing bandwidth that are easily handled, and identify the customers that need additional resources. Now, employees can spend more time handling the tough cases giving them the attention required, get to them more efficiently, and avoid a backlog of unhappy or confused customers Employees also have time and energy to dedicate towards innovation and projects to help scale the company faster.
5. Avoided Collection Agencies: This is advantageous for the company and customers alike. Revenue losses are reduced by resolving more past due accounts. Customers are happier to have a better customer experience by avoiding the nonstop badgering of collection agencies.
Learn more about the A/R process with our guide for accounts receivable process
We are a “shadow software” as it runs your account receivables on autopilot. It’s virtually invisible to the organization and clients. In other words, money shows up in the company’s bank without lifting a finger or wasting resources.
Typically, siyea clients experience outstanding results within the first two weeks of implementation averaging 40% of past due accounts resolved and paid in full. Customers start making payments within the first few hours of launch. There is no downside or risk. Let us show you how our A/R autopilot can help.