Artificial Intelligence (AI) powered financial digital assistants are currently helping companies improve order-to-cash processes and gain exponential efficiencies. This technology is not a vision of the future – it is already helping many companies today.
F&A digital assistants assist customers 24/7/365, and perform repetitive tasks of order-to-cash subprocesses to free up your staff for higher value add work.
Supercharge your order-to-cash operations and accounts receivable processes with digital financial assistants
There are a number of operations and process steps that digital assistants complete that historically have been performed by staff. Among them are:
- Credit: facilitating on-line credit application submissions by new customers, verifying key information, securing required credit information, calculating a credit score, routing recommended credit limits for approval, trigger automatic order holds, and more.
- Collections: performing “touchless” collection contacts, engaging in fully automated dialogue to secure a payment or payment commitment from customers. It assists customers make digital real time payments on a customer care portal. It also logs promises-to-pay in the collection module.
- Cash Application: Extracting remittance data from any source in any format, and applying it to open obligations, resulting in auto-cash hit rates approaching 95%. digital assistants also execute automatic small balance write-offs, create and route deductions, and assign reason codes. They also match and clear debits and related credits to clear the AR Ledger.
- Deductions: Create and route deductions to designated resolver, extract and assign reason codes from customer vendor portals, track all deductions from creation through clearing, and report on status. Digital assistants also remind resolvers when the allowed resolution time period has expired, and escalates when required. They also route credit memos for approval, then match the credit to the deduction and clear them from the AR Ledger.
- Multiple other Data Capture and Financial Operations tasks.
With AI powered digital assistants increase productivity to 70-80% and auto cash hit rates to over 90%. Enterprise ready with specialized finance skill sets, these assistants can further enhance customer satisfaction 24/7/365. Put AI to work – Today !!!