Modernize cash application using the triple trifecta of Automation, Analytics and AI. Enterprises across the world are realizing the importance of transforming the archaic cash application to achieve exponential gains in cash posting.
Artificial Intelligence-powered Digital Technology and the proliferation of new Digital Payment modes have made rapid progress in the couple of years.
Of all the applications of this new technology, Cash Application has benefitted as much as any other operation/process. It has come a long way from the days of OCR scanning, expensive lockbox services, ERP Auto-cash, substantial manual application of Auto-cash “kickouts”, and even Robotic Process Automation (RPA).
Exponential Advantage using Automation, Analytics, and AI
AI-driven Document Data Capture Assistants can extract most payment and remit information accurately from a wide range of formats and sources: EDI, credit & debit cards, wire transfers, ACH, checks, emails, hard copy remits, and the new Digital Payment methods (Stripe, PayPal, Square, etc.).
AI-driven Document Data Capture Assistants can deal with a wide range of languages, currencies, and banks. This has historically been the greatest obstacle to automating Cash Application – dealing with the wide variation in format, presentation of data, etc., of Remittance Advice.
AI-powered Digital Assistants can apply cash with “hit rates” of 90% and above, as well as create deductions. Overall, they can perform 70 to 90% of the manual operations in Cash Application, producing exponential productivity.
Analytics quickly produce customized dashboards, identify root causes of error, and use Predictive Analytics to enable issues to be anticipated. The digital trifecta of Automation, Analytics and AI can modernize cash application for shared service operations across multiple languages, currencies, bank accounts, and ERPs.
Benefits of AI Cash Application
Using artificial intelligence (AI) in cash application, businesses can:
- Achieve improved productivity in operations
- Improve speed and accuracy of applying customer payments
- Automate deductions processing
- Offer enhanced customer service
- Assimilate new business units into a Shared Service Organization
- Reduce bank fees
AI powered Automation and Analytics for Cash Application is an improvement opportunity too big to dismiss as a “System of the Future.” It’s here!
Learn how Emagia’s AI-powered order-to-cash (O2C) platform helped Unisys achieve world-class efficiency in global AR operations with a real-time, 360-degree view of thousands of customers across 90 countries.
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