Transforming accounts receivable with the power of artificial intelligence
Improve your efficiency with AI-powered insights, streamline your operations for growth and achieve better financial results faster.
Modern CFOs and AR teams now have the tools to evolve the role of accounts receivable within their organizations. Go beyond automating existing processes and start re-engineering the order-to-cash cycle with the help from AI, so that cash doesn’t just flow, it gets unleashed.
Artificial intelligence (AI) is helping businesses achieve long-term success
Artificial intelligence (AI) is taking the world by storm. Over the past few years, the application of AI in the finance industry has rapidly increased and is expected to continue growing. The technology and its benefits are no longer a great unknown to the majority; instead, we have seen firsthand the ability AI has to automate routine tasks and enable businesses to make smarter, data-driven decisions and achieve long-term success.
As we look to the years ahead, we have reason to believe AI can streamline accounts receivable processes and provide numerous benefits. At Billtrust, we’ve started to incorporate AI and machine learning in some of our products, and we’re constantly monitoring tools and frameworks that make the daily lives of CFOs and AR teams a lot simpler by enhancing team efficiency while contributing to the cash flow of the business.
Billtrust designed its AI strategy to address the specific needs of supervisors, decision-makers, and specialists, with curated analytics ranging from analytical and benchmarking metrics to prescriptive analytics and cognitive workflows. Autonomous analytics are just one component of a comprehensive AI strategy, and, in Billtrust’s over 20 year tradition, our team is dedicated to providing secure, flexible, and scalable features that will revolutionize AR for years to come.
What leaders are saying about AI
Senior VP Data Analytics, BilltrustLaying the foundations for future AR insights with AI blog
Senior Business Consultant, BilltrustLeverage AI to create a smarter collections process
What is AI?
Lots of companies talk about AI, but what do they really mean? At Billtrust, we know that AI is made up of several components, and our current and future solutions use these components in different ways.
Artificial Intelligence (AI)
The ability of a machine or computer program to perform tasks that typically require human intelligence, such as reasoning, learning, and problem-solving. AI systems are able to learn from data and improve their performance over time without being explicitly programmed.
Machine Learning (ML)
A type of AI that allows software applications to become more accurate in predicting outcomes without being explicitly programmed to do so. Machine learning algorithms use historical data as input to predict new output values.
Deep Learning (DL)
A subset of machine learning that uses artificial neural networks to mimic the learning processes of the human brain.
Generative AI (GAI)
A type of AI that can create new content, such as text, images, audio, and synthetic data. It does this by learning patterns from existing data, then using this knowledge to generate new and unique outputs.
Natural Language Processing (NLP)
A subfield of computer science and linguistics that deals with the interaction between computers and human language. It involves developing algorithms and models that can analyze, understand, and generate human language.
Benefits of AI and machine learning in accounts receivable
When AI meets AR
Billtrust has a systematic approach to AI that sets the foundation for future innovation, keeping data security and privacy top of mind. We approach AI and analytics together, in order to provide the best experience for different types of teams within AR.
Billtrust’s AI and analytics approach includes:
Apply cash faster
With Billtrust Cash Application, your organization’s ERP is like a home. It’s built to support the unique requirements of your business and processes. Our custom machine learning model doesn’t just enable our solution to master your ERP - it allows it to master the way you use your ERP.
Billtrust Cash Application delivers a tailored cash application experience based on how your team works with your systems and data, and provides the flexibility and accuracy that unique processes demand. Learn more about our Cash Application solution, the algorithm, and what’s included in our custom machine learning model.
Predict customer payment behavior
With Billtrust Collections you can leverage AI to integrate collections with cash forecasting. Tap into the historical payment behavior of your customers, predict when invoices will be paid, and accurately forecast cash flow.
The advanced AI engine is designed to recognize the pattern of customers’ payment activity, provide in-depth payment behavior predictions, and use these predictions to help predict cash flow.
Benchmark your performance with Days to Pay Index
Billtrust’s Days to Pay Index is a first ever insight into your days-to-pay performance against an industry benchmark. You can now understand and analyze how long it takes for your business to get paid. Days to Pay Index is a proprietary key performance indicator that leverages a Billtrust algorithm to calculate your efficiency in collecting payment compared to similar businesses within the Billtrust directory.
Along with simple cohort comparison, Days to Pay Index will detect anomalies in your data and will soon be able to make recommendations on how to improve your standing.
Best practices for a successful AI journey
When it comes to AI, there's no turning back. It will revolutionize businesses and processes, undoubtedly for the better. However, have you ever pondered how to maximize AI's potential and leverage your data intelligently? The key lies in posing the right questions to equip yourself for AI implementation and extract the maximum benefits from your solution.
Uncover data insights and streamline AR processes
Arm your accounts receivable with the AI tools to succeed
One of the most intriguing aspects of AI's value in the order-to-cash cycle is how it enhances the role of AR professionals. AI has the potential to empower them, enabling them to be more effective and efficient in maintaining their organization's cash flow, especially during times when external challenges pose significant threats.
Billtrust is at the forefront of the digital transformation of accounts receivable. We offer the solutions, and partner with you to help your buyers on their road to adopt digital tools to do business with you. Schedule a demo with an expert to improve your AR processes with our AI driven solutions.